Document:

Security Agreement

 Exhibit 10.7 

SECURITY AGREEMENT 
  

			
	Date:	 	March 8, 2010
		
	Debtor:	 	 REG NEWTON, LLC
 2617
1ST AVE EAST

NEWTON, IA 50208

		
	Secured Party:	 	 AGSTAR FINANCIAL SERVICES, PCA

1921 PREMIER DRIVE
 PO BOX 4249

MANKATO, MN 56002-4249

RECITALS 

A. Pursuant to that certain Master Loan Agreement of even date herewith and any and all Supplements of even date herewith between the
Debtor and Secured Party (as amended, supplemented or modified, collectively the “Credit Agreement”) the Secured Party has agreed to make certain financial accommodations and loans to the Debtor. 

B. In order to secure the performance of the Loan Obligations under the Credit Agreement and the other Loan Documents, the Debtor desires
to grant to the Secured Party for the benefit of the Secured Party a security interest in various collateral, all as more particularly described in this Security Agreement. 

AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows: 
 1. Definitions. All capitalized terms used in this Security Agreement shall have the meaning as
set forth in the Credit Agreement or in the Uniform Commercial Code (the “UCC”), as enacted in the State of Minnesota, and as amended from time to time and such meanings shall automatically change at the time that any amendment to the UCC,
which changes such meanings, shall become effective. 
 2. Grant of Security Interest. To secure the
payment and performance of the Loan Obligations, the Debtor grants the Secured Party, a security interest in the following property (the “Collateral”): 

All of the personal property of the Debtor, wherever located, and now owned or hereafter acquired, including, but not limited to:

 All Accounts and other rights to payment whether or not earned by performance, and including, but not limited to, payment for
property sold, leased, rented, licensed or assigned or services 

 
rendered or to be rendered; Goods; Farm Products; Chattel Paper; Inventory; Equipment; Instruments; Investment Property; Documents; Deposit Accounts; Money; Letter-of-Credit Rights; General
Intangibles; Payment Intangibles; Software; Supporting Obligations; and to the extent not included in the foregoing as original collateral, the proceeds and products of the foregoing. 

All payments, rights to payment whether or not earned by performance, accounts, general intangibles and benefits, including, but not
limited to, payments in kind, deficiency payments, letters of entitlement, storage payments, emergency assistance, diversion payments, production flexibility contracts, contract reserve payments, biodiesel incentive funds, bioenergy programs, under
or from any preexisting, current or future federal or state government program and, to the extent not included in the foregoing as original collateral, the proceeds and products of the foregoing. 

3. Representations, Warranties, Covenants and Agreements. The Debtor represents, warrants, covenants and agrees as follows:

  

	 	a.	The legal name of the Debtor is as set forth at the top of the first page of this Agreement. The Debtor has not used any trade name, assumed name or other name except
the Debtor’s name stated above. The Debtor shall give the Secured Party prior written notice of any change in its name or if the Debtor uses any other name. 

 

	 	b.	The Debtor is a limited liability company whose state of organization is Iowa. The Debtor shall not change its state of organization without the prior written consent
of the Secured Party. 

  

	 	c.	The address of the Debtor’s chief executive office is shown at the beginning of this Agreement. The Debtor shall give the Secured Party prior written notice of any
change in such address. The Debtor has authority to execute and perform this Agreement. 

  

	 	d.	The Debtor hereby authorizes the Secured Party to file all financing statements and amendments to financing statements describing the Collateral in any offices as
Secured Party, in its sole discretion, may determine. The Debtor hereby further authorizes the Secured Party to file a financing statement describing any agricultural liens or other statutory liens held by Secured Party in any offices as Secured
Party, in its sole discretion, may determine. 

  

	 	e.	 The Debtor is the owner of the Collateral, will be the owner of the Collateral hereafter acquired, or has sufficient rights in the Collateral to
transfer an interest, free of all security interests, liens and encumbrances other than the Security Interest and any other security of the Secured Party. The Debtor shall not permit

  

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any security interest, lien or encumbrance, other than liens permitted by the Master Loan Agreement, to attach to any Collateral without the prior written consent of the Secured Party. The Debtor
shall defend the Collateral against the claims and demands of all persons other than the Secured Party, and shall promptly pay all taxes, assessments and other government charges upon or against the Debtor, any Collateral and the Security Interest.
No financing statement covering any Collateral other than related to liens subordinated to the Secured Party is on file in any public office. If any Collateral is or will become a fixture, the Debtor, at the request of the Secured party, shall
furnish the Secured Party with a statement or statements executed by all persons who have or claim an interest in the real estate, in form acceptable to the Secured Party, which statement or statements shall provide that such persons consent to the
Security Interest. 

