Document:

Exhibit 10.25

[*]: THE IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THE AGREEMENT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED
 
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USD $50,000,000 LOAN AGREEMENT
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Effective Date December 18, 2020
BETWEEN:
	(1)	BP PRODUCTS NORTH AMERICA INC. a company incorporated in Maryland with an  office is at 30 South Wacker Drive, Suite 900, Chicago, IL 60606 (“Lender”);

	(2)	CLEAN ENERGY a company incorporated in California with its principal office at 4675 MacArthur Court, Suite 800, Newport Beach, CA 92660 (“Borrower”).

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RECITALS:
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WHEREAS, the Lender and Borrower have executed, contemporaneous to this Agreement, a memorandum of understanding (“MOU”) for the potential formation of a entity jointly owned by Lender and Borrower (“JV”) whereby the JV would engage one or more developer or operators to construct and operate biogas production facilities in the United States.
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WHEREAS, concurrent to the negotiations around the formation of the JV, Lender and Borrower are in discussions with [*] with respect to the potential engagement of [*] as the developer and operator of biogas production facilities the JV is considering (“Potential Projects”).
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WHEREAS, in order to expedite formation of the JV and completion of Potential Projects and agreement(s) with [*], the Parties wish to fund certain preformation activities and expenses with regards to the Potential Projects concurrent to the negotiations for the formation of the JV and with [*]. A list of such approved activities and expenses is provided in “Exhibit A” (“Preformation Expenses”).
NOW, THEREFORE, in consideration of the mutual representations, warranties, and undertakings which are to be made and performed by the Parties in this USD $50,000,000 Loan Agreement (the “Agreement”), the Parties agree as follows:
	1.	definitions and interpretations

	1.1	Definitions

Except as otherwise expressly provided herein, capitalized terms used in this Agreement shall have the meanings set forth below.

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“Advance” means a single advance of $50,000,000 made or to be made to the Borrower under the Agreement.
"Affiliate" means, for any entity, any entity which it directly or indirectly controls, is controlled by, or is under common control with it. For this purpose "control" means the direct or indirect ownership of in aggregate fifty percent (50%) or more of the voting rights in an entity.
“Borrowings” means in relation to any person any Indebtedness for moneys borrowed by that person and any payments due under leases entered into for financing purposes.
“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for business in New York.
“Commitment Period” means the period commencing from the date of this Agreement and ending one Business Day before December 31, 2020.
“Default” means any event specified as such in Clause 9.1.
“Drawdown Date” means the date on which the Advance is made, or is proposed to be made.
“Drawdown Notice” means a notice substantially in the form set out in Schedule 2.
“Final Repayment Date” means April 30, 2022.
“Indebtedness” means any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent.
“JV” has the meaning ascribed to it in the preamble above.
“Lender” has the meaning ascribed to it in the preamble above.
“LIBOR” means, in respect of an Advance or other sum and in respect of a particular interest period, the 3 month London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for USD displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) at approximately eleven o’clock in the morning, London time, on the Business Day immediately before the last Interest Payment Date, expressed in annual percentage points.
“Loan” means, at any time, the amount of the Advance outstanding  at that time.
“Loan Period” means the period starting on the date of this Agreement and ending on the date on which all the obligations and liabilities of the Borrower under the Agreement are discharged in full and the Lender has no continuing obligation in relation to the Loan.
“MOU” has the meaning ascribed to it in the preamble above.
“Party” means a party to this Agreement.
“Potential Projects” has the meaning ascribed to it in the preamble above.
“Preformation Expenses” has a meaning ascribed to it in the preamble above and in Exhibit A.
“Proceedings” means any legal action or proceedings arising out of or in connection with this Agreement.

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“Taxes” means all taxes, funds (as such term is construed under applicable state and federal laws of the United States), withholdings, duties, assessments or governmental charges of whatever nature.
“USD” and “$” means the lawful currency for the time being of the United States.
	1.2	Headings

The headings in this Agreement are for convenience only and shall be ignored in construing this Agreement.
	1.3	Interpretation

In this Agreement (unless otherwise provided):
		(a)	words importing the singular shall include the plural and vice versa;

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		(b)	references to preamble, clauses, schedules and exhibits are to be construed as references to the preamble clauses of, schedules and exhibits to, this agreement;

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		(c)	references to this agreement or any other document shall be construed as references to this agreement or that other document, as amended, varied, novated or supplemented;

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		(d)	references to any statute or statutory provision include any statute or statutory provision which amends, extends, consolidates or replaces the same, or which has been amended, extended, consolidated or replaced by the same, and shall include any orders, regulations, instruments or other subordinate legislation made under the relevant statute;

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		(e)	references to "assets" shall include revenues and the right to revenues and property and rights of every kind, present, future and contingent and whether tangible or intangible (including uncalled share capital);

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		(f)	the words "including" and "in particular" shall be construed as being by way of illustration or emphasis only and shall not be construed as, nor shall they take effect as, limiting the generality of any foregoing words;

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		(g)	the words "other" and "otherwise" shall not be construed as being restricted to the same genus with any foregoing words where a wider construction is possible;

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		(h)	references to a "person" shall be construed so as to include that person's assigns, transferees or successors in title and shall be construed as including references to an individual, firm, partnership, joint venture, company, corporation, unincorporated body of persons or any state or any agency of a state; 

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		(i)	any reference to the “Lender” or the “Borrower” shall be construed so as to include its successors in title, permitted assigns and permitted transferees; and

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		(j)	references to time are to London time.

