Document:

Exhibit
10.1

 

AMENDMENT
NO. 9 TO CREDIT AGREEMENT AND WAIVER

 

THIS
AMENDMENT NO. 9 TO CREDIT AGREEMENT AND WAIVER, dated as of December 18, 2020 (this “Agreement”), is entered
into by and between PACIFIC ETHANOL PEKIN, LLC, a limited liability company organized and existing under the laws of Delaware
(“Company”), COMPEER FINANCIAL, PCA, a federally-chartered instrumentality of the United States, successor
by merger to 1st Farm Credit Services, PCA (“Lender”), and COBANK, ACB, a federally-chartered instrumentality
of the United States (“Agent”). Capitalized terms not defined herein shall have the meanings set forth in the
Credit Agreement.

 

BACKGROUND:

 

WHEREAS,
the Company, Lender and Agent have entered into that certain Credit Agreement dated as of December 15, 2016 (as amended, restated,
modified or otherwise supplemented from time to time, collectively the “Credit Agreement”) and the other Loan
Documents;

 

WHEREAS,
the Company has requested that, as of the Effective Date (as defined in Section 4 below), the Credit Agreement and certain other
Loan Documents be amended as herein provided; and

 

WHEREAS,
Agent and Lender are willing, subject to the terms and conditions hereinafter set forth, to make such amendments;

 

NOW,
THEREFORE, in consideration of the agreements herein contained, the parties hereby agree as follows:

 

ARTICLE
1Waivers; Consent

 

1.1 Specified
Defaults. Agent and Lender have notified, or hereby notify, the Company, that Company has failed to comply with following
covenants:

 

(i) 
the covenant contained in Section 6.1(c) of the Credit Agreement requiring the Company deliver to Agent and Lender a Compliance
Certificate for each of the periods ending December 31, 2019 and January 31, 2020;

 

(ii)
 the covenants contained in Section 6.1(d) for the period ending December 31, 2019 and
Section 6.1(f) of the Credit Agreement for the periods ending November 30, 2019 through November 30, 2020;

 

(iii)
 the covenant contained in Section 6.1(b) for the period ending December 31, 2019 requiring
the Company to deliver an unqualified audit report from Company’s public accountants together with the Company’s audited
financial statements;

 

(iv)
 the covenants contained in Section 6.1(g) for the period ending December 31, 2019;

 

(v)
 the covenants contained in Section 6.1(h)(ii) of the Credit Agreement for the reporting
period from June 30, 2019 through December 31, 2020;

 

(vi) the
covenants contained in Section 6.14 of the Credit Agreement requiring the satisfaction of the Milestone by April 20, 2020;

 

(vii) the
covenant contained in Section 2.8(a) and (b) of the Credit Agreement requiring the Company to pay the Paydown Amount of $40,000,000
from the sources specified Section 2.8(b) by September 30, 2020 (collectively, clauses (i) through (vii), the “Specified
Defaults”).

 

     

     

    

 

The
Agent and Lenders hereby acknowledge that the Company disputes the existence of certain of the Specified Defaults. Agent and Lender
represent and warrant to the Loan Parties that Agent and Lender have no knowledge of any Defaults or Events of Default existing
as of the date of this Agreement other than the Specified Defaults; provided that such representation and warranty shall not be
considered or deemed to limit any obligation of the Loan Parties to notify Agent and Lender of any Default or Event of Default
or limit the rights of Agent or Lender to notify the Loan Parties of any Default or Event of Default existing as of the date of
this Agreement of which Agent or Lender did not have knowledge as of the date of this Agreement.

 

1.2 Waiver
of Specified Defaults. The Company, the Agent and Lender desire to have the Agent and the Lenders waive the Specified Defaults
and to amend the Credit Agreement. In reliance on the representations and warranties set forth in Article 3 below, and subject
to the satisfaction of the condition set forth in Article 4 below, Agent and Lender hereby agree that, upon the effectiveness
of this Agreement, each of the Specified Defaults shall be deemed to have been waived by the Lender; provided, however, that such
waiver pertains only to Specified Defaults set forth above for periods specified, and not to any other Default or Event of Default
which may exist under, or any other matters arising in connection with, the Credit Agreement, any other agreements existing between
the Company and the Lender or the Agent, or to any rights which the Lender or the Agent may have arising by virtue of any other
actions or matters.

 

1.3 Consent.
In reliance on the representations and warranties set forth in Article 3 below, and subject to the satisfaction of the condition
set forth in Article 4 below, Agent and Lender consent to (a) the termination of Winston Mar as the CRO and the termination of
the engagement of Sierra Constellation Partners, in each case by PEI, (b) the elimination of the position of chief restructuring
officer by PEI, and (c) the termination of all current financial advisors required by Agent or the Lender to be retained by PEI,
the Company and/or ICP. For the avoidance of doubt, the Company acknowledges and agrees that the foregoing consent shall not preclude
Agent and Lender from requiring that any of PEI or the Loan Parties appoint a chief restructuring officer or other financial advisor
in the future in connection any Event of Default (other than the Specified Defaults hereby waived) or pursuant to any other right
it may have under the Loan Documents.

 

ARTICLE
2Amendments.

 

In
reliance on the representations and warranties set forth on Article 3 below and subject to the satisfaction of the conditions
set forth in Article 4 below, the Credit Agreement is amended as follows:

 

2.1 Section
2.8 (Payment and Allocation of the Paydown Amount). Section 2.8 of the Credit Agreement is hereby amended and restated to
read as follows:

 

2.8 Payment
and Allocation of Paydown Amount.

 

(a) The
Seventh Amendment required that, on or before September 30, 2020, the Pekin Lenders and the ICP Lenders receive payment of $40,000,000
(the “Paydown Amount”) from the sources described in Section 2.8 of the Credit Agreement. Notwithstanding that
requirement, Agent and Lender agree that upon the receipt by Agent, for the benefit of the Pekin Lenders and ICP Lenders, of good
and immediately available funds in the aggregate amount of $24,900,000 on or prior to December 21, 2020 (the “December
2020 Paydown Amount”), the requirement that the Pekin Lenders and the ICP Lender receive the Paydown Amount shall be
deemed satisfied. The December 2020 Paydown Amount shall be allocated between the Pekin Lenders and ICP Lenders as was contemplated
by the CoBank Intercreditor Agreement for the allocation of the Paydown Amount as follows: (i) Pekin Lenders shall receive 80%
of the December 2020 Paydown Amount in the amount of $19,920,000 to be applied first to the outstanding principal amount of the
Term Loan until paid in full and then to the outstanding principal amount of the Revolving Term Loan without a reduction to the
Revolving Term Commitment; and (ii) ICP Lenders shall receive 20% of the December 2020 Paydown Amount in the amount of $4,980,000
to be applied to the outstanding principal balance of the ICP Revolving Term Loans without a reduction of the ICP Revolving Term
Commitment. Any interest that has accrued on the principal amounts prepaid with the December 2020 Paydown Amount shall be paid
by the Company and ICP in the ordinary course on the next scheduled interest payment dates under this Agreement and under the
ICP Credit Agreement, as applicable.

 

    2

     

    

 

(b) [Reserved].

 

(c) Following
the receipt by the Pekin Lenders and the ICP Lenders of the December 2020 Paydown Amount, (i) any additional proceeds arising
from any PEC Asset Sale or the Specified Litigation shall be allocated pursuant to a 33/34/33% split among (x) Pekin Lenders and
the ICP Lenders collectively, (y) the Senior Noteholders and (z) PEI, and (ii) any net cash sales proceeds of any Western Asset
Sale shall be allocated, first, to the Senior Noteholders up to $20,000,000, and then pursuant to a 33/34/33% split among (x)
the Pekin Lenders and the ICP Lenders collectively, (y) the Senior Noteholders and (z) PEI. Notwithstanding the foregoing, (A)
in the event of any conflict between the allocations required by this Section 2.8(c) and the Senior Lender Intercreditor Agreement,
the Senior Lender Intercreditor Agreement shall control, (B) any amounts allocated to the Pekin Lenders and ICP Lenders pursuant
to this Section 2.8(c) shall be allocated between them in accordance with the CoBank Intercreditor Agreement, and (C) upon the
termination of the Senior Lender Intercreditor Agreement, any amounts that would otherwise be allocated to the Senior Noteholders
pursuant to this Sections 2.8(c) shall instead be allocated to the Pekin Lenders and ICP Lenders.