  

	 	f.	Except as specifically permitted by the Credit Agreement, the Debtor shall not sell or otherwise dispose of any Collateral or any interest therein without the prior
written consent of the Secured Party, except that, until the occurrence of any Event of Default and subject to the provisions of this Agreement, the Debtor may sell or lease any Collateral constituting Inventory or Farm Products in the ordinary
course of business at prices constituting the fair market value thereof. For purposes of this Agreement, a transfer in partial or total satisfaction of a debt, obligation or liability shall not constitute a sale or lease in the ordinary course of
business. 

  

	 	g.	 For each deposit account that the Debtor at any time opens or maintains, the Debtor shall, at the Secured Party’s request and option, pursuant to
an agreement in form and substance reasonably satisfactory to the Secured Party, either (a) cause the depositary bank to comply at any time with instructions from the Secured Party to such depositary bank directing the disposition of funds from time
to time credited to such deposit account, without further consent of the Debtor, or (b) arrange for the Secured Party to become the customer of the depositary bank with respect to the deposit account, with the Debtor being permitted, only with the
consent of the Secured Party, to exercise rights to withdraw funds from such deposit account. The Secured Party agrees with the Debtor that the Secured Party shall not give any such instructions or withhold any withdrawal rights from the Debtor,
unless an Event of Default has occurred and is continuing, or would occur, if effect were given to any withdrawal not otherwise permitted by the Loan Documents. The provisions of this paragraph shall not apply to (i) any deposit account for
which the Debtor, the depositary bank and the Secured Party have entered into a cash collateral agreement specially negotiated among the Debtor, the depositary bank and the Secured Party for the specific purpose set forth therein, (ii) a
deposit account for which the Secured Party is the depositary bank and is in automatic control, and (iii) deposit accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the
benefit of the Debtor’s salaried employees. The Debtor shall not grant 

  

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any other person a security interest, lien or other encumbrance in any such deposit accounts. 

  

	 	h.	The Debtor shall execute and deliver to the Secured Party all assignments, transfers and other documents required by the Secured Party to transfer, convey and assign to
the Secured Party all federal and state government program payments, rights to payment whether or not earned by performance, accounts, general intangibles and benefits. 

 

	 	i.	Each account, instrument, chattel paper, other right to payment and general intangible constituting Collateral is, or will be when acquired, the valid, genuine and
legally enforceable obligation of the account debtor or other obligor named therein or in the Debtor’s records pertaining thereto as being obligated to pay such obligation, subject to no defense, setoff or counterclaim. The Debtor shall not,
without the prior written consent of the Secured Party, agree to any material modification or amendment of any such obligation or agree to any subordination or cancellation of any such obligation. 

 

	 	j.	All tangible Collateral shall be located at the Debtor’s address(es) set forth at the beginning of this Agreement, or as disclosed in writing to the Secured Party.
No such Collateral shall be located at any other address without the prior written consent of the Secured Party. At the request of the Secured Party, the Debtor shall provide the Secured Party with the location of all farm products, machinery and
equipment on a quarterly basis so long as the obligations remain unpaid. Notwithstanding the foregoing, Collateral may be located away from Debtor’s location for shipping purposes in the ordinary course of business. 

 

	 	k.	 The Debtor shall: (1) keep all tangible Collateral in good condition and repair, normal wear and tear and depreciation excepted; (2) from
time to time replace any worn, broken or defective parts thereof if necessary for the Debtor’s operations; (3) promptly notify the Secured Party of any material loss of or material damage to any Collateral or of any adverse change in the
prospect of payment of any account, instrument, chattel paper, other right to payment or general intangible constituting Collateral; (4) not permit any Collateral to be used or kept for any unlawful purpose or in violation of any federal, state
or local law; (5) keep all tangible Collateral insured in such amounts, against such risks and in such companies as shall be reasonably acceptable to the Secured Party, with loss payable clauses in favor of the Secured Party to the extent of
its interest in form reasonably acceptable to the Secured Party (including without limitation a provision for at least ten (10) days’ prior written notice to the Secured Party of any cancellation or modification of such insurance), and
deliver polices or certificates of such insurance to the Secured Party; (6) at the Debtor’s chief executive office, keep accurate and complete records pertaining to the Collateral and the Debtor’s financial condition, business and
property, and submit to the Secured Party such periodic reports concerning the Collateral and the Debtor’s financial condition, business and property as the Secured Party may from time to