	2.	LOAN

Subject to the terms of this Agreement, and in consideration of Borrower’s agreement to use the Loan made hereunder for the Preformation Expenses of the JV, in accordance with Exhibit A 

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and the MOU, Lender agrees to lend to the Borrower the sum of fifty million U.S. dollars (USD 50,000,000) (the “Loan”), to be made in one Advance
	2.1	Purpose

The Loan shall be used by the Borrower to pay for or reimburse Preformation Expenses as defined  in Exhibit A.
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	3.	DRAWDOWN

	3.1	Commitment Period

Subject to the terms of this Agreement, the Advance may be made to the Borrower at any time during the Commitment Period.  If the Advance has not been made by  the close of business on the last day of the Commitment Period, the Lender shall have no further obligation to make the Loan.
	3.2	Conditions to the Advance

The obligation of the Lender to make available the Advance is subject to the conditions that on the Drawdown Date:
		(a)	the representations and warranties in Clause 8.1 to be repeated on the date stated therein are correct and will be correct immediately after the Advance is made; and

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		(b)	no Default has occurred and is continuing or would occur on the making of the Advance.

	3.3	Acknowledgement

Clean shall deliver to BPPNA a Drawdown Notice in the form attached to Schedule 2.
	3.4	Drawdown Notice

The Drawdown Notice shall be irrevocable, and the Borrower shall be obliged to borrow, and the Lender obliged to lend in accordance with its terms.
	3.5	Limitations on the Advance

The following limitations apply to Advance:
		(a)	The Drawdown Notice shall be issued at least one (1) Business Day prior to the intended Drawdown Date; 

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		(b)	the Drawdown Date of the Advance shall be a Business Day falling before the end of the Commitment Period;

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		(c)	the principal amount of the Advance shall be fifty million U.S. Dollars ($50,000,000).

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	4.	INTEREST

	4.1	Interest rate

	4.1.1	The Borrower shall pay interest on the Loan at the rate per annum equal to the aggregate of LIBOR and four hundred and thirty-three (433) basis points on the date the Loan matures and repayment of the principal is due.

	4.2	Default interest

	4.2.1	If the Borrower fails to pay any amount payable under this Agreement on the due date, it shall pay default interest on the overdue amount from the due date to the date of actual payment at the rate per annum equal to the aggregate of LIBOR and five hundred (500) basis points. If the aforesaid rate is contrary to the applicable law, it shall be deemed equal to the maximum rate permitted by such applicable law.

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	4.2.2	So long as the overdue amount remains unpaid, the default interest rate shall be recalculated in accordance with the provisions of this Clause 4.2 daily. Any unpaid interest shall be compounded at the end of each successive period of one month.

	4.3	Calculation of interest

	4.3.1
	If:

		(a)	there is a material disruption to LIBOR; or

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		(b)	there is a material change in the methodology of calculating LIBOR such that the Lender determine that LIBOR is no longer a representative rate; or

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		(c)	the administrator of LIBOR or its supervisor announces that LIBOR will cease to be published or that it will be permanently or indefinitely discontinued; or

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		(d)	there is a change in the generally accepted market practice in the loan market to refer to a base rate endorsed in a public statement by the Bank of England, despite the continued existence of LIBOR, 

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the Lender may specify another benchmark rate generally accepted in the loan market to apply in relation to the Advances in place of LIBOR.
	5.	REPAYMENT AND PREPAYMENT

	5.1	Lender’s Option to Contribute Loan to JV

	5.1.1
	Upon the execution of the definitive agreements for the formation of the JV contemplated within the MOU (“Definitive Agreements”) and the formation of the JV, Lender shall have the option to cause Borrower to contribute the Loan to the JV (“Lender’s Contribution”) in return for membership interest in the JV. The Parties contemplate that the JV formation documents will treat 50% of the Pre-Formation Expenses as being from each of Clean and BPPNA, (or such other percentages as Clean and BPPNA may agree in writing), and shall adjust the funds required from Clean and the credit received by BPPNA accordingly.  BPPNA’s contribution of the Loan to the JV pursuant to the Definitive Agreements is intended to  satisfy Borrower’s 

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repayment obligations to the Lender under this Agreement, as specified in the Definitive Agreements. By way of example, if (i) Clean pays ten million dollars ($10,000,000) for Pre-Formation Expenses, and (ii) the Definitive Agreement provides that each of Clean and BPPNA shall pay 50% of the Preformation Expenses, then (iii) BPPNA would be treated as having contributed fifty million dollars plus accrued interest to the JV, and Clean as having contributed five million dollars through its share of Pre-Formation Expenses, and (iv) the Loan would be treated as having  been repaid in full.
	5.1.2	Subject to Clause 5.1.1 and Clause 5.2.1, in the event the Definitive Agreements are not executed by April 30, 2022, the Borrower shall repay the Loan, less fifty percent (50%) of any Preformation Expenses Borrower incurred, together with all unpaid accrued interest thereon and any other amounts due but unpaid under this Agreement in full within five (5) days.

	5.2	PREPAYMENT

	5.2.1	The Borrower may on giving not less than five (5) Business Days’ notice to Lender, prepay the Loan.  Upon any such prepayment, the Borrower shall prepay the principal amount of such Loan together with accrued interest on the amount prepaid, together with any other amounts due and payable under this Agreement.  Any such notice of prepayment shall be irrevocable and shall specify the date of prepayment.

	6.	CHANGES IN CIRCUMSTANCES

	6.1	Place and time

	6.1.1	All payments under this Agreement shall be made for value on the due date no later than 9 a.m. in freely transferable and readily available funds.

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	6.1.2	The payment to the Borrower shall be made to: 

[*]
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6.1.3Each payment to the Lender shall be made to: 
[*]
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Currency:  USD
or as from time to time notified to the Borrower in writing. 
	6.1.4
	The Borrower or the Lender may change their respective bank account details by not less than five (5) Business Days' prior written notice to other Parties, provided that if at any time either Party sends notice of changed banking information, the paying Party may, prior to making any payments then due, require that the other Party provide email or fax confirmation of the new banking information as well as the requiring the other Party to provide information needed for paying Party’s usual account opening procedures.  Any new bank must comply with such usual account opening procedures.  