 

2.2 Section
3.3(LIBOR Index Rate Unascertainable; Illegality; Etc.). Section 3.3 of the Credit Agreement is hereby amended and restated
as follows:

 

3.3 LIBOR
Rate and LIBOR Index Rate Unascertainable; Illegality; Etc.

 

(a) Unascertainable.
If, on any date on which a LIBOR Rate or LIBOR Index Rate would otherwise be determined, Agent shall have determined that (i)
adequate and reasonable means do not exist for ascertaining such LIBOR Rate or LIBOR Index Rate, or (ii) a contingency has occurred
which materially and adversely affects the London interbank eurodollar market relating to the LIBOR Rate or LIBOR Index Rate,
then in either case Lender shall have the rights specified in Section 3.3(c).

 

(b) Illegality.
If at any time Agent shall have determined that the making, maintenance or funding of any Loan to which the LIBOR Option or LIBOR
Index Option applies has been made impracticable or unlawful by compliance by Agent in good faith with any Law or any interpretation
or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having
the force of Law), then Agent shall have the rights specified in Section 3.3(c).

 

(c) Lender
and Agent’s Rights. In the case of an event specified in Section 3.3(a) or 3.3(b), Agent shall so notify the Company
thereof, and in the case of an event specified in Section 3.3(b), such notice shall describe the specific circumstances of such
event. Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the
obligation of Lender to allow the Company to select, convert to or renew a LIBOR Option or LIBOR Index Option shall be suspended
until Agent shall have later notified the Company of Agent’s determination that the circumstances giving rise to such previous
determination no longer exist. If at any time Agent makes a determination under Section 3.3(a) and the Company has previously
notified Agent of its selection of, conversion to or renewal of a LIBOR Option or LIBOR Index Option and such Interest Rate Option
has not yet gone into effect, such notification shall be deemed to provide for selection of, conversion to or renewal of the Quoted
Rate Option with respect to such Loans. If Agent notifies the Company of a determination under Section 3.3(b), the Company shall,
subject to the Company’s indemnification Obligations under Section 3.4, as to any Loan of the Company to which a LIBOR Option
or LIBOR Index Option applies, as applicable, on the date specified in such notice either convert such Loan to the Quoted Rate
Option with respect to such Loan or prepay such Loan in accordance with Section 2.6. Absent due notice from the Company of conversion
or prepayment, the interest rate on such Loan shall automatically be converted to the Quoted Rate Option with respect to such
Loan upon such specified date. Notwithstanding any provision in the Loan Documents to the contrary and solely for purposes of
this paragraph, from and after the Ninth Amendment and continuing at all times thereafter, the Quoted Rate Option shall mean a
Quoted Rate that is fixed for a 365 day period and equal to the cost of funds of Agent plus 7.00% per annum.

 

    3

     

    

 

(d) LIBOR
Replacement Rate. Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, but without
limiting Section 3.3(a) above, if the Agent shall have determined (which determination shall be final and conclusive and binding
upon all parties hereto), or the Company or the Lender notifies the Agent (with in the case of the Lender, a copy to the Company)
that the Company or the Lender (as applicable) shall have determined (which determination likewise shall be final and conclusive
and binding upon all parties hereto), that (i) the circumstances described in Section 3.3(a)(i) have arisen and that such circumstances
are unlikely to be temporary, (ii) the relevant administrator of the LIBOR Rate or LIBOR Index Rate or a governmental authority
having or purporting to have jurisdiction over the Agent has made a public statement identifying a specific date after which the
LIBOR Rate or LIBOR Index Rate shall no longer be made available, or used for determining interest rates for loans in the applicable
currency (such specific date, the “LIBOR Scheduled Unavailability Date”), or (iii) syndicated credit facilities
among national and/or regional banks active in leading and participating in such facilities currently being executed, or that
include language similar to that contained in this Section 3.3(d), are being executed or amended (as applicable) to incorporate
or adopt a new interest rate to replace the LIBOR Rate or LIBOR Index Rate for determining interest rates for loans in the applicable
currency, then, reasonably promptly after such determination by the Agent or receipt by the Agent of such notice, as applicable,
the Agent and the Company may amend this Agreement and the Notes to replace the LIBOR Rate or LIBOR Index Rate with an alternate
rate of interest, giving due consideration to any evolving or then existing convention for similar Dollar denominated syndicated
credit facilities for such alternative rates of interest (any such proposed rate, a “LIBOR Replacement Rate”),
and make such other related changes to this Agreement and the other Loan Documents as may be necessary or appropriate, in the
opinion of the Agent, to effect the provisions of this Section 3.3(d) (provided, that any definition of the LIBOR Replacement
Rate shall specify that in no event shall such LIBOR Replacement Rate be less than zero for purposes of this Agreement) and any
such amendment shall become effective at 5:00 p.m. (Denver, Colorado time) on the fifth Business Day after the Agent shall have
posted such proposed amendment to the Lender and the Company unless, prior to such time, the Lender has delivered to the Agent
written notice that such Lender does not accept such amendment. The LIBOR Replacement Rate shall be applied in a manner consistent
with market practice; provided that, in each case, to the extent such market practice is not administratively feasible for the
Agent, such LIBOR Replacement Rate shall be applied as otherwise reasonably determined by the Agent (it being understood that
any such modification to application by the Agent made as so determined shall not require the consent of, or consultation with,
the Lender). For the avoidance of doubt, the parties hereto agree that unless and until a LIBOR Replacement Rate is determined
and an amendment to this Agreement is entered into to effect the provisions of this Section 3.3(d), if the circumstances under
clauses (i) and (ii) of this Section 3.3(d) exist, the provisions of Section 3.3(a) and 3.3(c) shall apply.

 

2.3 Section
6.1(e)(ix) (Notice of Material Events). Section 6.1(e)(ix) of the Credit Agreement is hereby amended and restated as follows:

 

(ix) Reserved.

 

2.4 Section
6.1(f) (Updated Financial Projections). Section 6.1(f) of the Credit Agreement is hereby amended and restated as follows:

 

(f) Reserved.

 

2.5 Section
6.1(g) (Rolling 13-Week Forecast). Section 6.1(g) of the Credit Agreement is hereby amended and restated as follows:

 

(g) Reserved.

 

2.6 Section
6.1(h) (Sales Reports). Section 6.1(h) of the Credit Agreement is hereby amended and restated as follows:

 

(h) Reserved.

 

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2.7 Section
6.1(k) (Financial Accommodations Agreement). Section 6.1(k) of the Credit Agreement is hereby amended and restated as follows:

 

(k) Reserved.

 

2.8 Section
6.2(b)(ii)(Application of Patronage). Section 6.2(b)(ii) of the Credit Agreement is hereby amended and restated as follows:

 

(ii) Reserved.

 

2.9 Section
6.3 (Collateral Security). Section 6.3 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

 

6.3 Collateral
Security. Payment and performance of the Obligations shall be secured by first priority perfected Liens on the following property
(except that the Lien on property described in the PEI Security Agreement shall be a second priority perfected Lien):

 

		(i)	all
                                         personal property of the Company;

 

		(ii)	all
                                         personal property of ICP (the “ICP Personal Property Collateral”);

 

		(iii)	all
                                         personal property of PEC pursuant to the PEC Pledge Agreement and the PEC Security Agreement;

 

		(iv)	the
                                         personal property of PEI described in the PEI Security Agreement (collectively, the assets
                                         referenced in clauses (i), (ii), (iii) and (iv) of this Section 6.3 are referred to herein
                                         as the “Personal Property Collateral”);

 

		(v)	all
                                         real property and improvements of the Company;

 

		(vi)	all
                                         real property and improvements of ICP (the “ICP Real Property Collateral”
                                         and together with the ICP Personal Property Collateral, the “ICP Collateral”
                                         and collectively, the assets referenced in clauses (v) and (vi) of this Section 6.3 are
                                         referred to herein as the “Real Property Collateral”).