  

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time request; (7) at all reasonable times permit the Secured Party and its representatives to examine and inspect any Collateral, and to examine, inspect and copy the Debtor’s records
pertaining to the Collateral and the Debtor’s financial condition, business and property; (8) at the Secured Party’s request, promptly execute, endorse and deliver such financing statements and other instruments, documents, chattel
paper and writings and take such other actions deemed by the Secured Party to be necessary or desirable to establish, protect, perfect or enforce the Security Interest and the rights of the Secured Party under this Agreement and applicable law, and
pay all costs of filing financing statements and other writings in all public offices where filing is deemed by the Secured Party to be necessary or desirable. 

 

	 	l.	Debtor will cooperate with Secured Party in obtaining control with respect to Collateral consisting of deposit accounts, investment property, letter-of-credit rights,
and electronic chattel paper. Debtor will not create any chattel paper without placing a legend on the chattel paper acceptable to the Secured Party indicating that Secured Party has a security interest in the chattel paper.

  

	 	m.	To the extent Debtor uses the proceeds of loan(s) extended by Secured Party to purchase Collateral, Debtor’s repayment of said loan(s) shall apply on a
“first-in-first-out” basis so that the portion of the loan(s) used to purchase a particular item of Collateral shall be paid in the chronological order the Debtor purchased the Collateral. 

 

	 	n.	The Debtor shall comply, in all material respects, with the provisions of all federal or state government programs, agreements and contracts to which it is a party.

  

	 	o.	In the Secured Party’s discretion, if the Debtor fails to do so, the Secured Party may discharge taxes and other encumbrances at any time levied or placed on any
of the Collateral, maintain any of the Collateral, make repairs thereto and pay any necessary filing fees or insurance premiums. The Debtor agrees to reimburse the Secured Party on demand for all expenditures so made. The Secured Party shall have no
obligation to the Debtor to make any such expenditures, nor shall the making thereof be construed as the waiver or cure of any Default or Event of Default. 

 

	 	p.	 Anything herein to the contrary notwithstanding, the Debtor shall remain obligated and liable under each contract or agreement comprised in the
Collateral to be observed or performed by the Debtor thereunder. The Secured Party shall not have any obligation or liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt by the Secured Party of
any payment relating to any of the Collateral, nor shall the Secured Party be obligated in any manner to perform any of the obligations of the Debtor under or pursuant to any such contract or agreement, to make inquiry as to the nature or
sufficiency of any payment received by the Secured Party in respect of the 

  

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Collateral or as to the sufficiency of any performance by any party under any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect
the payment of any amounts which may have been assigned to the Secured Party or to which the Secured Party may be entitled at any time or times. The Secured Party’s sole duty with respect to the custody, safe keeping and physical preservation
of the Collateral in its possession shall be to deal with such Collateral in the same manner as the Secured Party deals with similar property for its own account. 

 

	 	q.	The powers conferred on the Secured Party hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such
powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or Secured Parties shall be responsible to the
Debtor for any act or failure to act, except for the Secured Party’s own gross negligence or willful misconduct. 

4. Collection Rights. At any time after an Event of Default has occurred and is continuing, the Secured Party may, and at
the request of the Secured Party the Debtor shall, promptly notify any account debtor or obligor of any account, instrument, chattel paper, other right to payment or general intangible constituting Collateral that the same has been assigned to the
Secured Party and shall direct such account debtor or obligor to make all future payments to the Secured Party. At any time after an Event of Default has occurred and is continuing, the Secured Party may notify any governmental agency or unit of
government which is obligated to the Debtor under any federal or state governmental program that the same has been assigned to the Secured Party, and direct such governmental agency or unit of government to make all future payments to the Secured
Party. In connection with any such notice, the Secured Party is authorized to forward to such government agency or unit of government any and all instruments of assignment or notices of assignment required by such government agency or unit of
government previously executed and delivered to Secured Party by the Debtor. 
 5. Limited Power of Attorney. If
the Debtor at any time fails to perform or observe any agreement herein, the Secured Party, in the name and on behalf of the Debtor or, at its option, in its own name, may perform or observe such agreement and take any action which the Secured Party
may deem necessary or desirable to cure or correct such failure. The Debtor irrevocably authorizes Secured Party and grants the Secured Party a limited power of attorney in the name and on behalf of the Debtor or, at its option, in its own name, to
collect, receive, receipt for, create, prepare, complete, execute, endorse, deliver, and file any and all financing statements, insurance applications, remittances, instruments, documents, chattel paper, and other writings, to grant an extension to,
compromise, settle, waive, notify, amend, adjust, change, and release any obligation of any account debtor, obligor, insurer, or other person pertaining to any Collateral, and take any other action deemed by the Secured Party to be necessary or
desirable to establish, perfect, protect, or enforce the Security Interest. All of the Secured Party’s advances, charges, costs, and expenses, including without limitation reasonable attorneys’ fees, in connection with the Loan Obligations
and in the protection and exercise of any rights or remedies hereunder, together with interest thereon at the highest rate then applicable to any of 

