Document:

Exhibit 10.44

 

FIRST AMENDMENT TO
SECOND AMENDED AND RESTATED 

CREDIT AGREEMENT

 

This FIRST
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of January 4, 2013,
is entered into by and among PACIFIC ETHANOL HOLDING CO. LLC, a Delaware limited liability company (“Pacific
Holding”), PACIFIC ETHANOL MADERA LLC, a Delaware limited liability company (“Madera”), PACIFIC
ETHANOL COLUMBIA, LLC, a Delaware limited liability company (“Boardman”), PACIFIC ETHANOL STOCKTON LLC, a
Delaware limited liability company (“Stockton”), and PACIFIC ETHANOL MAGIC VALLEY, LLC, a Delaware limited
liability company (“Burley” and, together with Pacific Holding, Madera, Boardman and Stockton, the
“Borrowers”), Pacific Holding, as Borrowers’ Agent, NEW PE HOLDCO LLC, a Delaware limited liability
company, as Pledgor (the “Pledgor”), each of the Lenders whose signatures appear on the signature pages to
this Amendment (individually, each a “Consenting Lender” and collectively, the “Consenting
Lenders”), WELLS FARGO BANK, N.A., as administrative agent for the Lenders
(“Administrative Agent”), WELLS FARGO BANK, N.A., as collateral agent for the Senior Secured Parties
(“Collateral Agent”) and AMARILLO NATIONAL BANK, as accounts bank (“Accounts Bank”).
Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Credit Agreement
(as hereinafter defined).

 

RECITALS

 

WHEREAS, Borrowers,
Borrowers’ Agent, the Pledgor, the Lenders party thereto, Administrative Agent, Collateral Agent and Accounts Bank entered
into that certain Second Amended and Restated Credit Agreement dated as of October 29, 2012 (the “Credit Agreement”);

 

WHEREAS, Borrowers
and Borrowers’ Agent have requested, and the Required Lenders have
agreed to, certain amendments to the Credit Agreement upon the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE,
the parties hereto agree that upon the occurrence of the Amendment Effective Date (as hereinafter defined), the Credit Agreement
is hereby amended as follows:

 

	SECTION 1.	Amendments to Credit Agreement. The Credit Agreement is
    hereby amended as of the Amendment Effective Date as follows:

 

		1.1.	Section 11.03(j)(iv) of the Credit Agreement is hereby deleted in its entirety and replaced with
the following:

 

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(iv)
notwithstanding any provision of this Agreement to the contrary, following (A) the purchase of any Loan or Commitment by an Affiliated
Lender and (B) the payment and performance in full of all obligations under all PEI Senior Unsecured Notes, such Affiliated Lender
may (but, except as otherwise provided in the foregoing clause (iii), shall not be obligated to) cancel such Loan and/or terminate
such Commitment via contribution to the capital of one or more Borrowers or otherwise and such Loans and/or Commitments shall be
deemed to be no longer outstanding or available under any provision of the Financing Documents.

 

		1.2.	The following new defined terms are hereby added to Exhibit A of the Credit Agreement in the appropriate
alphabetical order as follows:

 

“Designated
Tranche A-2 Term Loans” means each Tranche A-2 Term Loan held by a Designated Tranche A-2 Lender.”

 

“Designated
Tranche A-2 Lender” means (a) Candlewood Special Situations Master Fund, Ltd., CWD OC 522 Master Fund Ltd. and Credit
Suisse Loan Funding LLC, (b) any Affiliated Lender or (c) any assignee of any Lender described in the foregoing clauses (a) and
(b).

 

“PEI
Senior Unsecured Notes” means those certain senior unsecured notes to be issued by Pacific Ethanol pursuant to the
Securities Purchase Agreement dated as of December 19, 2012 by and among Pacific Ethanol and the investors party thereto.

 

		1.3.	The definition of “Maturity Date” in the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

 

“Maturity
Date” means (a) with respect to the Extended Loans and the Designated Tranche A-2 Term Loans, June 30, 2016, and (b)
with respect to all other Loans, the Original Maturity Date.

 

	SECTION 2.	Consent to Amendment of Senior Credit Agreement. The Consenting Lenders hereby consent to the execution and delivery by each party thereto of the First Amendment to Credit Agreement of even date herewith and substantially in the form attached hereto as Exhibit A (the “Senior Credit Agreement Amendment”).