	6.2	Business Days

If a payment under this Agreement is due on a day which is not a Business Day, the due date for that payment shall instead be the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

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	6.3	Currency

All amounts payable under this Agreement shall be made in USD.
	6.4	Pre-Formation Expense Dispute

If the Parties disagree as to the accuracy of the Borrower’s calculation of Pre-Formation Expenses, then Borrower shall pay Lender an amount equal to such amount as it believes to be correct and provide written notice stating the reasons why the remaining disputed amount is incorrect, along with supporting documentation acceptable in industry practice pending final resolution. In the event that it is determined that the Party that is disputing the amount due must pay the disputed amount, then such Party shall pay interest in accordance with Clause 4.2 on such disputed amount from and including the originally scheduled payment date to, but excluding the date paid.
	6.5	No grossing-up

	6.5.1	Subject to Clause 12.3 and the MOU, all sums payable by the Borrower hereunder, whether of principal, interest or other moneys, shall be paid in full without any deduction or withholding for or on account of any present or future Taxes, unless such deduction or withholding of Taxes is compelled by law in which event such deductions or withholding shall be for the account of the Lender.

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	6.5.2	The Borrower, will deliver tax receipts to the Lender within 30 days after any payment to the Lender in respect of which any Taxes have been deducted or withheld and will further provide all other documents and information reasonably necessary or appropriate to permit the Lender to substantiate their claims for recovery of any such Taxes deducted or withheld.

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	6.5.3	The Lender, and the Borrower shall use all reasonable endeavours in good faith to agree ways in which the prejudicial effects of a law compelling the deduction or withholding of Taxes hereunder vis à vis the provisions of this Clause 6, may be avoided or mitigated in a lawful and reasonably practicable manner.

	7.	REPRESENTATIONS AND WARRANTIES

	7.1	Representations

The Borrower hereby represents and warrants to the Lender that:
		(a)	the Borrower is a duly incorporated and validly existing corporation under the laws of  California.

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		(b)	the Agreement will upon due execution be a legal, valid and binding obligation of the Borrower, enforceable in accordance with the terms thereof;

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		(c)	it has the power to enter into, or, as the case may be, to comply with, and be bound by all obligations expressed on the part of the Borrower and to borrow hereunder and has taken all necessary actions to authorise Borrowings hereunder and to authorise the execution, delivery and performance of the Agreement;

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		(d)	the execution, delivery and performance of this Agreement will not violate any provisions of any existing law or regulation or statute applicable to the Borrower or of any mortgage, contract or other undertaking to which the Borrower is a party or which is binding upon it;

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		(e)	Borrowings under this Agreement up to and including the maximum amount available hereunder will not cause any limit on Borrowings (whether imposed by statute, regulation, agreement or otherwise) applicable to the Borrower to be exceeded;

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		(f)	all relevant consents or authorisations of any governmental authority or agency required by the Borrower in connection with the execution, validity or enforceability of the Agreement have been obtained and are subsisting;

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		(g)	no Default applicable to the Borrower has occurred and is continuing; and

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		(h)	the respective payment obligations of the Borrower hereunder constitute unsecured and unsubordinated obligations of the Borrower ranking (subject to such exceptions as from time to time exist under applicable law) pari passu with all other unsecured and unsubordinated obligations of the Borrower.

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	8.	UNDERTAKINGS  

	8.1	Undertakings of the Borrower

The Borrower undertakes that during the Loan Period it shall, unless the Lender otherwise agrees in writing:
		(a)	provide to the Lender monthly summary of amounts spent and description of Preformation Expenses incurred and their expected classification under GAAP, by the 10th business day of the following the last day of each calendar month; and

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		(b)	promptly notify the Lender in writing of any Default or event which the Lender would be entitled to declare a Default in relation to the Borrower upon the expiry of the grace or analogous periods set out in Clause 9.1.

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		(c)	comply with the requirements of all applicable laws or regulations and all relevant consents of any governmental authority or agency in connection with the Agreement.

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		(d)	not transfer all or substantially all of its assets to any other entity.

	9.	DEFAULT

	9.1	Default

Each of the following shall be a Default:
		(a)	failure by the Borrower in the payment of principal, interest or other moneys due for payment under the Agreement for more than 10 days after the due date therefor; or

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		(b)	the Borrower committing any other material breach of or omitting to observe in any material respect any other of the obligations imposed on it by this Agreement and such breach or omission continuing for more than 30 days after the date of receipt by the Borrower of written notice from the Lender requiring such breach or omission to be remedied; or

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		(c)	the Borrower breaches its obligation to any material representation or warranty made by the Borrower in the Agreement or in any certificate, instrument or statement issued by the Borrower as contemplated hereby or made or delivered pursuant hereto being untrue or incorrect as of the date at which made in any material respect; or

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		(d)	the Borrower becomes the subject of bankruptcy or other insolvency proceedings for the appointment of a receiver, trustee or similar official, becomes insolvent or generally unable to pay its debts as they become due, proposes to make or makes a general assignment for the benefit of creditors, is dissolved, or transfers, merges or consolidates with any other person where the entity existing after the transfer, merger or consolidation does not assume the obligations of the Lender, by operation of law or otherwise; or

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		(e)	the Borrower stopping payment generally or admitting inability to pay generally its debts as they fall due.

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	9.2	Acceleration

If a Default occurs and remains unremedied the Lender may by notice to the Borrower cancel the Loan and require the Borrower immediately to repay the Advance together with accrued interest and all other sums payable under the Agreement, whereupon they shall become immediately due and payable.  Upon the service of any such notice by Lender the Lender's obligations under this Agreement shall be terminated and the Loan shall be cancelled and the Facility shall be reduced to zero.
	10.	EXPENSES

In the event of any disputes with regards to amount payable from Borrower to Lender under this Agreement, the Borrower shall pay to Lender the undisputed amount, and provide written notice stating the reasons why the remaining disputed amount is incorrect, along with supporting documentation in reasonable detail. Payment of the disputed amount shall not be required until the dispute is resolved. In the event the Parties are unable to resolve such dispute, either Party may pursue any remedy available at law or in equity to enforce its rights pursuant to this Agreement. In the event that it is determined that the Borrower must pay the disputed amount, then Borrower shall pay all reasonable expenses incurred by Lender in recovering the disputed amount.
	11.	AMENDMENTS AND WAIVERS

	11.1	Amendments 

Any term of this Agreement may be amended or waived with the written agreement of the Borrower and the Lender.

