Document:

Exhibit 10.64

 

THIRD AMENDED AND RESTATED

REVOLVING TERM NOTE

 

	
        $32,000,000
	Greenwood Village, Colorado
	 	December 20, 2019

 

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 THIRTY-TWO
MILLION DOLLARS ($32,000,000) 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 loans made under the Revolving Term Commitment
by the Bank to or for the benefit of the Company (each loan and any one or more portions of any loan being referred to herein as
a “Loan”) 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 1, 2022 (the “Revolving Term Facility Expiration
Date”), or as otherwise set forth below or in the Agreement. Capitalized terms not otherwise defined in this Second 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 Second Amended and Restated Revolving Term Note, dated as of March
20, 2019, by the Company to the order of the Bank.

 

1. Commitment Reductions. 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.

 

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 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 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 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 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 Loans from the date hereof until the Payment in Full of all of the 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 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 Loans and may convert to or renew one or more Interest Rate Options with respect to any one
or more of the Loans; provided that in the event the Company shall fail to timely select an Interest Rate Option to apply to any
one or more Loans, such 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 Loans, and the
Agent may demand that all existing 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 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. 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 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.

 

8. 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 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 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 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 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 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 “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 Loan Request shall be irrevocable and shall specify the amount of the proposed Loan,
the Interest Rate Option to be applicable thereto, and, if applicable, the Quoted Rate period therefor (each Quoted Rate applicable
to a 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 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 Loan Requests; Consequences.
If no Interest Rate Option is timely selected when a Loan is requested or with respect to the end of any applicable Quoted Rate
period for a Loan or prior to a requested conversion to a Quoted Rate Option for a Loan previously subject to a different Interest
Rate Option, the Company shall be deemed to have selected a LIBOR Index Option for such 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.

 

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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]

 

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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/ Janet Downs	 
	Name:  	Janet Downs	 
	Title:	Vice President	 

 

[Third Amended and Restated Revolving Term
Note Signature Page]

 

     

     

    

 

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:Exhibit 10.65

 

FOURTH AMENDED AND RESTATED

TERM NOTE

 

	$39,500,000	Greenwood Village, Colorado
	 	December 20, 2019

 

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 principal sum of THIRTY NINE MILLION FIVE HUNDRED
THOUSAND DOLLARS ($39,500,000) (such amount, the “Term Loan Amount”) (each loan and any one or more portions
of any loan being referred to herein as a “Loan”), and to pay interest, as set forth below, from the date hereof
until Payment in Full on the principal amount remaining from time to time outstanding at the rates set forth below, in lawful money
of the United States of America in immediately available funds, payable 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. This Fourth Amended and Restated Term Note (as amended, restated, modified, supplemented, replaced,
refinanced or renewed from time to time, this “Note”) is given 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”). Capitalized terms not otherwise defined in 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
Term Note, dated as of March 20, 2019, by the Company to the order of the Bank in the original principal amount of the Term Loan
Amount.

 

1. Borrowing
Availability. The Term Loan Amount was advanced on or before January 31, 2017 (the “Term Loan Availability Expiration
Date”), and no additional advances shall be permitted under this Note.

 

2. Purpose
of Term Loan. The proceeds of the Term Loan shall be used to refinance the existing indebtedness of the Company, and the Company
shall use the Term Loan for no other purpose.

 

3. Principal
Payments. As of the date hereof, the remaining principal balance of the Loan is $39,500,000. The remaining principal hereunder
shall be due and payable in four (4) equal consecutive installments of $3,500,000 each, beginning on September 20, 2020, and continuing
on the twentieth (20th) day of each December, March, and June thereafter until August 20, 2021 (the “Maturity Date”),
at which time the entire remaining indebtedness evidenced by this Note, if not sooner paid in accordance with the terms of the
Agreement and this Note, shall be due and payable.

 

4. 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 Loans from the date hereof until the Payment in Full of all of the 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 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 Loans and may convert to or renew one or more Interest Rate
Options with respect to any one or more of the Loans; provided that in the event the Company shall fail to timely select an Interest
Rate Option to apply to any one or more Loans, such 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 Loans, and the Agent may demand that all existing 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.

 

     

     

    

 

5. Interest
Rate Options. The Company shall have the right to select from the following interest rate options with respect to the 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.

 

6. Loan
Requests. Subject to the terms and conditions of this Note and the Agreement, the Company may prior to the Term Loan Availability
Expiration Date request the Bank to make the Term Loan and the Company may from time to time prior to the Maturity Date request
the Agent to renew or convert the Interest Rate Option applicable to an existing 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 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 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 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 “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 Loan Request shall be irrevocable and shall specify the amount of the proposed Loan,
the Interest Rate Option to be applicable thereto, and, if applicable, the Quoted Rate period therefor (each Quoted Rate applicable
to a 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 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.

 

7. 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 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.

 

8. Incomplete
Loan Requests; Consequences. If no Interest Rate Option is timely selected when a Loan is requested or with respect to the
end of any applicable Quoted Rate period for a Loan or prior to a requested conversion to a Quoted Rate Option for a Loan previously
subject to a different Interest Rate Option, the Company shall be deemed to have selected a LIBOR Index Option for such 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.

 

9. Miscellaneous.

 

(a) This
Note is the 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]

 

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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/ Janet Downs	 
	Name:  	Janet Downs	 
	Title:	Vice President	 

 

 

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