 

	SECTION 3.	Payment of Costs and Fees. Each Borrower (i) reaffirms
    its obligations under Section 11.07 of the Credit Agreement and (ii) without limiting the provisions set forth in Section
    11.07 of the Credit Agreement, acknowledges, consents and agrees that it shall promptly pay, upon receipt of invoices
    therefor, to the Administrative Agent and each Consenting Lender all reasonable out-of-pocket costs, fees, expenses and charges
    of every kind in connection with the preparation, negotiation, execution and delivery of this Amendment incurred by or on
    behalf of such Persons, including, without limitation, the reasonable fees and disbursements of Sidley Austin LLP, counsel
    to certain Consenting Lenders.

 

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	SECTION 4.	Acknowledgements.

 

		4.1.	Reaffirmation of Obligations. Each Loan Party hereby (a)  reaffirms,
                                                           acknowledges, confirms and agrees to its respective guarantees, pledges and grants of security interests and other
                                                           commitments and Obligations under the Financing Documents and (b) confirms and agrees that the Financing Documents and all
                                                           guarantees, pledges and grants of security interests and other commitments and Obligations thereunder shall continue to be in
                                                           full force and effect following the effectiveness of this Amendment. All Obligations under the Credit Agreement and the other
                                                           Financing Documents owing by the Loan Parties to the Administrative Agent, the Collateral Agent, the Accounts Bank and each
                                                           Lender, as the case may be, are unconditionally owing by the Loan Parties to the Administrative Agent, the Collateral Agent
                                                           and each Lender, as the case may be, without offset, defense or counterclaim of any kind, nature or description
                                                           whatsoever.

 

		4.2.	Acknowledgement of Security Interests. Each Loan Party hereby acknowledges, confirms and
agrees that the Collateral Agent, for itself and the benefit of Senior Secured Parties, has and shall continue to have valid, enforceable
and perfected first-priority liens (subject only to Permitted Liens) upon and security interests in the Collateral granted to the
Collateral Agent, for itself and the benefit of Senior Secured Parties, pursuant to the Financing Documents.

 

		4.3.	Binding Effect of Documents. Each Loan Party hereby acknowledges, confirms
                                                           and agrees that: (i) each of the Financing Documents to which it is a party has been duly executed and delivered to the
                                                           Administrative Agent, the Collateral Agent, the Accounts Bank and the Lenders thereto by it, and each is in full force and
                                                           effect as of the Amendment Effective Date, (ii) the agreements and obligations of such Loan Party contained in the Credit
                                                           Agreement as amended by this Amendment (the “Amended Credit Agreement”), in each of the other Financing
                                                           Documents and in this Amendment constitute the legal, valid and binding obligations of such Loan Party, enforceable against
                                                           such Loan Party in accordance with their respective terms, and such Loan Party has no valid defense to the enforcement of the
                                                           obligations under the Amended Credit Agreement or the other Financing Documents, except as enforceability may be limited by
                                                           bankruptcy, insolvency, moratorium, reorganization or other similar laws limiting creditors rights generally and except as
                                                           enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a
                                                           proceeding in equity or at law) and (iii) the Administrative Agent, the Collateral Agent, the Accounts Bank and each Lender
                                                           are and shall be entitled to the rights, remedies and benefits provided for in the Financing Documents and under applicable
                                                           law or at equity.

 

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		SECTION 5.	Representations
and Warranties of Loan Parties. Each of the Loan Parties hereby represents and warrants in favor of the Administrative Agent,
the Collateral Agent, the Accounts Bank and each Lender as follows:

 

		5.1.	The execution, delivery and performance by such Loan Party of this Amendment and the performance
of the Amended Credit Agreement are within such Loan Party’s powers and have been duly authorized by all necessary action
on the part of such Loan Party.

 

		5.2.	This Amendment has been duly executed and delivered by such Loan Party and each of this Amendment,
the Amended Credit Agreement and the other Financing Documents constitutes a legal, valid and binding obligation of such Loan Party
enforceable in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization
or other similar laws limiting creditors rights generally and except as enforceability may be limited by general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

		5.3.	The execution, delivery or performance of this Amendment by such Loan Party (i) does not require
any consent or approval of, registration of filing with, or any other action by, any Person (including, without limitation, any
Governmental Authority) except (A) such as have been obtained or made and are in full force and effect and (B) filings necessary
to perfect Liens created by the Financing Documents, (ii) will not violate the organizational or governing documents of any Loan
Party and (iii) will not violate any applicable Law or any Contractual Obligation applicable to or binding upon such Loan Party
or any of their respective properties or assets.

 

		5.4.	No event has occurred or is continuing, that would constitute a Default or an Event of Default
under the Credit Agreement, the Amended Credit Agreement or any other Financing Document.