 

In
each case, whether now owned or hereafter acquired (the Personal Property Collateral and the Real Property Collateral and such
additional personal property or real property that may be pledged from time to time to secure in whole or in part the Obligations
are collectively referred to as the “Collateral”), subject only to Permitted Liens or other exceptions approved
in writing by Agent. Prior to or substantially contemporaneously with the date of this Agreement and at such other times as Agent
may request (including each time the Company, ICP or PEC acquires any real property or any personal property not already subject
to the Liens required herein), the Company shall execute and deliver to (or shall cause to be delivered) Agent such security agreements,
pledge agreements, assignments, mortgages, deeds of trust, and other documents and agreements requested by Agent for the purpose
of creating, perfecting, and maintaining a perfected Lien on the Collateral, subject only to Permitted Liens or other exceptions
approved in writing by Agent. The Company hereby authorizes Agent to file such Uniform Commercial Code financing statements to
record such mortgages, deeds of trust, and other documents in the applicable real property records as Agent reasonably determines
are necessary or advisable to perfect the security interests in and Liens on the Collateral. Payment and performance of the Obligations
shall also be guaranteed by PEC pursuant to the PEC Guaranty and by ICP pursuant to the ICP Guaranty.

 

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2.10 Section
6.12(h) (Strategic Alternatives Process). Section 6.12(h) of the Credit Agreement is hereby amended and restated as follows:

 

(h) Reserved.

 

2.11 Section
6.14 (Milestones) and Section 6.15(Access to CRO). Section 6.14 and Section 6.15 of the Credit Agreement are hereby amended
by deleting such Sections in their entirety.

 

2.12 Sections
7.1 (Indebtedness). Section 7.1 of the Credit Agreement is hereby amended by deleting the “and” that appears immediately
after the “;” at the end of clause (c) of such Section, replacing the “.” that appears at the end of clause
(d) of such Section with a “;”, replacing the “.” that appears at the end of clause (e) of such Section
with “; and” and adding after clause (e) of such Section a new clause (f) as follows:

 

(f) unsecured
Indebtedness owing by Company to ICP so long as at the time such Indebtedness is incurred (i) Agent has not notified Company in
writing to cease incurring such Indebtedness, which notice is given after the occurrence and during the continuance of an Event
of Default; provided that, such restriction shall cease when such Event of Default has been waived in accordance with the Agreement,
it being acknowledged and agreed that Agent may again impose such restriction after the occurrence and during the continuance
of any additional Event of Default (even if the such additional Event of Default is of the same type as any previously waived
Event of Default), and (ii) such Indebtedness is evidenced by a demand promissory note which is in form and substance acceptable
to Agent, and has been pledged to the ICP Agent pursuant to the ICP Security Agreement.

 

2.13 Sections
7.3 (Guaranties). Section 7.3 of the Credit Agreement is hereby amended and restated as follows:

 

7.3 Guaranties.
The Company shall not, and shall not permit any Subsidiary to, at any time, directly or indirectly, become or be liable in respect
of any obligation guarantying or in effect guarantying any liability or obligation of any other Person in any manner, whether
directly or indirectly, including any agreement to indemnify or hold harmless any other Person, any performance bond or other
suretyship arrangement and any other form of assurance against loss, or assume, guaranty, become surety for, endorse or otherwise
agree, become or remain directly or contingently liable upon or with respect to any obligation or liability of any other Person
(each, a “Guarantee”), except (a) endorsements of negotiable or other instruments for deposit or collection
in the ordinary course of business, (b) the Guarantee by the Company of the obligations of ICP under the ICP Credit Agreement
and (c) the Guarantee by the Company of hedging obligations incurred by ICP or incurred by PEC for the benefit of ICP and/or the
Company.

 

2.14 Section
7.4 (Loans and Investment). Section 7.4 of the Credit Agreement is hereby amended by deleting the “and” that appears
immediately prior to clause (e) of such Section, and inserting immediately prior to the “.” that appears at end of
clause (e) of such Section a new clause (f) as follows:

 

;
and (f) unsecured loans from the Company to ICP so long as at the time such loans are extended (i) Agent has not notified Company
in writing to cease making such loans, which notice is given after the occurrence and during the continuance of an Event of Default;
provided that, such restriction shall cease when such Event of Default has been cured or waived in accordance with the Agreement,
it being acknowledged and agreed that Agent may again impose such restriction after the occurrence and during the continuance
of any additional Event of Default (even if the such additional Event of Default is of the same type as any previously waived
Event of Default) and (ii) such loan is evidenced by a demand promissory note which is in form and substance acceptable to Agent,
and has been pledged to Agent pursuant to the Company’s security agreement with Agent.

 

2.15 Section
7.6(b) (PEC Asset Sale). Section 7.6(b) of the Credit Agreement is hereby amended and restated as follows:

 

Any
PEC Asset Sale shall be subject to the consent of each of the Pekin Lenders and the ICP Lenders, in each case not to be unreasonably
withheld, conditioned or delayed; and

 

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2.16 Sections
8.1 (Combined Working Capital) and 8.2 (Debt Service Coverage Ratio) of the Credit Agreement. Sections 8.1 and 8.2 of the
Credit Agreement are hereby amended and restated in their entirety to read as follows:

 

8.1 Combined
Working Capital. The Company will maintain Combined Working Capital as of the last day each month equal to 50% of the Combined
Revolving Commitments as of such date.

 

8.2 Debt
Service Coverage Ratio. The Company will not permit the Debt Service Coverage Ratio to be less than 1.25: 1.0, measured as
of the last day of each fiscal year of the Company, commencing with the fiscal year ending December 31, 2020.

 

2.17 Section
9.1(d) (Breach of Other Covenants). Section 9.1(d) of the Credit Agreement is hereby amended and restated as follows:

 

(d) Breach
of Other Covenants. PEI or any Loan Party shall default in the observance or performance of any other covenant, condition,
or provision hereof or of any other Loan Document to which it is a party or of any other agreement or instrument between PEI or
any Loan Party and any Lending Party or any Affiliate of any Lending Party, and such default shall remain unremedied after the
expiration of the applicable grace period or, if there is no such applicable grace period, for a period of thirty (30) days. The
30-day grace period referenced in the preceding sentence shall not apply to any default in the observance or performance of any
covenant, condition, or provision contained in the PEI Security Agreement, the PEC Guaranty, the PEC Pledge Agreement, the PEC
Security Agreement, the ICP Guaranty or the ICP Security Agreement.

 

2.18 Section
9.1(g) (Loan Documents Unenforceable). Section 9.1(d) of the Credit Agreement is hereby amended and restated as follows:

 

(g) Loan
Document Unenforceable. Any of the Loan Documents shall cease to be legal, valid, and binding agreements enforceable against
PEI or any Loan Party a party thereto or shall in any way be terminated (except in accordance with its terms) or become or be
declared ineffective or inoperative or Agent, on behalf of the Lending Parties, fails to have an enforceable first priority Lien
(subject only to Permitted Liens) on or security interest in any Collateral given as security for any of the Obligations.

 

2.19 Section
9.1(l) (Relief Proceeding). Section 9.1(l) of the Credit Agreement is hereby amended by replacing the phrase “PEI, the
Company or any Subsidiary of the Company” in each instance in which it appears in such Section with the phrase, “PEI,
any Loan Party or any Subsidiary of the Company.”

 

2.20 Section
9.1(p) (Removal of CRO) and Section 9.1(q) (Milestones). Section 9.1(p) and Section 9.1(q) of the Credit Agreement are hereby
amended by deleting such Sections in their entireties.

 

2.21 Replacement
of Compliance Certificate. Exhibit C (Compliance Certificate) to the Credit Agreement is hereby replaced with Exhibit
C attached hereto.