 

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the Loan Obligations, shall be secured hereunder and shall be paid by the Debtor to the Secured Party on demand. 

6. Remedies. Upon the occurrence of any Event of Default and at any time thereafter, the Secured Party may exercise any one
or more of the following rights and remedies: (a) declare all Loan Obligations to be immediately due and payable, and the same shall thereupon be immediately due and payable, without presentment or other notice or demand, all of which are hereby
waived by the Debtor; (b) require the Debtor to assemble all or any part of the Collateral and make it available to the Secured Party at a place to be designated by the Secured Party which is reasonably convenient to both parties;
(c) exercise and enforce any and all rights and remedies available upon default under the Credit Agreement, this Agreement, the Uniform Commercial Code, and any other applicable agreements and laws. If notice to the Debtor of any intended
disposition of Collateral or other action is required, such notice shall be deemed reasonably and properly given if mailed by regular or certified mail, postage prepaid, to the Debtor at the address stated at the beginning of this Agreement or at
the most recent address shown in the Secured Party’s records, at least ten (10) days prior to the action described in such notice. The Debtor hereby irrevocably submits and consents to the jurisdiction of the state and federal courts
located in the State of Minnesota over any controversy, action or proceeding arising out of or relating to this Security Agreement, the Collateral, the Security Interest, the Loan Obligations and any instrument, agreement or document related hereto
or thereto, and the Debtor hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such Minnesota state or federal court. The Debtor hereby irrevocably waives, to the fullest extent it may
effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. Nothing in this Security Agreement shall affect the right of the Lender to bring any action or proceeding against the Debtor or its property in
the courts of any other jurisdiction to the extent permitted by law. 
 7. Standards for Exercising Rights and
Remedies. To the extent that applicable law imposes duties on the Secured Party to exercise remedies in a commercially reasonable manner, the Debtor acknowledges and agrees that it is not commercially unreasonable for the Secured Party
(a) to fail to incur expenses reasonably deemed significant by the Secured Party to prepare Collateral for disposition or otherwise to fail to complete raw material or work in process into finished goods or other finished products for
disposition, (b) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain governmental or third party consents for the collection or disposition of
Collateral to be collected or disposed of, (c) to fail to exercise collection remedies against account debtors or other persons obligated on Collateral or to fail to remove liens or encumbrances on or any adverse claims against Collateral,
(d) to exercise collection remedies against account debtors and other persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (e) to advertise dispositions of Collateral through
publications or media of general circulation, whether or not the Collateral is of a specialized nature, (f) to contact other persons, whether or not in the same business as the Debtor, for expressions of interest in acquiring all or any portion
of the Collateral, (g) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the collateral is of a specialized nature, (h) to dispose of Collateral by utilizing Internet sites that provide for
the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match 

 

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buyers and sellers of assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim disposition warranties, (k) to purchase insurance or credit
enhancements to insure the Secured Party against risks of loss, collection or disposition of Collateral or to provide to the Secured Party a guaranteed return from the collection or disposition of Collateral, or (l) to the extent deemed
appropriate by the Secured Party, to obtain the services of other brokers, investment bankers, consultants and other professionals to assist the Secured Party in the collection or disposition of any of the Collateral. The Debtor acknowledges that
the purpose of this Section 7 is to provide non-exhaustive indications of what actions or omissions by the Secured Party would fulfill the Secured Party’s duties under the Uniform Commercial Code or other applicable law in the Secured
Party’s exercise of remedies against the Collateral and that other actions or omissions by the Secured Party shall not be deemed to fail to fulfill such duties solely on account of not being indicated in this Section 7. Without limitation
upon the foregoing, nothing contained in this Section 7 shall be construed to grant any rights to the Debtor or to impose any duties on the Secured Party that would not have been granted or imposed by this Agreement or by applicable law in the
absence of this Section 7. 
 8. Suretyship Waivers by Debtor. The Debtor waives demand, notice, protest,
notice of acceptance of this Agreement, notice of loans made, credit extended, Collateral received or delivered or other action taken in reliance hereon, notice of acceleration, notice of intent to accelerate, and all other demands and notices of
any description. With respect to both the Loan Obligations and the Collateral, the Debtor assents to any extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of or failure to perfect any
security interest in any Collateral, to the addition or release of any party or person primarily or secondarily liable, to the acceptance of partial payment thereon and the settlement, compromising or adjusting of any thereof, all in such manner and
at such time or times as the Secured Party may deem advisable. The Secured Party shall have no duty as to the collection or protection of the Collateral or any income therefrom, the preservation of rights against prior parties, or the preservation
of any rights pertaining thereto beyond the safe custody of such Collateral. The Debtor further waives any and all other suretyship defenses. 