 

		5.5.	As of the Amendment Effective Date, no litigation by, investigation known to such
                                                           Loan Party by, or proceeding of, any Governmental Authority is pending or, to the knowledge of such Loan Party, has been
                                                           threatened against such Loan Party which (i) challenges such Loan Party’s right, power, or competence to enter into
                                                           this Amendment or perform any of its obligations under this Amendment, the Amended Credit Agreement or any other the
                                                           Financing Documents or the validity or enforceability of this Amendment, the Amended Credit Agreement or any other Financing
                                                           Document or any action taken under this Amendment, the Amended Credit Agreement or any other Financing Document or (ii) is
                                                           reasonably likely, if adversely decided, to have a Material Adverse Effect.

 

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		5.6.	After giving effect to this Amendment, the representations and warranties of such
                                                           Loan Party contained in the Amended Credit Agreement and the other Financing Documents are true and correct in all material
                                                           respects (provided, that if any representation or warranty is by its terms qualified by concepts of materiality, such
                                                           representation shall be true and correct in all respects) on and as of the Amendment Effective Date with the same effect as
                                                           if such representations and warranties had been made on and as of such date, except that any such representation or warranty
                                                           which is expressly made only as of a specified date need be true only as of such date.

 

		SECTION 6.	Conditions to
Effectiveness of this Amendment. This Amendment shall become effective as of the first date on or prior to January 15, 2013
on which each of the following conditions has been satisfied (or waived in writing by the Required Lenders) (the “Amendment
Effective Date”):

 

		6.1.	Amendment. The Administrative Agent shall have received duly executed counterparts of this
Amendment from each Loan Party, the Required Lenders, the Collateral Agent, the Administrative Agent and the Accounts Bank.

 

		6.2.	Senior Credit Agreement Amendment. The substantially concurrent occurrence of the “Amendment
Effective Date” as defined in the Senior Credit Agreement Amendment.

 

		6.3.	Closing under Securities Purchase Agreement. All conditions precedent to the “Closing”
as defined in the Securities Purchase Agreement, dated as of December 19, 2012 by and among Pacific Ethanol and the investors party
thereto, have been satisfied (other than the occurrence of the “Amendment Effective Date” as defined in each of this
Amendment and in the Senior Credit Agreement Amendment).

 

		6.4.	Costs and Expenses. The Borrowers shall have paid all fees, costs and expenses incurred
in connection with this Amendment and any other Financing Documents that have been invoiced and are required to be paid hereunder
or under the Credit Agreement (including, without limitation, reasonable legal fees and expenses of the Administrative Agent and
each Consenting Lender).

 

		6.5.	Representations and Warranties. The representations and warranties made or deemed made by
the Loan Parties under this Amendment shall be true and correct (subject to the materiality qualifiers set forth in such representations
and warranties) as of the Amendment Effective Date.

 

		6.6.	Customary Closing Documents. The Consenting Lenders shall have
received such officer’s certificates, secretary’s certificates, resolutions, lien searches and other customary deliverables
as they shall request.

 

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Upon satisfaction of the
foregoing closing conditions, the Consenting Lenders shall promptly
provide written confirmation to Borrowers’ Agent and the Administrative
Agent of such satisfaction and identify the Amendment Effective Date.

 

		SECTION 7.	Effect on the
Financing Documents.

 

		7.1.	Except as set forth in this Amendment, the Credit Agreement and
                                                           each of the other Financing Documents shall be and remain unchanged and in full force and effect in accordance with their
                                                           respective terms, are hereby ratified and confirmed in all respects and the Administrative Agent, the Collateral Agent, the
                                                           Accounts Bank and each Lender expressly reserves the right to require strict compliance with the terms of the Credit
                                                           Agreement (and, following the Amendment Effective Date, the Amended Credit Agreement) and the other Financing Documents. The
                                                           execution, delivery, and performance of this Amendment shall not operate as a modification or waiver of any right, power, or
                                                           remedy of any Agent or any Lender under the Credit Agreement (and, following the Amendment Effective Date, the Amended
                                                           Credit                                                            Agreement) or any other Financing Document and no such
                                                           action shall be construed as (i) a waiver or forbearance of any of the
                                                           Administrative Agent’s, the Collateral Agent’s, the Accounts Bank’s or the Lenders’ rights,
                                                           remedies,                                                            and powers against the Borrowers, any other Loan Party
                                                           or the Collateral (including, without limitation, the right to
                                                           terminate without notice the making of Revolving Loans) or (ii) a waiver of any Default or Event of Default. Notwithstanding
                                                           any provision of this Amendment, nothing herein shall adversely affect the rights, remedies, duties, liabilities,
                                                           obligations                                                            and/or responsibilities of any Lender that has not
                                                           consented to the terms hereof to the extent such consent may be required
                                                           pursuant to the Credit Agreement, including Section 11.01 thereof.