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	11.2	No implied waivers; remedies cumulative

The rights of the Lender under this Agreement:
		(a)	may be exercised as often as necessary;

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		(b)	are cumulative and not exclusive of their rights under the general law; and

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		(c)	may be waived only in writing and specifically.

Delay in exercising or non-exercise of any such right is not a waiver of that right.
	12.	MISCELLANEOUS

	12.1	Severance

If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not effect:
		(a)	the legality, validity or enforceability in that jurisdiction of any other provision of this Agreement; or

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		(b)	the legality, validity or enforceability in any other jurisdiction of that or any other provision of this Agreement.

	12.2	Counterparts

This Agreement may be executed in any number of counterparts and this shall have the same effect as if the signatures on the counterparts were on a single copy of this Agreement.
	12.3	Entire Agreement

This Agreement and the MOU contain the entire agreement between the parties and supersede any and all other prior representations, statements and understandings between the parties, whether oral or in writing and whether express or implied, relating to the subject matter of this Agreement.
	13.	NOTICES

	13.1	Method

Each notice or other communication to be given under this Agreement shall be given in writing in English and, unless otherwise provided, shall be made by personal delivery, courier or email (and deemed received at the time of confirmation of receipt of the recipient’s internet service provider).

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	13.2	Delivery

Any notice or other communication to be given by one Party to other Parties under this Agreement shall (unless one Party has by 15 days' notice to other Parties specified another address) be given to that other Party, at the respective addresses given in Clause 13.3.
	13.3	Addresses

The address of the Borrower and the Lender are:
LENDER:
30 South Wacker Drive, Suite 900, Chicago, IL 60606
Attention: GOA Legal Notices
Email: goalegalnotices@bp.com
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BORROWER:
4675 MacArthur Court, Suite 800, Newport Beach, CA 92660                                                              
Attention: General Counsel
Email: nate.jensen@cleanenergyfuels.com
	14.	ASSIGNMENTS AND TRANSFERS

	14.1	Benefit of Agreement

This Agreement shall be binding upon and inure to the benefit of each Party and its successors and assigns.
	14.2	Assignments and transfers

The Borrower shall not be entitled to assign or transfer any of its rights or obligations under this Agreement without the prior written consent of all the Lender.  Lender shall be permitted to assign its rights under this Agreement to an affiliate without prior consent, subject to Borrower’s reasonable account opening procedures.
	15.	LAW AND JURISDICTION

	15.1	Law

This Agreement is governed by and shall be construed in accordance with laws of the State of New York without reference to its rules on choice of law. Any unresolved dispute arising out of or relating to this Agreement, or the breach, termination or validity thereof, shall be finally settled in accordance with the American Arbitration Association (“AAA”) rules for commercial arbitration in effect on the date of this Agreement. The arbitrators shall be independent and selected by AAA. If the total amount in dispute is less than One Million US Dollars ($1,000,000) there shall be a single (1) arbitrator. If the total amount in dispute is One Million US Dollars ($1,000,000) or greater, there shall be three (3) arbitrators. The award of the arbitrators shall be accompanied by a reasoned opinion. The United States Arbitration Act shall govern the interpretation, enforcement, and proceedings pursuant to the arbitration clause in this 

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Agreement. Judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof. The place of arbitration shall be New York, New York, and the language of the arbitration shall be English. Except to the extent expressly provided herein, the arbitrators are not empowered to award consequential, indirect, special, punitive or exemplary damages, and each Party hereby irrevocably waives any damages in excess of actual damages. Either Party may apply to the arbitrators seeking injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved. Either Party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction any interim or provisional relief that is necessary to protect the rights or property of that Party, pending the establishment of the arbitral tribunal (or pending the arbitral tribunal’s determination of the merits of the controversy). The courts of the State of New York shall have jurisdiction to hear any action to compel arbitration or any other judicial proceedings with respect to this Agreement.
INTENDING TO BE LEGALLY BOUND, this Agreement has been executed by the duly authorized representatives of the Parties as of the date specified above.
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The Lender
BP Products North America Inc.
By: /s/ Sean Reavis
Title: Vice President
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The Borrower
Clean Energy
By: /s/ Barclay F. Corbus
Title: Senior Vice President, Strategic Development

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SCHEDULE 1
CONDITIONS PRECEDENT
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1. A Drawdown Notice.
	2. 
	SCHEDULE 2

DRAWDOWN NOTICE
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	To:
	BP Products North America Inc.

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From:Clean Energy 
 December __, 2020
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Attn: Low Carbon Trading Team
 USD 50,000,000 Loan Agreement dated December __, 2020 (the Loan Agreement)
Terms defined in the Loan Agreement have the same meaning in this notice.
We hereby request you to make an Advance under the Loan Agreement as follows:
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	1.	Amount of Advance:$50,000,000

	2.	Drawdown Date:December __, 2020

We hereby confirm that:
	(a)	the representations and warranties in Clause 9 of the Loan Agreement are correct and will be correct on the Drawdown Date and immediately after the Advance is made; and

	(b)	no Default has occurred and is continuing or would occur on the making of the Advance.