 

2.22 Amendments
to Annex A to Credit Agreement.

 

(a) Annex
A to the Credit Agreement is hereby amended by adding or amending and restating, as applicable, the following definitions as new
definitions in the correct alphabetical order:

 

“Combined
Revolving Term Commitment” means, as of any date, the aggregate amount of the Revolving Term Commitment and ICP Revolving
Term Commitment as of such date.

 

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“Combined
Working Capital” means, as of any date, (a) the sum of (i) the current assets of Company and ICP as of such date plus
(ii) the aggregate amount of the excess of the Revolving Term Commitment and ICP Revolving Term Commitment as of such date
over the aggregate principal amount of the Revolving Terms Loans and ICP Revolving Term Loans outstanding as of such date over
(b) the sum of (i) the current liabilities of Company and ICP as of such date plus to the extent not included in such current
liabilities, the current portion of the aggregate principal amount of the Revolving Term Loans and ICP Revolving Terms Loans outstanding
as of such date, all calculated on a combined basis and otherwise in accordance with GAAP consistently applied.

 

“Debt
Service Coverage Ratio” means, with respect to any Person as of any date of determination, the following (all as calculated
for the most recently completed fiscal year in accordance with GAAP consistently applied): (1) net income (after taxes), plus
any amount which, in the determination of net income, has been deducted for depreciation and amortization expense and any non-recurring
non-cash charges, losses or expenses approved by Agent, minus any amount which, in the determination of net income, has been added
for any non-cash income or gains (including non-cash income or gains on dividends received) and any extraordinary, unusual or
non-recurring income or gains (including income or gains on asset sales); divided by (2) $14,000,000.

 

“December
2020 Paydown Amount” has the meaning set forth in Section 2.8(a).

 

“Guarantee”
has the meaning set forth in Section 7.3.

 

“ICP”
means Illinois Corn Processing, LLC, a Delaware limited liability company.

 

“ICP
Agent” has the meaning assigned to the term “Agent” in the ICP Credit Agreement.

 

“ICP
Third Amendment” means that certain Amendment No. 3 to Credit Agreement and Waiver dated December 18, 2020 by and among
ICP, the ICP Lenders and the Agent thereto.

 

“ICP
Credit Agreement” means that certain Credit Agreement by and among ICP as Borrower, Compeer Financial, PCA, a federally-chartered
instrumentality of the United States as a Lender, and CoBank, ACB, as Cash Management Provider and as Agent, dated as of September
15, 2017, as amended, restated, supplemented or otherwise modified from time to time.

 

“ICP
Guaranty” means the guaranty executed by ICP, dated as of December 20, 2019, as amended.

 

“ICP
Revolving Term Commitment” has the meaning assigned to the term “Revolving Term Commitment” in the ICP Credit
Agreement.

 

“ICP
Revolving Term Loan” has the meaning assigned to the term “Revolving Term Loan” in the ICP Credit Agreement.

 

“ICP
Revolving Term Note” has the meaning assigned to the term “Revolving Term Note” in the ICP Credit Agreement.

 

“ICP
Security Agreement” means the security agreement executed by ICP, dated as of September 15, 2017, as amended.

 

“Indeck
Proceeds” has the meaning set forth in Section 2.8(b).

 

“LIBOR
Replacement Rate” has the meaning set forth in Section 3.3(d).

 

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“LIBOR
Scheduled Unavailability Date” has the meaning set forth in Section 3.3(d).

 

“Loan
Documents” means this Agreement, each Note, the Environmental Indemnity and Reimbursement Agreement, each Interest Rate
Hedge, the PEI Security Agreement, the PEC Guaranty, the PEC Pledge Agreement, the PEC Security Agreement, the ICP Guaranty, the
ICP Security Agreement, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment (as the Sixth Amendment may be modified
and amended from time to time), and each other agreement, guaranty, security agreement, pledge, mortgage, deed of trust, instrument,
agreement, certificate, application, invoice and document executed or delivered in connection herewith or therewith, each as amended
or as amended and restated from time to time.

 

“Loan
Parties” means, collectively, PEC, the Company, ICP and any other Person (other than PEI) who may from time to time
guarantee all or a portion of the Obligations or who pledges any Collateral to secure in whole or in part the Obligations.

 

“Ninth
Amendment” means Amendment No. 9 to Credit Agreement and Waiver dated December 18, 2020, executed by the Company, Agent
and Lender.

 

“Paydown
Amount” has the meaning set forth in Section 2.8(a).

 

“PEC
Asset Sale” has the meaning given to the term “PEC Asset Sale” in Section 2.8(b)(i)(A) of the Agreement
as amended by the Seventh Amendment and prior to giving effect to the Ninth Amendment.

 

“PEI
Security Agreement” means that certain Security Agreement dated as of March 20, 2020, between PEI and Agent, as amended.

 

“Specified
Litigation” means the litigation referenced in Section 2.8(b)(i)(B) of the Agreement as amended by the Seventh Amendment
and prior to giving effect to the Ninth Amendment.

 

“Western
Asset Sale” has the meaning given to the term “Western Asset Sale” in Section 2.8(b)(ii) of the Agreement
as amended by the Seventh Amendment and prior to giving effect to the Ninth Amendment.

 

ARTICLE
3Representations and Warranties; Acknowledgments.

 

3.1 In
order to induce Agent and Lender to grant the waivers provided for in Article 1 and make the amendments provided for in Article
2, the Company hereby represents and warrants to Agent and the Lender as of the Effective Date that:

 

(a) The
recitals set forth above are true, complete, accurate, and correct in all material respects (unless qualified by materiality,
in which case they shall be true and correct in all respects) and are part of this Agreement, and such recitals are incorporated
herein by this reference;

 

(b) All
representations and warranties made and given by PEI and the Loan Parties in the Loan Documents are true, complete, accurate,
and correct in all material respects (unless qualified by materiality, in which case they shall be true and correct in all respects),
as if given on the Effective Date (or, as to representations and warranties that specifically refer to an earlier date, as of
such earlier date) after giving effect to this Agreement;

 

(c) Giving
effect to this Agreement, neither PEI nor the Loan Parties have any claims, offsets, rights of recoupment, counterclaims, or defenses
(other than payment) with respect to: (a) the payment of any amount due under the Loans and the Loan Documents; (b) the performance
of PEI’s or the Loan Parties’ obligations under the Loan Documents; or (c) the liability of PEI or the Loan Parties
under the Loan Documents;

 

    9

     

    

 

(d) Reserved;

 

(e) PEI
and the Loan Parties have had the assistance of independent counsel of their own choice, or have had the opportunity to retain
such independent counsel, in reviewing, discussing, and considering all the terms of this Agreement. Before execution of this
Agreement, PEI and the Loan Parties have had adequate opportunity to make whatever investigation or inquiry it may deem necessary
or desirable in connection with the subject matter of this Agreement;

 

(f) PEI
and the Loan Parties are not acting in reliance on any representation, understanding, or agreement from or with Agent or the Lending
Parties not expressly set forth herein. PEI and the Loan Parties acknowledge that none of Agent or the Lending Parties has made
any representation with respect to the subject of this Agreement except as expressly set forth herein. The Company has executed
this Agreement as its free and voluntary act, without any duress, coercion, or undue influence exerted by or on behalf of any
Person;

 

(g) All
interest or other fees or charges which have been imposed, accrued or collected by Agent under the Loan Documents or in connection
with the Loans through the date of this Agreement, and the method of computing the same, were and are proper and agreed to by
PEI and the Loan Parties, and were properly computed and collected;

 

(h) This
Agreement is not intended by the parties to be a novation of the Loan Documents and, except as expressly waived, deferred or otherwise
modified herein, all terms, conditions, rights, and obligations as set out in the Loan Documents are hereby reaffirmed and shall
otherwise remain in full force and effect as originally written and agreed;

 

(i) Notwithstanding
anything to the contrary in this Agreement, except as waived, deferred or modified herein, the Loan Documents are in full force
and effect in accordance with their respective terms, remain legal, valid and binding obligations of PEI and the Loan Parties
who are parties thereto that are enforceable in accordance with their respective terms, have not been modified or amended (except
in written amendments executed by the parties), and are hereby reaffirmed and ratified by PEI and the Loan Parties who are parties
thereto;