 

		7.2.	Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “herein,” “hereof” or words of like import referring to the
Credit Agreement, and each reference in the other Financing Documents to “the Credit Agreement,” “thereunder,”
“therein,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as modified by this Amendment.

 

		7.3.	To the extent that any terms and conditions in any of the Financing Documents shall contradict
or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions
are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified hereby
(except to the extent that such contradiction or conflict is expressly permitted by this Amendment).

 

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		SECTION 8.	Governing Law.
This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York, without
regard to conflicts of law principles that would require the application of laws of another jurisdiction.

 

		SECTION 9.	Financing Document.
                                                                 This Amendment shall be deemed to be a Financing Document for
                                                                 all purposes.

 

		SECTION 10.	RELEASE BY LOAN
PARTIES. As of the Effective Date, each Loan Party hereby waives, releases, remises and forever discharges the Administrative Agent, the
Collateral Agent, the Accounts Bank, each Lender, each of the other Senior Secured Parties, each of their respective Affiliates
and each of the officers, directors, employees, and professionals of each Lender, the Administrative Agent, the Collateral Agent,
the Accounts Bank and each of the other Senior Secured Parties and their respective Affiliates (collectively, the “Releasees”),
from any and all claims, demands, obligations, liabilities, causes of action, damages, losses, costs and expenses of any kind
or character, known or unknown, past or present, liquidated or unliquidated, suspected or unsuspected, which such Loan Party ever
had from the beginning of the world or now has or that any of the Loan Parties’ respective successors and assigns hereafter
can or may have against any such Releasee which relates, directly or indirectly to the Credit Agreement, any other Financing Document,
or to any acts or omissions of any such Releasee relating to the Credit Agreement or any other Financing Document in each case,
pertaining to facts, events or circumstances existing on or prior to the date hereof,
including, without limitation, the execution and delivery by any and all Releasees of this Amendment, except for the duties
and obligations expressly set forth in this Amendment, the Credit Agreement and the other Financing Documents (as modified by
the provisions hereof). As to each and every claim released hereunder, each Loan Party hereby represents that it has received
the advice of legal counsel with regard to the releases contained herein, and waives the benefits of each provision of applicable
federal or state law (including, without limitation, the laws of the state of New York), if any, pertaining to general releases
after having been advised by its legal counsel with respect thereto. Each Loan Party understands that the facts which they believe
to be true at the time of making the release provided for herein may later turn out to be different than they now believe, and
that information which is not now known or suspected may later be discovered. Each Loan Party accepts this possibility, and each
Loan Party assumes the risk of the facts being different and new information being discovered; and each Loan Party further agrees
that the release provided for herein shall in all respects continue to be effective and not subject to termination or rescission
because of any difference in such facts or any new information

 

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		SECTION 11.	Severability.
Wherever possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Amendment 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 Amendment.

 

		SECTION 12.	Counterparts. This Amendment
may be executed by one or more of the parties hereto on any number of separate counterparts, each of which shall be deemed an
original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed
counterpart of this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually executed
counterpart hereof.

  

		SECTION 13.	Lender
                                                                                                              Direction. Each
                                                                                                              of the undersigned
                                                                                                              Lenders hereby directs
                                                                                                              each of the Administrative
                                                                                                              Agent, the Collateral
                                                                                                              Agent and the Accounts
                                                                                                              Bank to execute
                                                                                                              and deliver this
                                                                                                              Amendment and to
                                                                                                              perform its respective
                                                                                                              obligations hereunder.

 

 

 

 

 

    	8Exhibit 10.46

 

FIRST AMENDMENT TO

CREDIT AGREEMENT

 
 

This FIRST AMENDMENT TO CREDIT AGREEMENT
(this “Amendment”), dated as of January 4, 2013,
is entered into by and among PACIFIC ETHANOL HOLDING CO. LLC, a Delaware limited liability company (“Pacific Holding”),
PACIFIC ETHANOL MADERA LLC, a Delaware limited liability company (“Madera”), PACIFIC ETHANOL COLUMBIA, LLC,
a Delaware limited liability company (“Boardman”), PACIFIC ETHANOL STOCKTON LLC, a Delaware limited liability
company (“Stockton”), and PACIFIC ETHANOL MAGIC VALLEY, LLC, a Delaware limited liability company (“Burley”
and, together with Pacific Holding, Madera, Boardman and Stockton, the “Borrowers”), Pacific Holding, as Borrowers’
Agent, NEW PE HOLDCO
LLC, a Delaware limited liability company, as Pledgor (the “Pledgor”), each of the Lenders, WELLS FARGO
BANK, N.A., as administrative agent for the Lenders (“Administrative Agent”), WELLS FARGO BANK, N.A., as collateral
agent for the Senior Secured Parties (“Collateral Agent”) and AMARILLO NATIONAL BANK, as accounts bank (“Accounts
Bank”). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the
Credit Agreement (as hereinafter defined).