9. Marshalling. Except to the extent otherwise provided in Credit Agreement and the related supplements, the Secured Party
shall not be required to marshal any present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Loan Obligations or any of them or to resort to such collateral security or other
assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however
existing or arising. To the extent that it lawfully may, the Debtor hereby agrees that it will not invoke any law relating to the marshalling of collateral which might cause delay in or impede the enforcement of the Secured Party’s rights and
remedies under this Agreement or under any other instrument creating or evidencing any of the Loan Obligations or under which any of the Loan Obligations is outstanding or by which any of the Loan Obligations is secured or payment thereof is
otherwise assured, and, to the extent that it lawfully may, the Debtor hereby irrevocably waives the benefits of all such laws. 

10. Miscellaneous. A carbon, photographic, or other reproduction of this Agreement is sufficient as a financing statement.
This Agreement cannot be waived, modified, amended, 
  

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abridged, supplemented, terminated, or discharged, and the Security Interest cannot be released or terminated, except by a writing duly executed by the Secured Party and Debtor. A waiver shall be
effective only in the specific instance and for the specific purpose given. No delay or failure to act shall preclude the exercise or enforcement of any of the Secured Party’s rights or remedies. All rights and remedies of the Secured Party
shall be cumulative and may be exercised singularly, concurrently, or successively at the Secured Party’s option, and the exercise or enforcement of any one such right or remedy shall not be a condition to or bar the exercise or enforcement of
any other. This Agreement shall be binding upon and inure to the benefit of the heirs, legatees, executors, administrators, successors and assigns of Secured Party and shall bind all persons and parties who become bound as a debtor to this Security
Agreement. If any provision or application of this Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications which can be given effect, and this Agreement shall
be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. All representations and warranties contained in this Agreement shall survive the execution, delivery, and performance of
this Agreement and the creation, payment, and performance of the Loan Obligations. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 

11. Severability. The unenforceability or invalidity of any provision or provisions hereof shall not render any
other provision or provisions herein contained unenforceable or invalid. 
 TEE DEBTOR REPRESENTS, CERTIFIES, WARRANTS, AND AGREES THAT THE
DEBTOR HAS READ ALL OF THIS AGREEMENT AND UNDERSTANDS ALL OF THE PROVISIONS OF THIS AGREEMENT. 
  

			
	REG NEWTON, LLC, an Iowa limited liability company
	
	 /s/ Daniel J. Oh

	 By:
	 	 Daniel J. Oh

	   Its:
	 	President

  

 9Corporate Guaranty (Revolving Line of Credit Loan)

 Exhibit 10.8 

CORPORATE GUARANTY 

(Revolving Line of Credit Loan) 

In consideration of and in order to induce AGSTAR FINANCIAL SERVICES, PCA, a United States instrumentality, with its main banking
house located in Mankato, Minnesota (the “Lender”), to extend financial accommodations to REG NEWTON, LLC, an Iowa limited liability company (the “Borrower”), pursuant to that certain Master Loan Agreement and Second
Supplement to Master Loan Agreement of even date herewith by and between the Lender and the Borrower (collectively, the “Credit Agreement”), the undersigned (the “Guarantor”), hereby: 

1. Unconditionally and absolutely guarantees to the Lender: 

 

	 	a.	the full and prompt payment, when due, of all scheduled interest payments on that certain Revolving Line of Credit Note of even date herewith (as the same may be
amended, restated, renewed or extended, from time to time), executed and delivered by the Borrower to the Lender, in the original principal amount of $2,350,000.00 (the “Note”); 

 

	 	b.	subject to Section 5 of this Guaranty, the full and prompt payment, when due, whether at the maturity date specified therein or theretofore upon acceleration of
maturity pursuant to the provisions thereof, of the unpaid principal and all accrued interest on the Note and 

  

	 	c.	the full and prompt payment and performance by the Borrower of all of its respective obligations under and pursuant to the Note and those Loan Documents related to the
Revolving Line of Credit Loan (the Note and Loan Documents referred to above, and the related liability, indebtedness and obligations are herein collectively referred to as the “Obligations”) together with the full and prompt payment of
any and all costs and expenses of and incidental to the collection of the Obligations and the enforcement of this Corporate Guaranty (Revolving Line of Credit Loan) (referred to herein as the “Guaranty”), including, without limitation,
attorneys’ fees. 