 

(j) All
information provided by PEI and the Loan Parties (or any of its agents or representatives) to Agent or the Lending Parties prior
to the Effective Date is true, correct and complete in all material respects as of the date provided and does not contain any
untrue statements of fact or omit to state a fact necessary to make the statements made not misleading in any material respect;

 

(k) All
financial statements delivered by PEI and the Loan Parties (or any of its agents or representatives) to Agent or the Lending Parties
prior to the Effective Date are true and correct in all material respects and fairly present the financial condition of PEI and
the Loan Parties as of the dates thereof and for the periods covered thereby;

 

(l) [Reserved];

 

(m) The
execution and delivery of this Agreement and the performance by the Company of its obligations hereunder are within the corporate
or company powers and authority of the Company, have been duly authorized by all necessary corporate action, and do not and will
not contravene or conflict with the charter or by-laws of the Company;

 

(n) This
Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, covenants, and conditions; and

 

    10

     

    

 

(o) After
giving effect to this Agreement, no Default or Event of Default (other than related to any Excluded Event) has occurred and is
continuing.

 

3.2 In
order to induce Agent and Lender to grant the waivers and consents set forth in Article 1 and make the amendments provided for
in Article 2, the Company hereby ratifies and confirms all of the terms, covenants and conditions set forth in the Loan Documents
as modified herein and hereby agrees, acknowledges and reaffirms that (a) the Loan Documents as modified herein constitute legal,
valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, covenants,
and conditions, (b) the Company remains unconditionally liable to Agent and the Lending Parties in accordance with the respective
terms, covenants, and conditions set forth in the Loan Documents as modified herein, (c) Agent and Lender have valid, duly perfected,
fully enforceable Liens on the Collateral, (d) all Liens heretofore granted to Agent and Lender in the Collateral continue in
full force and effect and secure the Obligations and (e) the Company shall execute and deliver to Agent and the Lending Parties
any and all agreements and other documentation and to take any and all actions reasonably requested by Agent and the Lending Parties
at any time to assure the perfection, protection, priority, and enforcement of Agent’s and Lender’s rights under the
Loan Documents (including this Agreement) with respect to all such Liens (but without any increase to the obligations or liabilities
of the Company under the Loan Documents).

 

ARTICLE
4Conditions to Effectiveness.

 

This
Agreement shall become effective on such date (the “Effective Date”) when each of the following conditions
has been satisfied:

 

4.1 Representations
and Warranties. All covenants, representations and warranties made by the Company pursuant to Article 3 shall be true and
correct.

 

4.2 Delivery
of Closing Documents. Agent shall have received each of the documents set forth in the Document Checklist attached to Schedule
I hereto in form and content acceptable to the Agent.

 

4.3 Updated
Schedules. Agent shall have received updated schedules to the Credit Agreement in accordance with Section 6.11 of the Credit
Agreement.

 

4.4 Reimbursement
of Fees/Expenses. The Company shall have paid all out-of-pocket fees and expenses of Agent and the Lending Parties (including
legal, advisory, and audit fees) that accrued in relation to the Loan Documents, including, without limitation, all out-of-pocket
fees and expenses incurred in connection with the preparation, drafting, negotiation, implementation of this Agreement.

 

4.5 December
2020 Paydown Amount. The Agent shall have received, for the benefit of the Lender, the December 2020 Paydown Amount on or
prior to December 21, 2020 in good and immediately available funds.

 

4.6 Required
Consents, etc. The Company shall have delivered to Agent all consents, authorizations and amendments determined by Agent to
be necessary to ensure the enforceability of the Loan Documents, including a certificate of the secretary or other appropriate
officer of each Loan Party certifying (i) that the execution, delivery and performance of this Agreement, the Credit Agreement
as amended hereby and the other Loan Documents have been duly approved by all necessary action of the governing board of such
Loan Party, and attaching true and correct copies of the applicable resolutions granting such approval; (ii) that the organizational
document of such Loan Party, which were certified and delivered to the Agent pursuant to the most recent certificate of secretary
or other appropriate officer of such Loan Party, continue in full force and effect and have not been amended or otherwise modified
except as set forth in the certificate to be delivered as of the date hereof; and (iii) that the officers and agents of such Loan
Party who have been certified to the Agent, pursuant to the most recent certificate of secretary or other appropriate officer
given by such Loan Party, as being authorized to sign and to act on behalf of such Loan Party continue to be so authorized or
setting forth the sample signatures of each of the officers and agents of such Loan Party authorized as of the date hereof to
execute and deliver this Agreement, the other Loan Documents and all other documents, agreements and certificates on behalf of
such Loan Party.

 

Upon
the delivery by Agent of a fully executed copy of this Agreement to the Company, the conditions set forth above shall be deemed
satisfied and the Effective Date shall be deemed to have occurred as of the date so delivered.

 

    11

     

    

 

ARTICLE
5Release.

 

As
a material part of the consideration for Agent and Lender entering into this Agreement, the Company agrees as follows (the “Release
Provision”)

 

5.1 The
Company hereby releases and forever discharges Agent and the Lending Parties and each such parties’ respective predecessors,
successors, assigns, participants, officers, managers, directors, shareholders, employees, agents, advisors, attorneys, representatives,
parent corporations, subsidiaries, and affiliates (hereinafter all of the above collectively referred to as “Released
Group”), jointly and severally, from any and all claims, counterclaims, demands, damages, debts, agreements, covenants,
suits, contracts, obligations, liabilities, accounts, offsets, rights, actions, and causes of action of any nature whatsoever,
including, without limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law
or in equity, whether presently possessed or possessed in the future, whether known or unknown, whether liability be direct or
indirect, liquidated or unliquidated, whether presently accrued or to accrue hereafter, whether absolute or contingent, foreseen
or unforeseen, and whether or not heretofore asserted, and including whether arising from the negligence (but not the gross negligence
or willful misconduct) of any of the Released Group, which the Company may have or claim to have against any of the Released Group,
in each case only to the extent arising or accruing prior to and including the Effective Date.

 

5.2 The
Company agrees not to sue any of the Released Group or in any way assist any other person or entity in suing any of the Released
Group with respect to any claim released herein. This Release Provision may be pleaded as a full and complete defense to, and
may be used as the basis for an injunction against, any action, suit, or other proceeding which may be instituted, prosecuted,
or attempted in breach of the release contained herein.

 

5.3 The
Company is the sole owner of the claims released by the Release Provision, and the Company has not heretofore conveyed or assigned
any interest in any such claims to any other person or entity. The Company understands that the Release Provision was a material
consideration in the agreement of Agent and Lender to enter into this Agreement.

 

5.4 It
is the express intent of the Company that the release and discharge set forth in the Release Provision be construed as broadly
as possible in favor of the Released Group so as to foreclose forever the assertion by the Company of any claims released hereby
against any of the Released Group. If any term, provision, covenant, or condition of the Release Provision is held by a court
of competent jurisdiction to be invalid, illegal, or unenforceable, the remainder of the provisions shall remain in full force
and effect.

 

ARTICLE
6Miscellaneous.

 

6.1 Loan
Document Pursuant to Credit Agreement. This Agreement is a Loan Document executed pursuant to the Credit Agreement. Except
as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions contained in the Credit Agreement
and each other Loan Document shall remain unamended and otherwise unmodified and in full force and effect.

 

6.2 Limitation
of Amendments. The waivers and consents granted in Article 2 and the amendments provided in Article 3 shall be limited precisely
as provided for therein and shall not be deemed to be a waiver of, amendment of, consent to or modification of any other term
or provision of the Credit Agreement or any term or provision of any other Loan Document or of any transaction or further or future
action on the part of PEI or the Loan Parties which would require the consent of Agent or the Lending Parties under the Credit
Agreement or any other Loan Document.