 

RECITALS

 

WHEREAS, Borrowers,
Borrowers’ Agent, Pledgor, the Lenders party thereto, Administrative Agent, Collateral Agent, Accounts Bank and Credit Suisse
Loan Funding LLC, as syndication agent, entered into that certain Credit Agreement dated as of October 29, 2012 (the “Credit
Agreement”);

 

WHEREAS, Borrowers
and Borrowers’ Agent have requested, and the Lenders have agreed
to, certain amendments to the Credit Agreement upon the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE,
the parties hereto agree that upon the occurrence of the Amendment Effective Date (as hereinafter defined), the Credit Agreement
is hereby amended as follows:

 

		SECTION 1.	Amendments to
Credit Agreement. The Credit Agreement is hereby amended to delete the definition of “Maturity Date” in the Credit
Agreement in its entirety and replaced such definition with the following:

 

“Maturity
Date” means June 25, 2015 or such later date on or prior to June 25, 2016, as may be agreed to in any Maturity Date
Extension.

 

		SECTION 2.	Consent to Amendment of Senior
Credit Agreement. Each Lender hereby consents to the execution and delivery by each party thereto of the First Amendment to
Second Amended and Restated Credit Agreement of even date herewith and substantially in the form attached hereto as Exhibit
A (the “Junior Credit Agreement Amendment”).

 

 

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		SECTION 3.	Payment of Costs
and Fees. Each Borrower (i) reaffirms its obligations under Section 11.07 of the Credit Agreement and (ii) without
limiting the provisions set forth in Section 11.07 of the Credit Agreement, acknowledges, consents and agrees that it shall
promptly pay, upon receipt of invoices therefor, to the Administrative Agent and each Lender all reasonable out-of-pocket costs,
fees, expenses and charges of every kind in connection with the preparation, negotiation, execution and delivery of this Amendment
incurred by or on behalf of such Persons, including, without limitation, the reasonable fees and disbursements of Sidley Austin
LLP, counsel to certain Lenders.

 

		SECTION 4.	Acknowledgements.

 

		4.1.	Reaffirmation of Obligations. Each Loan Party hereby (a) reaffirms,
                                                           acknowledges, confirms and agrees to its respective guarantees, pledges and grants of security interests and other
                                                           commitments and Obligations under the Financing Documents and (b) confirms and agrees that the Financing Documents and all
                                                           guarantees, pledges and grants of security interests and other commitments and Obligations thereunder shall continue to be in
                                                           full force and effect following the effectiveness of this Amendment. All Obligations under the Credit Agreement and the other
                                                           Financing Documents owing by the Loan Parties to the Administrative Agent, the Collateral Agent, the Accounts Bank and each
                                                           Lender, as the case may be, are unconditionally owing by the Loan Parties to the Administrative Agent, the Collateral Agent
                                                           and each Lender, as the case may be, without offset, defense or counterclaim of any kind, nature or description
                                                           whatsoever.

 

		4.2.	Acknowledgement of Security Interests. Each Loan Party hereby acknowledges, confirms and
agrees that the Collateral Agent, for itself and the benefit of Senior Secured Parties, has and shall continue to have valid, enforceable
and perfected first-priority liens (subject only to Permitted Liens) upon and security interests in the Collateral granted to the
Collateral Agent, for itself and the benefit of Senior Secured Parties, pursuant to the Financing Documents.

 

		4.3.	Binding Effect of Documents. Each Loan Party hereby acknowledges, confirms
                                                           and agrees that: (i) each of the Financing Documents to which it is a party has been duly executed and delivered to the
                                                           Administrative Agent, the Collateral Agent, the Accounts Bank and the Lenders thereto by it, and each is in full force and
                                                           effect as of the Amendment Effective Date, (ii) the agreements and obligations of such Loan Party contained in the Credit
                                                           Agreement as amended by this Amendment (the “Amended Credit Agreement”), in each of the other Financing
                                                           Documents and in this Amendment constitute the legal, valid and binding obligations of such Loan Party, enforceable against
                                                           such Loan Party in accordance with their respective terms, and such Loan Party has no valid defense to the enforcement of the
                                                           obligations under the Amended Credit Agreement or the other Financing Documents, except as enforceability may be limited by
                                                           bankruptcy, insolvency, moratorium, reorganization or other similar laws limiting creditors rights generally and except as
                                                           enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a
                                                           proceeding in equity or at law) and (iii) the Administrative Agent, the Collateral Agent, the Accounts Bank and each Lender
                                                           are and shall be entitled to the rights, remedies and benefits provided for in the Financing Documents and under applicable
                                                           law or at equity.