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This notice is governed by, and shall be construed in accordance with, laws of the State of New York.
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 SIGNED
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For and on behalf of
Clean Energy

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EXHIBIT A
PREFORMATION EXPENSES
Parties agree that the following costs and expenses shall be considered appropriate preformation expenses of which Lender agrees to share 50% of the costs:
		●	Permits for Potential Projects

		●	Engineering Drawing for Potential Projects

		●	Gas processing equipment for Potential Projects so long as costs of such equipment is less than [*]

		●	Payments to secure leases and manure/fuel rights so long as such costs do not exceed [*]

		●	Other expenses related to the development of [*] projects as determined by Clean Energy

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[*]: THE IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THE AGREEMENT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED
 
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JOINT VENTURE AGREEMENT
THIS JOINT VENTURE AGREEMENT (the “Agreement”) made as of this March 3, 2021 (the “Execution Date”),
BETWEEN:
Clean Energy Renewable Fuels, LLC, a Delaware limited liability company (collectively with its affiliates, “Clean”), and Total Biogas Holdings USA, LLC, a Delaware limited liability company (collectively with its affiliates, “Total”) (each a “Party”, and together the “Parties”).
BACKGROUND:
The Parties have entered a memorandum of understanding dated December 21, 2020 setting forth their intention to establish a joint venture that will engage in RNG production investment, in RNG projects with third party project developers in the North American markets, and/or investing in, building and operating anaerobic digestion plants or other low carbon intensity RNG production facilities.
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1.Fundamental Terms
This Agreement will establish the terms of a transactional joint venture (the “Joint Venture” or “JV”) pursuant to which the parties will invest in equal proportion in and monitor Potential Projects and JV Projects (both as defined below).
(a)Investment in renewable natural gas production facilities or projects by the JV
(i)The Parties agree to form a transactional JV whereby the Parties will invest in equal proportion in renewable natural gas production facilities or projects (including, for the avoidance of doubt, any dairy anaerobic digester biogas production project or other manure or food waste digester projects) located in the United States of America, in each event initiated after the Execution Date and requiring a total equity investment amount in excess of $[*] (“Potential Project(s)”). The Parties further agree as follows.
(ii)Clean will originate and negotiate Potential Projects. The Potential Projects in which the JV elects to invest pursuant to the terms of this Agreement shall be referred to herein as “JV Projects.”  Such JV Projects may be performed by Special Purpose Vehicles (“SPVs”) owned equally by the Parties and formed to execute such JV Projects.  The terms of such SPVs and any SPV organizational documents shall be mutually agreed by the Parties.

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(iii)If Clean determines that it intends to invest in a Potential Project, then as per 1 (c) below, simultaneous with or after the execution of the initial letter of intent, joint development agreement or similar agreement with respect to such Potential Project, Clean will provide Total with the amount of the equity investment proposed to be made by the JV, and the supporting investment file containing the information and analysis utilized by Clean to make its investment decision (the “Investment File”).  After delivery of such Investment File, Total will have a five (5) day period to request additional information, which Clean will provide, to the extent reasonably available. After Clean provides the forgoing, Total will have ten (10) business days to irrevocably commit to participate in the applicable Potential Project. If Total commits to participate in the applicable Potential Project, the JV will invest in such Potential Project which then becomes a JV Project. 
(b)Funding of the JV
(i)Each of Total and Clean will provide up to $50 million of equity to the Joint Venture and will invest equally in any of the JV Projects.
(ii)To fund its $50 million of equity in the JV, Clean may, but does not have the obligation to, use $20 million of the $100 million Zero Now Société Générale credit facility which is guaranteed by TOTAL (the “Zero Now Loan”).
(c)Right of First Opportunity
(i)Clean hereby grants to Total a right of first opportunity to invest in any Potential Project that Clean originates, provided such Potential Projects are not [*].  Total hereby grants to Clean a right of first opportunity to invest in any Potential Project that Total originates and in which it intends to invest and will apply in such case the procedure set forth in 1(a)(iii).  If a Potential Project is presented to a Party (the “Initial Party”) by a third party for a minority investment, the Initial Party may invest in such project and will give the other Party, subject to approval by the third party, the right to participate in 50% of the investment with the same due diligence procedure as per 1(a)(iii).  If such minority investment is made and a board seat on the Project is offered to the JV, the Initial Party shall hold the board seat.  If a second board seat is offered on such project, then the other Party shall hold the second board seat.
(ii)Any Potential Project presented to a Party in accordance with this Agreement that is not approved by such Party as per 1 (a) (iii) shall no longer be subject to the right of first opportunity described herein. Subject only to this right of first opportunity, the Parties and their respective affiliates may engage in or possess an interest in other business ventures of every kind and description, independently or with others, and neither the Joint Venture, the Parties nor their respective affiliates shall have any rights in or to such independent ventures of the other Party or their affiliates or the income or profits therefrom by virtue of this Agreement, even if competitive with the Joint Venture or any JV Project.
(iii)  This Section 1(c) shall be of no further force or effect (a) if there is a Change in Control of Clean or Clean Energy Fuels Corp. or Total, or (b) on the expiration of the Term pursuant to Section 3. For purposes of this Agreement, “Change in Control” means any “person” or “group” (within the meaning of Sections 13(d) and 14(d) under the Securities 