 Capitalized terms used and not otherwise defined in this Guaranty shall have the meanings
attributed to such terms in the Credit Agreement. 
 2. Subject to Section 5 of this Guaranty, agrees that the Lender may
demand payment from the Guarantor of any installment (or portion thereof) of principal or interest on the Note, when due, and the Guarantor shall immediately pay the same to the Lender, and the Lender may demand payment or performance of any or all
of the other Obligations, when such payment or performance is due or required and the Guarantor shall immediately pay or perform the same, whether or not the Lender has (1) accelerated payment of the Obligations; or (2) commenced
repossession of, or foreclosure of any security interest, mortgage or other lien in, any or all of the collateral securing the Obligations; or (3) otherwise exercised its rights and remedies hereunder or under the Obligations, the documents
related thereto or applicable law. 
  

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 3. Waives (a) presentment, demand, notice of nonpayment, protest, and notice of protest
and dishonor on the Obligations; (b) notice of acceptance of this Guaranty by the Lender; and (c) notice of the creation or incurrence of the Obligations by the Borrower. 

4. Agrees that the Lender may, from time to time, without notice to the Guarantor, which notice is hereby waived by the Guarantor,
extend, modify, renew or compromise the Obligations, in whole or in part, without releasing, extinguishing or affecting in any manner whatsoever the liability of Guarantor hereunder, the foregoing acts being hereby consented to by the Guarantor.

 5. Agrees that the Lender shall not be required to first resort for payment to the Borrower or any other person, corporation
or entity, or their properties or estate, or any other right or remedy whatsoever, prior to enforcing this Guaranty; provided, however, that Guarantor’s obligations under Section 1.b. of this Guaranty shall be subject to Lender’s
application of the proceeds of certain Collateral as provided in section 15 of the Second Supplement to Master Loan Agreement (Revolving Line of Credit Loan) (the “Second Supplement”) of even date herewith. Guarantor agrees that
notwithstanding anything to the contrary in this Guaranty, the Lender shall be entitled to seek payment from the Guarantor under this Guaranty for the balance of the Obligations remaining unpaid 60 days after the Acceleration Date. 

6. Agrees that this Guaranty shall be construed as a continuing, absolute, and unconditional guaranty without regard to (a) the
validity, regularity or enforceability of the Obligations or the disaffirmance thereof in any insolvency or bankruptcy proceeding relating to the Borrower; or (b) any event or any conduct or action of the Borrower or the Lender or any other
party which might otherwise constitute a legal or equitable discharge of a surety or guarantor but for this provision. 
 7.
Agrees that this Guaranty shall remain in full force and effect and be binding upon the Guarantor until the Obligations are paid in full. 

8. Agrees that the Lender is expressly authorized to forward or deliver any or all collateral and security which may, at any time, be
placed with it by the Borrower, the Guarantor or any other person, directly to the Borrower for collection and remittance or for credit, or to collect the same in any other manner and to renew, extend, compromise, exchange, release, surrender or
modify the installments of, any or all of such collateral and security with or without consideration and without notice to the Guarantor and without in any manner affecting the absolute liability of the Guarantor hereunder; and that, except as
otherwise provided herein, the liability of the Guarantor hereunder shall not be affected or impaired by any failure, neglect or omission on the part of the Lender to realize upon the Obligations, or upon any collateral or security therefore, nor by
the taking by the Lender of any other guaranty or guaranties to secure the Obligations or any other indebtedness of the Borrower to the Lender, nor by the taking by the Lender of collateral or security of any kind nor by any act or failure to act
whatsoever which, but for this provision, might or could in law or in equity act to release or reduce the Guarantor’s liability hereunder. 
  

