Document:

Exhibit 10.3

 

FIRST
AMENDMENT TO GUARANTY

 

This
First Amendment to Guaranty (this “Amendment”) is made as of December 18, 2020 by and among PACIFIC ETHANOL
PEKIN, LLC, a limited liability company organized and existing under the laws of Delaware (the “Guarantor”),
for the benefit of COMPEER FINANCIAL, PCA, a federally-chartered instrumentality of the United States, successor by merger to
1st Farm Credit Services, PCA (the “Lender”), and COBANK, ACB, a federally-chartered instrumentality
of the United States (the “Agent” and collectively with Lender, the “Lender Parties”).

 

WHEREAS,
the Lender, the Agent, and ILLINOIS CORN PROCESSING, LLC (the “Borrower”) are parties to that certain Credit
Agreement, dated as of September 15, 2017 (as may be amended, supplemented, or restated from time to time, the “Credit
Agreement”), pursuant to which the Lender Parties may make advances and extend other financial accommodations to Borrower.

 

WHEREAS,
the Guarantor entered into that certain Guaranty, dated December 20, 2019 (as may be amended, supplemented, or restated from time
to time, the “Guaranty”) for the benefit of the Lender Parties.

 

WHEREAS,
the Borrower and the Lender Parties desire to amend the Credit Agreement and as a condition to entering into such amendment and
continuing to extend such credit to the Borrower, the Lender Parties have required the execution and delivery of this Amendment
to amend the Guaranty as set forth herein.

 

WHEREAS,
the Guarantor will receive substantial direct and indirect benefit from entering into this Amendment.

 

NOW,
THEREFORE, for Ten Dollars ($10.00) in hand paid to the Guarantor and in consideration of the premises and mutual covenants herein
contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

Section
1. Acknowledgments and Agreements. The Guarantor hereby acknowledges and agrees as follows:

 

(a)
Recitals. The Recitals to this Amendment are true and correct, and are hereby incorporated into and made a part of this
Amendment and the Guaranty.

 

(b)
Defined Terms. Unless otherwise defined in this Amendment, all capitalized terms used herein as defined terms shall have
the meanings given to them in the Guaranty.

 

Section
2. Amendment to the Guaranty.

 

(a)
Section 2.1 of the Guaranty is amended by amending and restating such section in its entirety:

 

“2.1
Obligations Guaranteed. For value received, Guarantor absolutely and unconditionally guarantees to the Lender Parties the
full and prompt payment and performance when due, whether at maturity or earlier by reason of acceleration or otherwise, of the
Obligations (the “Guaranteed Amount”).”

 

     

     

    

 

Section
3. Representations and Warranties. The Guarantor hereby represents and warrants to the Lender Parties as follows:

 

(a)
The Guarantor has all requisite power and authority, corporate or otherwise, to execute and deliver this Amendment. This Amendment
has been duly and validly executed and delivered to the Lender Parties by the Guarantor, and this Amendment and the Guaranty as
amended hereby and the other Loan Documents constitute the Guarantor’s legal, valid, and binding obligations enforceable
in accordance with their respective terms.

 

(b)
The execution, delivery, and performance by the Guarantor of this Amendment, and the performance of the Guaranty as amended hereby,
have been duly authorized by all necessary corporate action and do not and will not (i) require any authorization, consent or
approval by any Governmental Authority, (ii) violate the Guarantor’s Organizational Documents or any provision of any law,
rule, regulation or order presently in effect having applicability to the Guarantor, (iii) result in a breach of or constitute
a default under any indenture or agreement to which the Guarantor is a party or by which the Guarantor or its properties may be
bound or affected, or (iv) result in, or require, the creation or imposition of any Lien of any nature upon or with respect to
any of the properties now owned or hereafter acquired by the Guarantor (other than as required under the Loan Documents in favor
of the Lender Parties).

 

Section
4. Miscellaneous. This Amendment is a Loan Document. This Amendment shall be governed by, and construed in accordance with,
the laws of the State of Colorado (other than its conflicts of laws rules). This Amendment, together with the Guaranty amended
hereby and the other Loan Documents, comprise the final and complete integration of all prior expressions by the parties hereto
with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to such
subject matter, superseding all prior oral or written understandings. In the event of any conflict between this Amendment and
the Credit Agreement, the Credit Agreement shall control. This Amendment is subject to the provisions of the Credit Agreement
relating to submission to jurisdiction, venue, service of process and waiver of right to trial by jury, the provisions which are
by this reference incorporated herein in full. Any provision of this Amendment which is prohibited or unenforceable shall be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Section headings in
this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any
other purpose. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall
be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. Delivery
of an executed counterpart of a signature page to this Amendment by facsimile or by e-mail transmission of a PDF or similar copy
shall be equally as effective as delivery of an original executed counterpart of this Amendment. Any party delivering an executed
counterpart signature page by facsimile or by e-mail transmission shall also deliver an original executed counterpart, but the
failure to deliver an original executed counterpart shall not affect the validity, enforceability or binding effect of this Amendment.
The Guarantor hereby authorizes the Lender Parties to amend any previously filed UCC-1 financing statements to reflect the changes
to the grant of security interest made effective by this Amendment.