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Exchange Act of 1934, as amended) shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the ultimate “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of equity securities representing more than 50.1% of the outstanding equity securities Clean or Clean Energy Fuels Corp.
(d)Management
(i)Any JV Projects shall be monitored by a committee consisting of four representatives (the “Oversight Committee”). Total shall be entitled to appoint two (2) representatives to the Oversight Committee (the “Total Representatives”), and Clean shall be entitled to appoint two (2) representatives to the Oversight Committee (“the Clean Representatives”). The Total Representatives shall initially be Olivier Guerrini and Delphine Merle, and the Clean Representatives shall initially be Barclay F. Corbus and J. Nathan Jensen. A Party shall have the right to remove any representative on the Oversight Committee appointed by such Party (and, for the avoidance of doubt, shall not have the right to request dismissal of any representative appointed by any other Party), by providing written notice of such removal to the other Party. Total may appoint a new Total Representative at any time by providing written notice of such appointment to Clean, and Clean may appoint a new Clean Representative at any time by providing written notice of such appointment to Total. 
(ii)Any action by the Oversight Committee shall require a vote of at least three of four representatives of the Oversight Committee. 
(iii)During the construction, commissioning, and start-up of a JV Project, Clean shall manage and oversee the performance of all contractors, consultants and service providers and shall regularly report back to the Oversight Committee. Total may request that Clean provide information reasonably necessary to monitor the construction, commissioning, and start-up of a JV Project.  During the construction, commissioning, and start-up of a JV Project, Clean shall not, without the prior approval of the Oversight Committee, make or commit to make any material capital expenditures unless (a) such capital expenditures are set forth in, and made in accordance with, the budget for the JV Project approved by the Oversight Committee or (b) such capital expenditures do not exceed the applicable JV Project budget by [*]. 
(iv)Once a JV Project is operational, the Oversight Committee will delegate the asset management and operation of the JV Project to the Project-originating Party (unless the Parties agree to delegate it to the non-Project-originating Party) and the Oversight Committee will undertake periodic performance, budget and commercial assessments. The non-operating Party may request that the operating Party provide information reasonably necessary to monitor the asset management and operation of a JV Project.
(v)The meetings of the Oversight Committee shall be held on a regular basis at least once during each fiscal quarter, and extraordinarily whenever the business activities of this Joint Venture require. The meeting shall take place at such time and place as may be determined by the Oversight Committee. The meetings of the Oversight Committee shall be convened by either Party upon notice to the other Party at least five (5) days in advance of the date for the meeting. Such notice shall specify all matters to be discussed and voted at the meeting, as well as the place, date and time of the meeting. The notice shall be accompanied with all documents 

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reasonably necessary for the analysis of the agenda by the Parties. Whenever any notice whatsoever is required to be given to any representative of the Oversight Committee, a waiver thereof in writing, signed on any date, whether before or after the date and time of the meeting, or attendance at such meeting (other than solely for the purpose of objecting to the lack of proper notice) by any such representative entitled to such notice shall be deemed to be a waiver by such representative of the notice requirements herein. The quorum for the meeting of the Oversight Committee shall be at least three representatives present at such meeting. If a quorum is not present at any meeting of the Oversight Committee, then the meeting shall be adjourned until a quorum is present. The representatives of the Oversight Committee may participate in any meeting of the Oversight Committee by means of a conference call, videoconference or any other means of communication in which all representatives can hear each other, and a representative participating in such manner shall be deemed present at such meeting. Any action that may be taken at a meeting of the Oversight Committee may be taken by the written consent of at least three or four representatives of the Oversight Committee (which may be by e-mail or other electronic transmission).
(e)Clean Services
Clean will provide the following services as relevant to the Joint Venture:
(i)Resources and expertise to originate, underwrite and negotiate Potential Projects and invest in JV Projects pursuant to the terms of this Agreement.
(ii)Technical, engineering and project development competencies to support project development, assessment and operation.
(iii)Exclusive offtaking, marketing and distributing the RNG produced by the JV Projects to Clean’s customers at the Market Rate.  [*] 
(iv)Generating and monetizing environmental credits with respect to the JV Projects for the benefit of the JV and capturing blue gas value for the JV, as applicable.  For Total originated Projects, RINs and/or other environmental credits (as applicable) generated by the Projects will be made available for purchase by Total affiliates on an arm’s length basis.  These transactions may include both index priced agreements and fixed price agreements, as approved by the Oversight Committee. 
(v)Regulatory compliance for all relevant governmental jurisdictions.
(vi)Administrative services as per Exhibit A hereto and incorporated by this reference, as may be amended from time to time.
(f)Total Services
Total will provide the following services as relevant to the Joint Venture:
(i)Investment capabilities.

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(ii)Technical, engineering and project development competencies to support project development, assessment and operation as needed.
(iii)Total shall have the option, subject to Clean’s reasonable approval, to second an employee to Clean in its RNG Group.  To the extent a Total employee is not seconded to Clean, Total and Clean will have a bi-weekly call to update each other on Potential Projects, industry developments, and other topics agreed by the parties.
(iv)Administrative services as per Exhibit A hereto and incorporated by this reference, as may be amended from time to time.
(g)Remuneration for Parties services provided to the JV
Clean and Total shall provide the administrative or other services at cost plus [*] to the Joint Venture. Each Party shall reimburse the other for one-half of the cost of such administrative services following receipt of an invoice in reasonable detail and supporting documentation for any out-of-pocket expenses paid to third parties. 
2.Confidentiality
Neither Party shall disclose to any third party, and shall disclose on a need-to-know basis to such Party’s directors, officers, employees and consultants solely to the extent such disclosure is reasonably necessary in connection with such Party’s performance under this Agreement, any terms or conditions of this Agreement or any financial and other information disclosed pursuant or related to this Agreement, and neither Party shall use any such information for any purpose other than performing its obligations or exercising or enforcing its rights under this Agreement, in each case without the prior consent of the other Party. These confidentiality obligations shall not apply (a) to the extent that a Party is required to disclose information by applicable law, rule or regulation, regulation of a governmental agency or tax authority, order of a court of competent jurisdiction, or rules of a stock exchange or automated quotation system; provided, however, that such Party shall (i) provide written notice thereof to the other Party, consult with the other Party with respect to such disclosure and provide the other Party sufficient opportunity to object to any such disclosure or to request confidential treatment thereof and (ii) shall furnish only that portion of the information which is legally required; and (b) to any disclosure in any action or proceeding between the Parties to enforce rights under this Agreement; provided, however, that the Parties shall request that the court or tribunal enter a protective order covering such information. Notwithstanding the foregoing, the Parties hereby acknowledge that each Party is subject to certain securities laws, compliance with which may require the disclosure of Confidential Information. The Parties hereby agree that either Party may disclose Confidential Information in connection with its ongoing reporting requirements under applicable securities laws and pursuant to any other acts it may take in connection with its obligation to comply with such securities laws without the need for review or input by the other Party. Additionally, these confidentiality obligations shall not apply to any information that a Party can establish by written documentation (a) to have been publicly known prior to disclosure of such information by the disclosing Party to the receiving Party; (b) to have become publicly known, without fault on the part of the receiving Party, subsequent to disclosure of such information by the disclosing Party to the receiving Party; (c) to have been received by the receiving Party at any time from a source, other than the disclosing 