 

6.3 Collateral.
To the extent any Collateral is personal property, PEI and the Loan Parties hereby renounce and waive all rights that are waivable
under Article 9 of the Uniform Commercial Code (the “UCC”) of any jurisdiction in which any Collateral may
now or hereafter be located. PEI and the Loan Parties also hereby acknowledge and agree that a public sale shall constitute a
commercially reasonable manner for the disposition of the Collateral.

 

    12

     

    

 

6.4 Counterparts;
Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
shall become effective when it shall have been executed by Agent and when Agent shall have received counterparts hereof that,
when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement by telecopy or email shall be as effective as delivery of a manually executed counterpart of this Agreement.

 

6.5 Incorporation
of Credit Agreement Provisions. The provisions of Article 11 of the Credit Agreement shall apply to this Agreement, mutatis
mutandis.

 

[Signature
Pages Follow]

 

    13

     

    

 

[SIGNATURE
PAGE TO AMENDMENT NO. 9]

 

IN
WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth
above.

 

	 	COMPANY:
	 	 
	 	PACIFIC
    ETHANOL PEKIN, LLC
	 	 
	 	By:	/s/
    Bryon T. McGregor
	 	Name:	Bryon
    T. McGregor
	 	Title:	Chief
    Financial Officer

 

    14

     

    

 

[SIGNATURE
PAGE TO AMENDMENT NO. 9]

 

IN
WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth
above.

 

	 	LENDER:
	 	 
	 	COMPEER
    FINANCIAL, PCA
	 	 
	 	By:
    	/s/
    Kevin Buente
	 	Name:	Kevin
    Buente
	 	Title:	Principal
    Credit Officer

 

    15

     

    

 

[SIGNATURE
PAGE TO AMENDMENT NO. 9]

 

IN
WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth
above.

 

	 	COBANK,
    ACB
	 	 
	 	By:	/s/
    Corey North
	 	Name:	Corey
    North
	 	Title:	Assistant
    Corporate Secretary

 

    16

     

    

 

Schedule
I

 

Closing
Checklist

 

See
Attached

 

    17

     

    

 

SCHEDULE
5.2

 

Subsidiaries

 

This
is Schedule 5.2 to that certain Credit Agreement dated as of December 15, 2016 by and between Pacific Ethanol Pekin, LLC, 1st
Farm Credit Services, PCA and CoBank, ACB (as amended, restated, modified or supplemented from time to time, the Credit Agreement).
Capitalized terms defined in the Credit Agreement and not defined in this Schedule 5.2 shall have the respective meanings ascribed
to them by the Credit Agreement.

 

	Legal
    Name of the Company	 	Jurisdiction
    of organization and type of entity [for example, Delaware limited liability company, Colorado corporation, etc.]
	Pacific
    Ethanol Pekin, LLC	 	Delaware
    limited liability company

 

 

	Legal
    Name of Subsidiary	 	Is
                                         the

                                               Subsidiary
                                         a Guarantor?

                                                [Yes
                                         or No]
	 	Jurisdiction
                                         of organization and

                                               type
                                         of entity

	 	 	 	 	 

 

    18

     

    

 

SCHEDULE
5.6

 

Litigation

 

People
of the State of Illinois v. Pacific Ethanol Pekin, LLC, case no. 18-CH-06, was filed on January 8, 2018 in the Circuit Court for
the 10th Judicial Circuit in Tazewell County, Illinois. The Illinois Attorney General, on behalf of the People of the State of
Illinois, alleges violations of the Pekin facility's NPDES permit and water pollution associated with the facility's discharge.
Most of the alleged violations relate to thermal limits set forth in the permit. The complaint seeks a cease and desist order
and damages for the alleged violations in accordance with statutory limits under the Illinois Environmental Protection Act. On
August 20, 2018, the court entered an agreed Interim Order which stayed the proceedings. The Interim Order requires the Company
to submit a proposed amendment to the facility’s NPDES permit which, if approved by the Illinois Environmental Protection
Agency, would modify the thermal limits in the permit to allow the facility to operate in compliance with the permit requirements.
The order also requires the Company to undertake certain initial remedial actions. The Company has submitted a proposed permit
amendment, which is currently under review by the Illinois Environmental Protection Agency.

 

The
Company is disclosing the foregoing litigation in this Schedule 5.6 out of an abundance of caution and does not admit that the
foregoing litigation may result in a Material Adverse Change.

 

    19

     

    

 

SCHEDULE
5.12

 

Environmental
Matters

 

In
August 2016, the Environmental Protection Agency ("EPA") issued a Notice of Intent ("NOI") to file an Administrative
Complaint to Pacific Ethanol for alleged violations of Section 112(r) of the Clean Air Act (the Risk Management Plan program)
at the Pekin facility ("Facility) and of Section 114 of the Clean Air Act for failure to adequately respond to information
requests submitted to the previous owner of the Facility, Aventine Renewable Energy. The matter was settled under a Consent Decree
and Final Order dated June 21, 2018, pursuant to which the Company paid a civil penalty of $73,747 and complete a Supplemental
Environmental Project worth at least $209,416.

 

On
October 11, 2016, the Company received a notice from the Illinois EPA, citing a number of air quality violations. The notice arises
out of self-reported deviations at the Dry Mill at Pekin in early 2016, specifically emissions from the Thermal Oxidizer (NOx),
the CO2 Scrubber (VOM, Acetaldehyde), and the methanator flare (no pilot light). All of the issues have been resolved except NOx
emissions. The Company believe the underlying problem is that the permit limit for NOx emissions of .05 tons/day is based on a
faulty BACT (best available control technology) analysis. A tentative agreement was reached with IEPA under which the permit would
be amended to increase the limit for NOx emissions to .075 tons/day. The Company has filed the application for a permit amendment,
and IEPA has suspended its enforcement action pending processing of the application.

 

IEPA
issued a Violation Notice on March 15, 2018 pertaining to particulate emissions from the Yeast plant at PE Pekin. IEPA accepted
the Company’s proposal for a Compliance Commitment Agreement on July 19, 2018. The CCA calls for the plant to perform certain
stack testing and submit a revised air permit application seeking appropriate particulate matter (PM) emissions limits.

 

On
March 14, 2018, IEPA issued a Violation Notice regarding air emissions violations at Illinois Corn Processing, LLC (“ICP”).
A Compliance Commitment Agreement was agreed on July 19, 2018. The CCA calls for the plant to develop certain compliance programs
and certify compliance. ICP is working with an environmental consultant to prepare certifications of compliance.

 

On
March 13, 2018, the manager of environmental compliance at the Pekin facility discovered irregularities in the record keeping
and reporting at the ICP facility. ICP subsequently engaged an independent expert to investigate the history of record keeping
and environmental compliance at ICP. Based upon the expert’s findings, there appears to have been a pattern of inaccurate
and untruthful reporting which could lead to the imposition of civil penalties, and, if the conduct is found to have been intentional,
criminal sanctions. ICP reported what was known to the EPA on April 2, 2018 pursuant to EPA Audit Policy (April 2000) 65 FR 19,618
(04/11/00), formally titled “Incentives for Self- Policing: Discovery, Disclosure, Correction and Prevention of Violation.”
On July 26, ICP submitted letters stating that corrective measures have been complete regarding all violations reported on April
2. ICP also reported that an expert assessment had been completed and that further violations had been identified. On July 27,
ICP self-reported additional violations, including 2 categories of potential criminal violations. On January 23, 2019, ICP submitted
its final report on these matters and certified final remediation of the self-reported water permit violations. In the meanwhile,
counsel for ICP met with the EPA investigators looking into the potential criminal matters, and were apprised of EPA’s plans
for further investigation. After interviewing the former ICP employees who were implicated in the falsification of reports, EPA
notified ICP on December 16, 2019, that EPA had closed the criminal investigation with no further action. The decision does not
affect any review by EPA Region V’s civil enforcement program.