 

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		SECTION 5.	Representations and Warranties
of Loan Parties. Each of the Loan Parties hereby represents and warrants in favor of the Administrative Agent, the Collateral
Agent, the Accounts Bank and each Lender as follows:

 

		5.1.	The execution, delivery and performance by such Loan Party of this Amendment and the performance
of the Amended Credit Agreement are within such Loan Party’s powers and have been duly authorized by all necessary action
on the part of such Loan Party.

 

		5.2.	This Amendment has been duly executed and delivered by such Loan Party and each of this Amendment,
the Amended Credit Agreement and the other Financing Documents constitutes a legal, valid and binding obligation of such Loan Party
enforceable in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization
or other similar laws limiting creditors rights generally and except as enforceability may be limited by general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

		5.3.	The execution, delivery or performance of this Amendment by such Loan Party (i) does not require
any consent or approval of, registration of filing with, or any other action by, any Person (including, without limitation, any
Governmental Authority) except (A) such as have been obtained or made and are in full force and effect and (B) filings necessary
to perfect Liens created by the Financing Documents, (ii) will not violate the organizational or governing documents of any Loan
Party and (iii) will not violate any applicable Law or any Contractual Obligation applicable to or binding upon such Loan Party
or any of their respective properties or assets.

 

		5.4.	No event has occurred or is continuing, that would constitute a Default or an Event of Default
under the Credit Agreement, the Amended Credit Agreement or any other Financing Document.

 

		5.5.	As of the Amendment Effective Date no litigation by, investigation known to such
                                                           Loan Party by, or proceeding of, any Governmental Authority is pending or, to the knowledge of such Loan Party, has been
                                                           threatened against such Loan Party which (i) challenges such Loan Party’s right, power, or competence to enter into
                                                           this Amendment or perform any of its obligations under this Amendment, the Amended Credit Agreement or any other the
                                                           Financing Documents or the validity or enforceability of this Amendment, the Amended Credit Agreement or any other Financing
                                                           Document or any action taken under this Amendment, the Amended Credit Agreement or any other Financing Document or (ii) is
                                                           reasonably likely, if adversely decided, to have a Material Adverse Effect.

 

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		5.6.	After giving effect to this Amendment, the representations and warranties of such
                                                           Loan Party contained in the Amended Credit Agreement and the other Financing Documents are true and correct in all material
                                                           respects (provided, that if any representation or warranty is by its terms qualified by concepts of materiality, such
                                                           representation shall be true and correct in all respects) on and as of the Amendment Effective Date with the same effect as
                                                           if such representations and warranties had been made on and as of such date, except that any such representation or warranty
                                                           which is expressly made only as of a specified date need be true only as of such date.

 

		SECTION 6.	Conditions to
Effectiveness of this Amendment. This Amendment shall become effective as of the first date on or prior to January 15, 2013
on which each of the following conditions has been satisfied (or waived in writing by the Lenders) (the “Amendment Effective
Date”):

 

		6.1.	Amendment. The Administrative Agent shall have received duly executed counterparts of this
Amendment from each Loan Party, each of the Lenders, the Collateral Agent, the Administrative Agent and the Accounts Bank.

 

		6.2.	Junior Credit Agreement Amendment. The substantially concurrent occurrence of the “Amendment
Effective Date” as defined in the Junior Credit Agreement Amendment.

 

		6.3.	Closing under Securities Purchase Agreement. All conditions precedent to the “Closing”
as defined in the Securities Purchase Agreement, dated as of December 19, 2012 by and among Pacific Ethanol and the investors
party thereto, have been satisfied (other than the occurrence of the “Amendment Effective Date” as defined in each
of this Amendment and in the Junior Credit Agreement Amendment).

 

		6.4.	Costs and Expenses. The Borrowers shall have paid all fees, costs and expenses incurred
in connection with this Amendment and any other Financing Documents that have been invoiced and are required to be paid hereunder
or under the Credit Agreement (including, without limitation, reasonable legal fees and expenses of the Administrative Agent and
each Lender).

 

		6.5.	Representations and Warranties. The representations and warranties made or deemed made by
the Loan Parties under this Amendment shall be true and correct (subject to the materiality qualifiers set forth in such representations
and warranties) as of the Amendment Effective Date.