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Party, rightfully having possession of and the right to disclose such information; (d) to have been otherwise known by the receiving Party prior to disclosure of such information by the disclosing Party to the receiving Party; or (e) to have been independently developed by employees or agents of the receiving Party without access to or use of such information disclosed by the disclosing Party to the receiving Party.
3.Term and Duration
This Agreement shall be effective from the Execution Date until terminated upon the earliest to occur of any one of the following events: (a) the date fixed for termination by a separate written instrument executed by each of the Parties;  (b) by either Party, if the other Party materially breaches any term or condition of this Agreement, subject to a 30 day cure period; (c) by either Party, if the other Party applies for or consents to the appointment of, or the taking of possession by, a receiver, custodian, trustee, administrator, liquidator or the like of the Party or of all or a substantial portion of the Party’s assets, admits in writing its inability, or being generally unable or deemed unable under any applicable law, to pay its debts as such debts become due, convening a meeting of creditors for the purpose of consummating an out-of-court arrangement, or entering into a composition, extension, or similar arrangement, with creditors in respect of all or a substantial portion of the Party‘s debts, makes a general assignment for the benefit of creditors, places itself or allows itself to be placed, voluntarily or involuntarily, under the protection of the law of any jurisdiction relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts or, if a proceeding or case shall be commenced against a Party in any court of competent jurisdiction, seeking the liquidation, reorganization, dissolution, winding-up or composition or readjustment of debts of such Party, the appointment of a trustee, receiver, custodian, administrator, liquidator or the like of such Party or of all or a substantial portion of such Party’s assets, or similar relief with respect to such Party under any law relating to bankruptcy, insolvency, reorganization, winding upper composition or adjustment of debts, and such proceeding or case shall continue on dismissed for a period of sixty (60) days, or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue on stayed and in effect for a period of sixty (60) days, or an order for relief or other legal instrument of similar effect against such Party shall be entered in an involuntary case under such law and shall continue for a period of sixty (60) days; or (d) [*] (the “Term”) [*]. Upon expiration of the Term, Sections 2 and 5 of this Agreement shall survive and the Oversight Committee shall continue to monitor pre-existing JV Projects pursuant to the terms of Section 1(c).
4.Increase in JV Funding
If Clean and Total mutually determine that it would be in their respective best interests for each Party to contribute more than $50 million to the JV, Clean and Total will work together in good faith to develop reasonable funding strategies that will provide Clean the necessary capital to increase its contribution to the JV.  If the Parties are not successful in developing the foregoing reasonable funding strategies, then Clean’s Board of Directors may accelerate expiration of the Term to a date after each of Total and Clean have invested $50 million equity in JV Projects  ($100 million in aggregate).

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5.Miscellaneous
(a)Amendments. The Parties may amend this Agreement at any time; provided, that any such amendment shall be effective only if approved by the unanimous written consent of all Parties.
(b)Arbitration. The Parties desire to settle without litigation all future disputes that may arise between the Parties relating to or arising out of this Agreement. Without limiting the availability of the Parties to obtain equitable relief from courts of competent jurisdiction, at the election of either Party upon written notice to the other Party (a “Dispute Notice”), any dispute hereunder shall be resolved as set forth in this Section 5(b). After a Party has given a Dispute Notice, a senior management representative of each of the Party shall meet personally at a mutually agreeable location within fifteen (15) business days of delivery of such Dispute Notice and attempt to resolve the dispute. During the continuation of any dispute, the Joint Venture shall continue to operate in a manner consistent with prior practices and this Agreement. If the representatives of the Parties or their respective senior management representatives are unable to reach agreement on resolution of any dispute within 180 days from the delivery of the Dispute Notice, a written request for mediation may be made by either Party. The mediation shall take place. in New York, New York or such other location as the Parties may agree. The mediation shall be conducted before a single mediator to be agreed upon by the Parties. If they cannot agree, each Party shall select a mediator, and such mediators shall together unanimously select a neutral mediator who shall conduct the mediation. Each Party shall bear the expenses of its mediator, and all of the Party shall equally bear the fees and expenses of the final mediator. The decision of the mediator shall not be binding upon the Parties. If the Parties are not in agreement after completion of the mediation, then the claim, controversy or dispute shall be settled by mandatory and binding arbitration in New York, New York, in accordance with the Commercial Arbitration Rules of the International Chamber of Commerce, and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof, pursuant to Law. Notwithstanding the foregoing, a Party may file a claim for equitable or injunctive relief in the appropriate court, pursuant to Section 5(c). The prevailing Party in any arbitration proceeding or in any court proceeding shall have the right to recover from the other Party all costs and expenses, including reasonable attorneys’ fees and expenses of counsel, incurred by the prevailing Party in such arbitration proceeding or litigation. The arbitrator shall, and hereby is directed to, award such costs and expenses to the prevailing Party.
(c)Consent to Jurisdiction. The Parties agree and consent to the jurisdiction of the federal and state courts of the State of Delaware, with venue in the City of Wilmington as the exclusive forums to resolve any disputes arising out of or relating to this Agreement as they relate to arbitration proceedings and the enforcement of any award. Both Parties further acknowledge and agree that service may be effected upon them by serving the complaint or other legal document, together with the summons, by certified mail, return receipt requested, to the address indicated in this Agreement. If any Party institutes a lawsuit in any jurisdiction other than in accordance with this Section 5(c), the other Party shall have the right to terminate such lawsuit and remove the same to the above courts, and the Party initially filing the lawsuit shall be responsible for all costs and expenses, including reasonable attorney fees, incurred by the Party removing the case to the forum agreed upon in this Agreement.