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 9. Agrees that notwithstanding any payment or payments made by the Guarantor hereunder or
any setoff or application of funds of the Guarantor by the Lender, the Guarantor shall not be entitled to be subrogated to any of the rights of the Lender against the Borrower or any other guarantor or any collateral security or guaranty or right of
offset held by the Lender for the payment of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other guarantor in respect of payments made by the Guarantor hereunder,
until all amounts owing to the Lender by the Borrower and on account of the Obligations are paid in full. Notwithstanding any of the foregoing, to the extent (a) any right of subrogation which the Guarantor may have pursuant to this Guaranty or
otherwise, or (b) any right of reimbursement or contribution or similar right against the Borrower, any property of the Borrower or any other guarantor of any of the Obligations would result in the Guarantor being “creditors” of or
the holders of a “claim” against the Borrower within the meaning of Title 11 of the United States Bankruptcy Code as now in effect or hereafter amended, or any comparable provision of any successor statute, the Guarantor hereby irrevocably
waives such right of subrogation, reimbursement or contribution. 
 10. Agrees that the liability of the Guarantor hereunder
shall not be affected or impaired by the existence or creation from time to time, with or without notice to the Guarantor, which notice is hereby waived, of indebtedness from the Borrower to the Lender in addition to the indebtedness evidenced by
the Note; the creation or existence of such additional indebtedness being hereby consented to by the Guarantor. 
 11. Agrees
that the possession of this instrument of guaranty by the Lender shall be conclusive evidence of due execution and delivery hereof by the Guarantor. 

12. Agrees that this Guaranty shall be binding upon the legal representative, successors and assigns of the Guarantor, and shall inure to
the benefit of the Lender and its successors, assigns and legal representative; that notwithstanding the foregoing, the Guarantor shall have no right to assign or otherwise transfer their rights and obligations under this Guaranty to any third party
without the prior written consent of the Lender; and that any such assignment or transfer shall not release or affect the liability of the Guarantor hereunder in any manner whatsoever. 

13. Agrees that the Guarantor may be joined in any action or proceeding commenced against the Borrower in connection with or based upon
the Obligations and recovery may be had against the Guarantor, to the extent of Guarantor’s obligations hereunder, in any such action or proceeding or in any independent action or proceeding against the Guarantor should the Borrower fail to
duly and punctually pay any of the principal of or interest on the Obligations without any requirement that, subject to Section 5 of this Guaranty, the Lender first assert, prosecute or exhaust any remedy or claim against the Borrower.

 14. Agrees that upon the occurrence at any time of an Event of Default (as defined in the Credit Agreement), the Lender shall
have the right to set off any and all amounts due hereunder by the Guarantor to the Lender against any indebtedness or obligation of the Lender to the Guarantor. 

 

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 15. Agrees, subject to the limitations of Section 1 of this Guaranty, that the
Guarantor shall be liable to the Lender for any deficiency remaining after foreclosure of any mortgage on real estate or any security interest in personal property granted by the Borrower, the Guarantor or any third party to the Lender to secure
repayment of the Obligations and the subsequent sale by the Lender of the property subject thereto to a third party (whether at a foreclosure sale or at a sale thereafter by the Lender in the event the Lender purchases said property at the
foreclosure sale) notwithstanding any provision of applicable law which may prevent the Lender from obtaining a deficiency judgment against, or otherwise collecting a deficiency from, the Borrower, including without limitation, Minnesota Statutes
Section 580.23. 
 16. Agrees that this Guaranty shall be deemed a contract made under and pursuant to the laws of the
State of Minnesota and shall be governed by and construed under the laws of such state; and that, wherever possible, each provision of this Guaranty shall be interpreted in such a manner as to be effective and valid under applicable law, but if any
provisions of this Guaranty shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining
provisions of the Guaranty. 
 17. Agrees that no failure on the part of the Lender to exercise, and no delay in exercising, any
right or remedy hereunder shall operate as or constitute a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right or remedy granted
hereby or by any related document or by law. 
 18. Agrees to deliver to the Lender, as soon as available and in any event
within one hundred twenty (120) days after the end of Guarantor’s fiscal year ending December 31, 2010, and for each succeeding fiscal year, a copy of the audited financial statements (including balance sheet, statements of income and
cash flows, all accompanying notes thereto and any management letter), for such year for the Guarantor, certified, without qualification, in an opinion acceptable to the Lender by independent certified public accountants of recognized standing
selected by the Guarantor and acceptable to the Lender. In addition, Guarantor agrees with reasonable promptness, to provide to Lender such further information regarding the business, operations, affairs and financial and other condition of the
Guarantor as the Lender may reasonably request. 
 19. Waives any and all claims against the Lender and defenses to performance
and payment hereunder relating in any way, directly or indirectly, to the performance of the Lender’s obligations or exercise of any of its rights under the Note and the documents related thereto. 