 

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		6.6.	Customary Closing Documents. The Lenders shall have received
such officer’s certificates, secretary’s certificates, resolutions, lien searches and other customary deliverables
as they shall request.

 

			Upon satisfaction of the foregoing closing conditions, at the request of
                                                       Borrowers’ Agent, the Lenders shall promptly provide written confirmation to Borrowers’ Agent and the
                                                       Administrative Agent of such                                                        satisfaction and
                                                       identify                                                        the Amendment Effective Date.

 

		SECTION 7.	Effect on the Financing Documents.

 

		7.1.	Except as  set forth in this Amendment, the Credit Agreement and each of the
                                                           other                                                            Financing Documents shall be and remain unchanged and in
                                                           full force and effect in accordance with their respective terms, are
                                                           hereby ratified and confirmed in all respects and the Administrative Agent, the Collateral Agent, the Accounts Bank and each
                                                           Lender expressly reserves the right to require strict compliance with the terms of the Credit Agreement (and, following the
                                                           Amendment Effective Date, the Amended Credit Agreement) and the other Financing Documents. The execution, delivery, and
                                                           performance of this Amendment shall not operate as a modification or waiver of any right, power, or remedy of any Agent or
                                                           any Lender under the Credit Agreement (and, following the Amendment Effective Date, the Amended Credit Agreement) or any
                                                           other Financing Document and no such action shall be construed as (i) a waiver or forbearance of any of the Administrative
                                                           Agent’s, the Collateral Agent’s, the Accounts Bank’s or the Lenders’ rights, remedies, and powers
                                                           against the Borrowers, any other Loan Party or the Collateral (including, without limitation, the right to terminate without
                                                           notice the making of Revolving Loans) or (ii) a waiver of any Default or Event of Default. Notwithstanding any provision of
                                                           this Amendment, nothing herein shall adversely affect the rights, remedies, duties, liabilities, obligations and/or
                                                           responsibilities of any Lender that has not consented to the terms hereof to the extent such consent may be required
                                                           pursuant                                                            to the Credit Agreement, including Section 11.01
                                                           thereof.

 

		7.2.	Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “herein,” “hereof” or words of like import referring to the
Credit Agreement, and each reference in the other Financing Documents to “the Credit Agreement,” “thereunder,”
“therein,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as modified by this Amendment.

 

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		7.3.	To the extent that any terms and conditions in any of the Financing Documents shall contradict
or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions
are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified hereby
(except to the extent that such contradiction or conflict is expressly permitted by this Amendment).

 

		SECTION 8.	Governing Law.
This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York, without
regard to conflicts of law principles that would require the application of laws of another jurisdiction.

 

		SECTION 9.	Financing Document.
This Amendment shall be deemed to be a Financing Document for all purposes.

 

		SECTION 10.	RELEASE BY LOAN PARTIES. As of the Effective Date, each Loan Party hereby
                                                                  waives, releases, remises and forever discharges the Administrative Agent, the Collateral Agent, the Accounts Bank, each
                                                                  Lender, each of the other Senior Secured Parties, each of their respective Affiliates and each of the officers, directors,
                                                                  employees, and professionals of each Lender, the Administrative Agent, the Collateral Agent, the Accounts Bank and each of
                                                                  the other Senior Secured Parties and their respective Affiliates (collectively, the “Releasees”), from
                                                                  any                                                                   and all claims, demands, obligations, liabilities,
                                                                  causes of action, damages, losses, costs and expenses of any kind or
                                                                  character, known or unknown, past or present, liquidated or unliquidated, suspected or unsuspected, which such Loan Party
                                                                  ever had from the beginning of the world or now has or that any of the Loan Parties’ respective successors and assigns
                                                                  hereafter can or may have against any such Releasee which relates, directly or indirectly to the Credit Agreement, any other
                                                                  Financing Document, or to any acts or omissions of any such Releasee relating to the Credit Agreement or any other Financing
                                                                  Document in each case, pertaining to facts, events or circumstances existing on or prior to the date hereof, including,
                                                                  without limitation, the execution and delivery by any and all Releasees of this Amendment, except for the duties and
                                                                  obligations                                                                   expressly
                                                                  set                                                                                                            forth in
                                                                  this                                                                   Amendment,
                                                                  the                                                                                                      Credit
                                                                  Agreement                                                                   and
                                                                  the                                                                                                               other
                                                                  Financing                                                                   Documents (as
                                                                  modified by the                                                                   provisions hereof).
                                                                  As to                                                                                               each and every claim
                                                                  released                                                                         hereunder, each Loan
                                                                  Party                                                                   hereby
                                                                  represents that it has received the                                                                   advice of legal
                                                                  counsel                                                                   with regard to the releases contained herein, and
                                                                  waives the
                                                                  benefits of each provision of applicable federal or state law (including, without limitation, the laws of the state of New
                                                                  York), if any, pertaining to general releases after having been advised by its legal counsel with respect thereto. Each Loan
                                                                  Party understands that the facts which they believe to be true at the time of making the release provided for herein may
                                                                  later turn out to be different than they now believe, and that information which is not now known or suspected may later be
                                                                  discovered. Each Loan Party accepts this possibility, and each Loan Party assumes the risk of the facts being different and
                                                                  new information being discovered; and each Loan Party further agrees that the release provided for herein shall in all
                                                                  respects continue to be effective and not subject to termination or rescission because of any difference in such facts or
                                                                  any                                                                   new information.