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(d)Waiver of Jury Trial. Each Party, after having had an opportunity to consult with their attorney, knowingly, voluntarily and intentionally (and without duress or coercion) waives any right any of them may have to a trial by jury in any litigation based upon or arising out of this Agreement or based on any course of conduct, dealing, statements (whether oral or written) or actions of any Party relating to this Agreement. No Party shall seek to consolidate, by counterclaim or otherwise, any such action in which a jury trial has been waived with any other action in which a jury trial cannot be or has not been waived. These provisions shall not be deemed to have been modified in any respect or relinquished by any Party except by a written instrument executed by such Party.
(e)Severability. If any term hereof shall be deemed to be invalid, illegal or unenforceable, such provision shall be deemed amended to the extent permitted under Law so as to be valid, legal and enforceable, or, if it cannot be so amended, it shall be deemed deleted from this Agreement, and the balance of this Agreement shall continue in full force and effect and be enforceable in accordance with its terms.
(f)Notices.
(i)All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given or sent upon the date of such service if (i) served personally upon the Party for whom intended, (ii) sent by registered or certified mail to the address below, (iii) sent by Federal Express, DHL or other nationally or internationally recognized overnight carrier to the address below or (iv) sent by e-mail to the address below:
If to Clean:
c/o Clean Energy
4675 MacArthur Court, Suite 800
Newport Beach, CA 92660
Attn:  SVP, Co-Head Renewable Fuels & Chief Legal Officer
E-mail: nate.jensen@cleanenergyfuels.com
with a copy to (which shall not constitute notice) to:
Morrison & Foerster LLP
12531 High Bluff Drive, Suite 100
San Diego, CA 92130-2040
Attn: Steven Rowles
E-mail: srowles@mofo.com
If to Total:
c/o Total Biogas Holdings USA, LLC
1201 Louisiana Street, Suite 1400
77002 Houston TX, USA
Attn: President
E-mail: jean-charles.papeians@tgptrading.com

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and
c/o Total S.E. - Gas Renewables & Power - Biogas
Tour CBX 1 Passerelle des Reflets
92400 Courbevoie, Paris La Défense, France
Attn: Vice-President Biogas
E-mail: olivier.guerrini@total.com
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with a copy (which shall not constitute notice) to:
Latham & Watkins LLP
650 Town Center Drive, 20th Floor
Costa Mesa, CA 92626-1925
Attn: Cary Hyden
E-mail: cary.hyden@lw.com
or to any other addresses designated in writing by the receiving Party to the other Parties in accordance with the provisions of this Agreement.
(ii)Any notice duly given or sent as provided above shall be deemed received (i) on the date such notice was duly given if served personally upon the Party for whom intended; (ii) five (5) days after the date such notice was receipted for, if mailed by registered or certified mail, as provided herein; (iii) the next Business Day if sent by Federal Express, DHL or other nationally or internationally recognized overnight carrier; (iv) on the date of the confirmation receipt for any notice that was sent by facsimile; or (v) the date on which the e-mail that contains such notice was received.
(g)Entire Agreement. This Agreement constitutes the entire Agreement among the Parties with respect to the subject matter of this Agreement. This Agreement supersedes and terminates any and all other previous or contemporaneous communications, representations, understandings, Agreements, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. The Parties acknowledge and agree that there are no written or oral Agreements, understandings or representations directly or indirectly related to this Agreement or the subject matter that are not expressly set forth or referenced herein.
(h)Assignability. The rights and obligations of the Parties under this Agreement may not be assigned or delegated without the prior written consent of the other Party.
(i)Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without regard to choice of Law provisions of the State of Delaware or any other jurisdiction.
(j)Counterparts; Electronic Execution and Delivery.
(i)This Agreement may be executed in any number of counterparts, and all copies of this Agreement so executed shall be deemed to be the same Agreement.

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(ii)Each of the Parties hereto agrees that (i) any consent or signed document transmitted by electronic transmission shall be treated in all manner and respects as an original written document, (ii) any such consent or document shall be considered to have the same binding and legal effect as an original document and (iii) at the request of any party hereto, any such consent or document shall be re-delivered or re-executed, as appropriate, by the relevant Party or Parties in its original form. Each of the Parties further agrees that they will not raise the transmission of a consent or document by electronic transmission as a defense in any proceeding or action in which the validity of such consent or document is at issue and hereby forever waives such defense. For purposes of this Agreement, the term “electronic transmission” means any form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process. The words “execution,” “execute,” “signed,” “signature” and words of like import in or related to this Agreement and/or any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on nationally recognized electronic platforms (including Docusign), or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, the Delaware Limited Liability Company Act or any other similar state laws based on the Uniform Electronic Transactions Act.
(k)No Third-Party Beneficiaries. Except as expressly set forth herein, none of the provisions of this Agreement shall be for the benefit of, or be enforceable by, any third party (including any creditor of the Company or any creditor of any Party, except with respect to any creditor that is a Party, acting solely in its capacity as a Party).
(l)Additional Action and Instruments. Each Party hereby agrees to do such further acts and things and to execute all instruments reasonably necessary or reasonably required in the future to carry out the full intent and purpose of this Agreement.
(m)No Drafter. The Parties have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.
(n)No Partnership, Etc. The Parties specifically intend and agree that the Joint Venture shall not be a state law partnership (including general partnership), association or any other state law entity or body. The Parties further intend that the Joint Venture (for the avoidance of doubt, excluding any SPV formed to hold a JV Project company) shall not be treated as a “corporation”, “partnership” or other entity for United States federal, state and local income and franchise tax purposes, and each Party agrees to take all positions on any tax returns consistent with such intent unless otherwise required by applicable law.
[Remainder of Page Intentionally Blank]
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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective duly authorized officers as of the Execution Date.
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Total Biogas Holdings USA, LLC
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By:  /s/ Jean-Charles Papeians
Name:Jean-Charles Papeians
Title:President
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Clean Energy Renewable Fuels, LLC
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By:  /s/ Andrew J. Littlefair
Name:Andrew J. Littlefair
Title:Chairman
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EXHIBIT A
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[*]

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