 

On
October 1 and 4, 2018, the ICP and Pekin plants respectively received Findings of Violations from US EPA citing the plants for
a number of Clean Air Act violations. These were not unexpected as EPA had previously made Section 114 information requests of
both plants. EPA’s principal finding in the citations is that the plants “failed to demonstrate compliance with the
[Miscellaneous Organic NESHAP (MON) at the Facility's [Fiber, Germ, and Gluten Dryers], in violation of 40 C.F.R. § 63.2450(a).”
The legal and technical experts the Company and ICP disagree with this finding. EPA, the Company and ICP have entered into tolling
agreements to allow for technical analysis and continued discussion of the interpretive questions. The tolling agreements now
expire on June 30, 2020.

 

 20Exhibit 10.2

 

FOURTH
AMENDED AND RESTATED

REVOLVING TERM NOTE

 

	

        $20,580,000
	Greenwood
    Village, Colorado
	 	December
    18, 2020

 

FOR
VALUE RECEIVED, PACIFIC ETHANOL PEKIN, LLC, a limited liability company organized and existing under the laws of Delaware
(the “Company”), hereby promises to pay to the order of COMPEER FINANCIAL, PCA, successor by merger to 1st
Farm Credit Services, PCA (which, together with its endorsees, successors, and assigns, is referred to herein as the “Bank”),
at the office of CoBank, ACB (the “Agent”) located at 6340 S. Fiddlers Green Circle, Greenwood Village, Colorado
80111 (or at such other place of payment designated by the holder hereof to the Company), the lesser of (i) the principal
sum of TWENTY MILLION FIVE HUNDRED EIGHTY THOUSAND DOLLARS ($20,580,000) as reduced on the dates set forth in Section 1 below
(as so reduced, the “Revolving Term Commitment”), or (ii) the aggregate unpaid principal balance of all
Revolving Term Loans made under the Revolving Term Commitment by the Bank to or for the benefit of the Company pursuant to that
Credit Agreement, dated as of December 15, 2016, between the Company, the Bank and the Agent (as amended, restated, modified or
supplemented from time to time, the “Agreement”), in lawful money of the United States of America in immediately
available funds, payable together with interest thereon, as set forth below, without presentment, demand, protest or notice of
any kind, all of which are hereby expressly waived by the Company, and without set-off, counterclaim or other deduction of any
nature at the earlier of February 20, 2022 (the “Revolving Term Facility Expiration Date”), or as otherwise
set forth below or in the Agreement. Capitalized terms not otherwise defined in this Fourth Amended and Restated Revolving Term
Note (as amended, restated, modified, supplemented, replaced, refinanced or renewed from time to time, this “Note”)
shall have the respective meanings ascribed to them by the Agreement, including Annex A thereto, and the Rules of
Construction set forth in such Annex A shall apply to this Note. This Note amends and restates, but does not constitute
payment of the indebtedness, evidenced by, the Third Amended and Restated Revolving Term Note, dated as of December 20, 2019 (“Existing
Note”), by the Company to the order of the Bank, which evidenced a Revolving Term Commitment in the amount of $32,000,000;
provided that, if for any reason the December 2020 Paydown Amount is not received by Agent in accordance with the Ninth
Amendment, then this Note shall not become effective and the Existing Note shall remain in full force and effect.

 

1. Commitment
Reductions.

 

(a) The
Company shall have the right, in its sole discretion, to permanently reduce the Revolving Term Commitment by giving the Agent
ten (10) days’ prior written notice; provided that no Event of Default or Default has occurred or would result therefrom.
Any such permanent reduction by the Company shall be made in increments of $500,000.

 

(b) Pursuant
to Section 1(a) above, Company has requested, and Agent and Lender have agreed, that the Revolving Term Commitment be permanently
reduced from $32,000,000 to $20,580,000. Pursuant to Section 1(a) of the ICP Revolving Term Note, ICP has requested, and the ICP
Agent and the ICP Lenders have agreed, that the ICP Revolving Term Commitment be reduced from $18,000,000 to $9,420,000. After
giving effect to such reductions, the aggregate amount of the Revolving Term Commitment and ICP Revolving Term Commitment shall
be $30,000,000.

 

(c) Following
the earlier of (x) the date that the Senior Notes have been repaid in full and are no longer in effect, or (y) the date that the
Senior Noteholders approve the changes described in this Section 1(c) (such earlier date, the “Trigger Date”),
the Revolving Term Commitment and ICP Revolving Term Commitment shall be reduced (together with any required prepayment of the
Revolving Term Loans and ICP Revolving Term Loans) as hereinafter described. The Revolving Term Commitment and ICP Revolving Term
Commitment shall be reduced (together with any required prepayment of the Revolving Term Loans and ICP Revolving Term Loans) on
a pro rata basis (based upon the amount of the Revolving Term Commitment and ICP Revolving Term Commitment) commencing with twentieth
(20th) day of the first month following the month in which the Trigger Date occurs and continuing on the twentieth
(20th) day of each month thereafter, in the amounts determined by reference to Exhibit B to this Note; provided
that, if not sooner reduced to zero the Revolving Term Commitment and ICP Revolving Term Commitment shall be reduced to zero on
February 20, 2022 and any outstanding Revolving Term Loans and ICP Revolving Term Loans outstanding on February 20, 2022 shall
be repaid in full on such date together any accrued interest thereon. For example, if the Trigger Date occurs in February of 2021,
then the Revolving Term Commitment and ICP Revolving Term Commitment would be reduced each month, commencing on March 20, 2021
and continuing on the twentieth (20th) day of each month thereafter, by the amounts of $1,715,000 and $785,000, respectively;
provided that, if not sooner reduced to zero the Revolving Term Commitment and ICP Revolving Term Commitment shall be reduced
to zero on February 20, 2022.

 

     

     

    

 

(d) Agent,
and by its acceptance of this Note, the Lender, hereby waive the requirements of ten (10) days’ prior written notice and
reduction increments of $500,000 set forth in this Section 1(a) above solely in connection with the reductions of the Revolving
Term Commitment described in Sections 1(b) and 1(c) above.

 

2. Principal
Payments and Prepayments. Payments and prepayments of principal shall be due and payable as set forth in the Agreement and
this Note. The entire remaining indebtedness evidenced by this Note, if not sooner paid in accordance with the terms of the Agreement
or this Note, shall be due and payable on the Revolving Term Facility Expiration Date. If at any time, the aggregate principal
amount of Revolving Term Loans outstanding exceeds the Revolving Term Commitment at such time, the Company shall immediately notify
the Agent and shall immediately prepay the principal amount of the outstanding Revolving Term Loans in an amount sufficient to
eliminate such excess.

 

3. Purpose
of Revolving Term Facility. The proceeds of the Revolving Term Facility shall be used to refinance the existing indebtedness
of the Company and provide Working Capital for the Company, and the Company shall use the Revolving Term Loans for no other purpose.

 

4. Unused
Commitment Fee. Accruing from the date hereof until the Revolving Term Facility Expiration Date, the Company agrees to pay
to the Agent a nonrefundable commitment fee (the “Unused Commitment Fee”) equal to 0.75% per annum (computed
on the basis of a year of 360 days for the actual number of days elapsed) multiplied by the average daily positive difference
between the amount of (i) the Revolving Term Commitment minus (ii) the aggregate principal amount of all Revolving Term
Loans then outstanding. All Unused Commitment Fees shall accrue to the first day of each month and be payable monthly in arrears
on the 20th day of each month hereafter and on the Revolving Term Facility Expiration Date.

 

5. Interest
Payments. The Company hereby further promises to pay to the order of the Agent, at the times and on the dates provided in
the Agreement, interest on the unpaid principal amount of the Revolving Term Loans from the date hereof until the Payment in Full
of all of the Revolving Term Loans at the rate or rates comprising the Interest Rate Option(s) (defined below), which the Company
shall select in accordance with the terms hereof to apply to each Revolving Term Loan, it being understood that, subject to the
provisions of this Note and the Agreement, the Company may select different Interest Rate Options to apply to the Revolving Term
Loans and may convert to or renew one or more Interest Rate Options with respect to any one or more of the Revolving Term Loans;
provided that in the event the Company shall fail to timely select an Interest Rate Option to apply to any one or more Revolving
Term Loans, such Revolving Term Loans shall bear interest at the LIBOR Index Option, and provided further that if an Event of
Default or Default exists and is continuing, the Company may not request, convert to, or renew the Quoted Rate Option for any
Revolving Term Loans, and the Agent may demand that all existing Revolving Term Loans bearing interest under the Quoted Rate Option
shall be converted immediately to the LIBOR Index Option, and the Company shall be obligated to pay the Agent any indemnity, costs,
and expenses arising in connection with such conversion.