 

[Signature
pages follow.]

 

    2

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first above written.

 

	 	PACIFIC
    ETHANOL PEKIN, LLC,

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

 

Signature Page to First Amendment to
Guaranty

 

    3

     

    

 

	 	COMPEER
    FINANCIAL, PCA, as Lender
	 	 
	 	By:	 /s/ Kevin Buente
	 	Name:	 Kevin Buente
	 	Title: 	Principal Credit Officer
	 	 
	 	COBANK,
    ACB, as Agent
	 	 
	 	By: 	/s/ Corey North
	 	Name: 	Corey North
	 	Title:	 Assistant Corporate Secretary
	 	 

 

Signature Page to First Amendment to
Guaranty

 

4Exhibit
10.4

 

INTERCOMPANY
Revolving DEMAND NOTE

 

December 18, 2020

 

FOR VALUE RECEIVED,
each of the undersigned, to the extent a borrower (each, in such capacity, a “Maker”) from time to time
from any other entity listed on the signature pages hereto as holder (each, in such capacity, a “Holder”)
hereby unconditionally promises to pay to the order of such Holder, ON DEMAND, to such place as the holder of this Note may from
time to time designate in writing, in lawful money of the United States of America, the aggregate unpaid principal amount of all
loans made by such Holder to such Maker hereunder, together with all accrued interest on the unpaid principal balance hereof as
provided below.

 

Each Maker further
promises to pay to each Holder interest at such rate per annum as shall be agreed upon from time to time by such Maker and such
Holder.

 

The principal amount
hereof may be prepaid at any time, in whole or in part, together with interest accrued thereon, without penalty or premium.

 

All payments under
this Note shall be made without setoff, counterclaim, or deduction of any kind including, without limitation, for any outstanding
obligations of such Holder to such Maker, whether such obligations are monetary or otherwise, except, in each case, in the ordinary
course of business and so long as no Event of Default is then existing under the Credit Agreement referred to below.

 

Upon the commencement
of any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, receivership, or
liquidation or similar proceeding of any jurisdiction relating to a Maker, all amounts owed by such Maker to a Holder shall become
immediately due and payable without presentment, demand, protest or notice of any kind in connection with this Note.

 

Presentment, protest,
and notice of nonpayment and protest are hereby waived by each Maker. No delay on the part of a Holder in the exercise of any right,
power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power, or remedy preclude
any other or further exercise thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver
of, or consent with respect to, any provision of this Note shall in any event be effective against any Holder or any Maker unless
the same shall be in writing and signed and delivered by such party.

 

If the indebtedness
represented by this Note or any part thereof is placed in the hands of attorneys for collection, each Maker agrees to pay, in addition
to the principal payable thereon, all costs of collecting this Note, including reasonable attorneys’ fees and expenses.

 

This Note shall be
interpreted and the rights and liabilities of the parties hereto determined in accordance with the internal laws (as opposed to
conflicts of law provisions) and decisions of the State of Illinois. EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN DENVER, COLORADO WITH RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND HEREBY WAIVES ANY OBJECTION TO SUCH FORUM BASED ON FORUM NON-CONVENIENS. IN ADDITION,
EACH HOLDER AND EACH BORROWER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING WHICH PERTAINS DIRECTLY OR INDIRECTLY TO THIS
NOTE.

 

     

     

    

 

Whenever possible each
provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Note shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. The provisions
of this Note shall inure to the benefit of Holder and its successors and assigns (including, without limitation, the Administrative
Agent referred to below) and shall be binding upon each Maker and its successors (including, without limitation, any receiver,
trustee or debtor in possession of or for such Maker) and assigns; provided that the obligations of a Maker hereunder shall
not be assignable without the prior written consent of the Administrative Agent.

 

This Note has been
pledged and delivered by each Holder to CoBank, ACB, as administrative agent (together
with its successors and assigns in such capacity, the “Administrative Agent”) pursuant to that certain
Security Agreement, September 15, 2017 (as may be amended, restated, refinanced, replaced, supplemented or otherwise modified from
time to time, the “Security Agreement”; terms used herein that are not otherwise defined herein shall
have the meanings assigned thereto in the Security Agreement) between the Administrative Agent and the Holders.

 

[Signature
pages follow.]

 

    2

     

    

 

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

 

[Signature page to Intercompany Revolving

Demand Note]

 

     

     

    

 

	HOLDER:	 
	 	 
	ILLINOIS CORN PROCESSING, LLC	 
	 	 
	By:     	/s/ Bryon T. McGregor	 
	Name:   	Bryon T. McGregor	 
	Title:  	Chief Financial Officer	 

 

[Signature page to Intercompany Revolving

Demand Note]

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