20. Warrants and represents to the Lender as follows: 
  

	 	a.	Enforceability. This Guaranty constitutes the legal, valid and binding obligation of the Guarantor enforceable in accordance with its terms (subject, as to
enforceability, to limitations resulting from bankruptcy, insolvency or other similar laws affecting creditors’ rights generally). 

  

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	 	b.	Litigation. There is no action, suit or proceeding pending or, to the knowledge of the Guarantor, threatened against or affecting the Guarantor which, if
adversely determined, would have a material adverse effect on the condition (financial or otherwise), property or assets of the Guarantor, or which would question the validity of this Guaranty or any instrument, document or other agreement related
hereto or required hereby, or impair the ability of the Guarantor to perform their obligations hereunder or thereunder. 

  

	 	c.	Default. Guarantor is not in default of a material provision under any material agreement, instrument, decree or order to which they are parties or by which they
or their property is bound or affected. 

  

	 	d.	Consents. No consent, approval, order or authorization, registration, declaration or filing with, or notice to, any governmental authority or any third party is
required in connection with the execution and delivery of this Guaranty or any of the agreements or instruments herein mentioned to which Guarantor is a party or the carrying out or performance of any of the transactions required or contemplated
hereby or thereby or, if required, such consent, approval, order or authorization has been obtained or such registration, declaration or filing has been accomplished or such notice has been given prior to the date hereof. 

 

	 	e.	Taxes. Guarantor has filed all tax returns required to be filed and have paid all taxes shown thereon to be due, including interest and penalties, which are not
being contested in good faith and by appropriate proceedings and Guarantor has no information or knowledge of any objections to or claims for additional taxes in respect of federal income or excess profits tax returns for prior years.

 21. Agrees that (a) the Guarantor will indirectly benefit by and from the making of the loan by the Lender
to the Borrower evidenced by the Note; (b) the Guarantor has received legal and adequate consideration for the execution of this Guaranty and has executed and delivered this Guaranty to the Lender in good faith in exchange for reasonably
equivalent value; (c) the Guarantor is not presently insolvent and will not be rendered insolvent by virtue of the execution and delivery of this Guaranty; (d) the Guarantor has not executed or delivered this Guaranty with actual intent to
hinder, delay or defraud the Guarantor’s creditors; and (e) the Lender has agreed to make such loan in reliance upon this Guaranty. 

22. Agrees that if, at any time, all or any part of any payment previously applied by the Lender to any of the Obligations must be
returned by the Lender for any reason, whether by court order, administrative order or settlement, the Guarantor shall remain liable for the full amount returned as if said amount had never been received by the Lender, notwithstanding any term of
this Guaranty or the cancellation or return of any note or other agreement evidencing the Obligations. 
 23. Agrees that
(a) the Guarantor irrevocably submits to the jurisdiction of any Minnesota state court or federal court over any action or proceeding arising out of or relating to the Note, the 

 

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Credit Agreement, and any instrument, agreement or document related thereto; (b) all claims in respect of such action or proceeding may be heard and determined in such Minnesota state or
federal court; (c) the Guarantor irrevocably waives, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding; (d) the Guarantor irrevocably consent to the
service of copies of the Summons and Complaint and any other process which may be served in any such action or proceeding by the mailing by United States certified mail, return receipt requested, of copies of such process to the Guarantor’s
last known addresses; (e) judgment final by appeal, or expiration of time to appeal without an appeal being taken, in any such action or proceeding shall be conclusive and may be enforced in any other jurisdictions by suit on the judgment or in
any other manner provided by law; and (f) nothing in this Paragraph shall affect the right of the Lender to serve legal process in any other manner permitted by law or affect the right of Lender to bring any action or proceeding against the
Guarantor or their property in the courts of any other jurisdiction to the extent permitted by law. 
 24. Nothing in this
Guaranty shall limit, modify, release or affect Guarantor’s obligations to Lender under the certain Corporate Guaranty of even date herewith wherein Guarantor guaranteed the full and prompt payment of accrued interest under the Term Note
executed by and delivered to Lender by Borrower. 
 Dated this 8th day of March, 20 10. 

 

			
	GUARANTOR:
	
	 RENEWABLE ENERGY GROUP, INC.,

f/k/a REG NEWCO, INC.

	A Delaware corporation
	
	 /s/ Daniel J. Oh

	  By:	 	Daniel J. Oh
	  Its:	 	President

  

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