 

6. Interest
Rate Options. The Company shall have the right to select from the following interest rate options with respect to the Revolving
Term Loans (each, an “Interest Rate Option”): (a) upon the selection of a LIBOR Index Option, the LIBOR Index
Rate with a LIBOR Index Spread of 7.00% per annum (the “LIBOR Index Spread”) or (b) upon the selection of a
Quoted Rate Option, the Quoted Rate with such Quoted Rate to remain fixed for such period as is confirmed to the Company by the
Agent.

 

7. Revolving
Term Loans; Limitations. Under the Quoted Rate Option, a Quoted Rate may be fixed on such balance and for such period, and
shall be subject to such rules and requirements as may be established by the Agent in its sole discretion in each instance, provided
that: (1) the minimum fixed period hereunder shall be 365 days; (2) at no time shall more than 10 Revolving Term Loans
to which the Quoted Rate Option applies be outstanding at any one time; and (3) amounts may be fixed in increments of $500,000
or integral multiples thereof. The Agent’s determination of the Quoted Rate shall be conclusive and binding upon the Company
absent manifest error.

 

    2

     

    

 

8. Revolving
Term Loan Requests. Subject to the terms and conditions of this Note and the Agreement, the Company may prior to the Revolving
Term Facility Expiration Date request the Bank to make Revolving Term Loans and the Company may from time to time prior to the
Revolving Term Facility Expiration Date request the Agent to renew or convert the Interest Rate Option applicable to an existing
Revolving Term Loan, by delivering, in accordance with the notice provisions of the Agreement, to the Agent not later than 12:00
noon (Denver time),

 

(a)
the same Business Day as the proposed Business Day of borrowing with respect to a Revolving Term Loan to which the LIBOR Index
Option will apply, and (b) the same Business Day as the proposed Business Day of borrowing with respect to a Revolving Term Loan
to which the Quoted Rate Option will apply or the last day of the preceding Quoted Rate period with respect to the conversion
to or renewal of the Quoted Rate Option for a Revolving Term Loan,

 

a
duly completed request therefor substantially in the form of Exhibit A hereto (or a request made by CoLink or by telephone,
but subject to the same deadline and containing substantially the same information, and in the case of a telephone request, immediately
confirmed in writing substantially in the form of Exhibit A and delivered in accordance with the terms hereof) by physical
delivery, facsimile, or electronic mail (each such request, whether telephonic or written and regardless how delivered, a “Revolving
Term Loan Request”), it being understood that the Agent may rely on the authority of any individual making such a telephonic
request without the necessity of receipt of such written confirmation. Each Revolving Term Loan Request shall be irrevocable and
shall specify the amount of the proposed Revolving Term Loan, the Interest Rate Option to be applicable thereto, and, if applicable,
the Quoted Rate period therefor (each Quoted Rate applicable to a Revolving Term Loan shall remain fixed for such period as is
confirmed to the Company by the Agent), which amounts shall be in integral multiples of $500,000 for each Revolving Term Loan
under the Quoted Rate Option. All notices and requests hereunder shall be given, and all borrowings and all conversions or renewals
of Interest Rate Options shall occur, only on Business Days.

 

9. Incomplete
Revolving Term Loan Requests; Consequences. If no Interest Rate Option is timely selected when a Revolving Term Loan is requested
or with respect to the end of any applicable Quoted Rate period for a Revolving Term Loan or prior to a requested conversion to
a Quoted Rate Option for a Revolving Term Loan previously subject to a different Interest Rate Option, the Company shall be deemed
to have selected a LIBOR Index Option for such Revolving Term Loan. In no event shall the interest rate(s) applicable to principal
outstanding hereunder exceed the maximum rate of interest allowed by applicable Law, as amended from time to time; any payment
of interest or in the nature of interest in excess of such limitation shall be credited as a payment of principal unless the Company
requests the return of such amount.

 

10. Miscellaneous.

 

(a) This
Note is the Revolving Term Note referred to in, and is entitled to the benefits of, the Agreement and the other Loan Documents
referred to therein. Reference is made to the Agreement for a description of the relative rights and obligations of the Company,
the Bank and the Agent, including rights and obligations of prepayment, collateral securing payment hereof, Events of Default,
and rights of acceleration of maturity upon the occurrence of an Event of Default.

 

(b) No
delay on the part of the holder hereof in exercising any of its options, powers, or rights, or partial or single exercise thereof,
shall constitute a waiver thereof. The options, powers, and rights specified herein of the holder hereof are in addition to those
otherwise created or permitted by Law, the Agreement, and the other Loan Documents. There are no claims, set-offs, or deductions
of any nature as of the date hereof that could be made or asserted by the Company against the Bank and / or the Agent or against
any amount due or to become due under this Note; all such claims, set-offs, or deductions are hereby waived by the Company.

 

(c) Delivery
of an executed signature page of this Note by telecopy or email (as a .pdf attachment thereto or otherwise) shall be as
effective as delivery of a manually executed counterpart of this Note, but shall in any event be promptly followed by delivery
of the original manually executed signature page (provided, however, that the failure to do so shall in no event adversely affect
the rights of the Bank and / or the Agent hereunder whatsoever). THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF COLORADO, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.

 

[SIGNATURE
PAGE FOLLOWS]

 

    3

     

    

 

IN
WITNESS WHEREOF and intending to be legally bound hereby, the Company has executed this Note as of the date hereof by its duly
Authorized Officer.

 

	 

         
	PACIFIC
                                         ETHANOL PEKIN, LLC

        

        

        

	 	By:	 /s/ Bryon T. McGregor
	 	Name:	Bryon T. McGregor
	 	Title:	Chief Financial Officer

 

	AGREED
    AND ACCEPTED:	 
	 	 
	COBANK,
                                         ACB

        

        

        
	 
	 	 
	By:	 /s/ Corey North	 
	Name:	Corey North	 
	Title:	Assistant Corporate Secretary	 

 

[Fourth Amended and Restated Revolving Term
Note Signature Page]

 

    4

     

    

 

EXHIBIT
A

 

FORM
OF REVOLVING TERM LOAN REQUEST

 

[______________],
20[__]

 

To:
CoBank, ACB (the “Agent”)

Attn:
Loan Administration

Email:
cobankloanaccounting@cobank.com

 

From:
Pacific Ethanol Pekin, LLC (the “Company”)

 

Re:
Credit Agreement (as amended, restated, modified or supplemented from time to time, the “Credit Agreement”),
dated as of December 15, 2016, between the Company, Compeer Financial, PCA, successor by merger to 1st Farm Credit
Services, PCA, as Lender, and the Agent

 

Pursuant
to Section 2.2(a) of the Credit Agreement, the Company hereby gives notice of its desire to receive a Revolving Term Loan in accordance
with the terms set forth below (all capitalized terms used herein and not defined herein shall have the meaning given them in
the Credit Agreement):

 

		(a)	The
                                         Revolving Term Loan requested pursuant to this Revolving Term Loan Request shall be made
                                         on [__________], 20[__].

 

		(b)	The
                                         aggregate principal amount of the Revolving Term Loan requested hereunder is [__________]
                                         Dollars ($[__________]).

 

		(c)	The
                                         Revolving Term Loan requested hereunder shall initially bear interest at the [select
                                         one]:

 

☐
LIBOR Index Option; or

☐ Quoted
Rate Option.

 

	 
	PACIFIC
ETHANOL PEKIN, LLC

	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    5

     

    

 

 

EXHIBIT
B

 

REVOLVING
TERM LOAN COMMITMENT REDUCTIONS

 

(See
Attached)

 

 

 

6

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