 

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		SECTION 11.	Severability.
Wherever possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Amendment 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 Amendment.

 

		SECTION 12.	Counterparts.
This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, each of which shall
be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of
an executed counterpart of this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a
manually executed counterpart hereof.

 

 

		SECTION 13.	.Lender Direction.
                                                                  Each of the undersigned Lenders hereby directs each of the Administrative
                                                                  Agent, the Collateral Agent and the Accounts Bank to execute
                                                                  and deliver this Amendment and to perform its respective obligations
                                                                  hereunder.

 

 

 

[Signature pages follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be executed by their respective officers as of the day and year first written above.

 

	 	PACIFIC ETHANOL HOLDING CO. LLC, as a Borrower and as Borrowers’ Agent
	 	 	 
	 	 	 
	 	By:	/s/ Bryon T. McGregor
	 	 	Name: Bryon T. McGregor
	 	 	Title: Chief Operating Officer
	 	 	 
	 	 	 
	 	PACIFIC ETHANOL MADERA LLC, as a Borrower
	 	 	 
	 	 	 
	 	By:	/s/ Bryon T. McGregor
	 	 	Name: Bryon T. McGregor
	 	 	Title: Chief Operating Officer
	 	 	 
	 	 	 
	 	PACIFIC ETHANOL COLUMBIA, LLC, as a Borrower
	 	 	 
	 	 	 
	 	By:	/s/ Bryon T. McGregor
	 	 	Name: Bryon T. McGregor
	 	 	Title: Chief Operating Officer
	 	 	 
	 	 	 
	 	PACIFIC ETHANOL STOCKTON LLC, as a Borrower
	 	 	 
	 	 	 
	 	By:	/s/ Bryon T. McGregor
	 	 	Name: Bryon T. McGregor
	 	 	Title: Chief Operating Officer
	 	 	 
	 	 	 
	 	PACIFIC ETHANOL MAGIC VALLEY, LLC, as a Borrower
	 	 	 
	 	 	 
	 	By:	/s/ Bryon T. McGregor
	 	 	Name: Bryon T. McGregor
	 	 	Title: Chief Operating Officer

 

Signature Page to First Amendment
to Priming Credit Agreement

 

    	8

    	 

    

 

 

	 	NEW PE HOLDCO, LLC, as Pledgor
	 	 	 
	 	 	 
	 	By:	/s/ Bryon T. McGregor
	 	 	Name: Bryon T. McGregor
	 	 	Title: Chief Operating Officer
	 	 	 
	 	 	 
	 	AMARILLO NATIONAL BANK, as Accounts Bank
	 	 	 
	 	 	 
	 	By:	/s/ Craig L. Sanders
	 	 	Name: Craig L. Sanders
	 	 	Title: Executive Vice President
	 	 	 
	 	 	 
	 	WELLS FARGO BANK, N.A., as Administrative Agent and Collateral Agent
	 	 	 
	 	 	 
	 	By:	/s/ Michael Pinzon
	 	 	Name: Michael Pinzon
	 	 	Title: Vice President

 

 

 

 

Signature Page to First Amendment
to Priming Credit Agreement

 

 

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	 	CREDIT SUISSE LOAN FUNDING LLC, as  Lender
	 	 	 
	 	 	 
	 	By:	/s/ Michael Wotanowski
	 	 	Name: Michael Wotanowski
	 	 	Title: Authorized Signatory
	 	 	 
	 	By:	/s/ Leigh Dworkin
	 	 	Name: Leigh Dworkin
	 		Title: Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to First Amendment
to Priming Credit Agreement

 

 

    	10

    	 

    

 

 

EXHIBIT A

 

Junior Credit Agreement Amendment

 

 

 

 

 

 

 

 

 

 

 

    	11

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