Document:

Exhibit 10.54

 

GUARANTY

 

This Guaranty (this
“Guaranty”), dated as of December 20, 2019, is made by ILLINOIS CORN PROCESSING, 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 (“Lender”),
and COBANK, ACB, a federally-chartered instrumentality of the United States (“Agent” and collectively with Lender,
the “Lender Parties”).

 

RECITALS:

 

WHEREAS, Lender, Agent
and PACIFIC ETHANOL PEKIN, LLC (“Borrower”) are parties to that certain Credit Agreement dated as of December
15, 2016, as amended from time to time, including by that certain Amendment No. 7 to Credit Agreement and Waiver (the “Amendment”)
of even date herewith (as may be amended, supplemented or restated from time to time, collectively the “Credit Agreement”),
pursuant to which the Lender Parties may make advances and extend other financial accommodations to Borrower.

 

WHEREAS, as a condition
to entering into the Amendment and continuing to extend such credit to Borrower, the Lender Parties have required the execution
and delivery of this Guaranty.

 

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

 

NOW, THEREFORE, Guarantor
agrees as follows:

 

1. Definitions.
All capitalized terms defined in the Credit Agreement that are not otherwise defined in this Guaranty have the meanings given them
in the Credit Agreement.

 

2. Agreement
to Guarantee.

 

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; provided
that in no instance shall the Obligations exceed an amount in excess of the Guaranteed Amount. “Guaranteed Amount”
shall mean the Paydown Amount (as such term is defined in the Credit Agreement).

 

2.2 Savings
Provision. Notwithstanding anything contained in this Guaranty to the contrary, the liability of Guarantor at any time will
be limited to the maximum amount as will result in the liability of Guarantor not constituting a fraudulent conveyance or fraudulent
transfer to the extent applicable to this Guaranty and the liability of Guarantor.

 

     

     

    

 

3. Guarantor’s
Representations and Warranties. Guarantor represents and warrants to the Lender Parties that (a) Guarantor is an entity
of the type described in the preamble to this Guaranty, duly organized and existing in good standing and has full power and authority
to make and deliver this Guaranty; (b) the execution, delivery and performance of this Guaranty by Guarantor have been duly
authorized by all necessary action and does not and will not violate the provisions of, or constitute a default under, any presently
applicable law or its constituent documents or any agreement presently binding on Guarantor; (c) this Guaranty has been duly
executed and delivered by the authorized officers of Guarantor and constitutes its lawful, binding and legally enforceable obligation;
and (d) the authorization, execution, delivery and performance of this Guaranty do not require notification to, registration
with, or consent or approval by, any federal, state or local regulatory body or administrative agency. Guarantor represents and
warrants to the Lender Parties that Guarantor has a direct and substantial economic interest in Borrower and expects to derive
substantial benefits therefrom and from any loans, credit transactions, financial accommodations, discounts, purchases of property
and other transactions and events resulting in the creation of the Obligations guarantied hereby, and that this Guaranty is given
for a corporate purpose. The Lender Parties may rely conclusively on a continuing warranty, hereby made, that Guarantor continues
to be benefited by this Guaranty and the Lender Parties shall have no duty to inquire into or confirm the receipt of any such benefits,
and this Guaranty shall be effective and enforceable by the Lender Parties without regard to the receipt, nature or value of any
such benefits.

 

4. Unconditional
Nature. No act or thing need occur to establish Guarantor’s liability hereunder, and no act or thing, except full payment
and discharge of all of the Obligations, shall in any way exonerate Guarantor hereunder or modify, reduce, limit or release Guarantor’s
liability hereunder. This is an absolute, unconditional and continuing guaranty of payment of the Obligations and shall continue
to be in force and be binding upon Guarantor, until the earlier of (a) all of the Obligations are paid in full and the Lender Parties’
commitment to make Loans have terminated or (b) this Guaranty shall be terminated in accordance with Section 15.

 

5. Dissolution
or Insolvency of Guarantor. The dissolution or adjudication of bankruptcy of Guarantor shall not revoke this Guaranty. If Guarantor
dissolves or becomes insolvent (however defined), then the Lender Parties shall have the right to declare immediately due and payable,
and Guarantor will pay to the Lender Parties, the full amount of all of the Obligations whether due and payable or unmatured. If
Guarantor voluntarily commences or there is commenced involuntarily against Guarantor a case under the United States Bankruptcy
Code, the full amount of all Obligations, whether due and payable or unmatured, shall be immediately due and payable without demand
or notice thereof.

 

6. Subrogation.
Guarantor hereby waives all rights that Guarantor may now have or hereafter acquire, whether by subrogation, contribution, reimbursement,
recourse, exoneration, contract or otherwise, to recover from Borrower or from any property of Borrower any sums paid under this
Guaranty. Guarantor will not exercise or enforce any right of contribution to recover any such sums from any person who is a co-obligor
with Borrower or a guarantor or surety of the Obligations or from any property of any such person until all of the Obligations
shall have been fully paid and discharged.

 

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7. Subordination.
The Obligations, whether now existing or hereafter created, shall be superior to any claim that Guarantor may now have or hereafter
acquire against Borrower, whether or not Borrower becomes insolvent. Guarantor hereby subordinates any claim Guarantor may have
against Borrower, upon any account whatsoever, to any claim that the Lender Parties may now or hereafter have against Borrower.
In the event of insolvency and consequent liquidation of the assets of Borrower, through bankruptcy, by an assignment for the benefit
of creditors, by voluntary liquidation, or otherwise, the assets of Borrower applicable to the payment of the claims of both the
Lender Parties and Guarantor shall be paid to the Lender Parties and shall be first applied by the Lender Parties to the Obligations.
Guarantor hereby assigns to the Lender Parties all claims that it may have or acquire against Borrower or against any assignee
or trustee in bankruptcy of Borrower; provided, however, that such assignment shall be effective only for the purpose of assuring
to the Lender Parties full payment in legal tender of the Obligations. If the Lender Parties so request, any notes or credit agreements
now or hereafter evidencing any debts or obligations of Borrower to Guarantor shall be marked with a legend that the same are subject
to this Guaranty and shall be delivered to the Lender Parties. Guarantor agrees, and the Lender Parties are hereby authorized,
in the name of Guarantor, from time to time, to file financing statements and continuation statements and to execute documents
and to take such other actions as the Lender Parties deem necessary or appropriate to perfect, preserve and enforce its rights
under this Guaranty.

 

8. Enforcement
Expenses. Guarantor shall pay on demand all costs and expenses, including reasonable attorneys’ fees, incurred by the
Lender Parties (a) in collecting the Obligations and in enforcing its rights under this Guaranty and the other Loan Documents,
(b) in any bankruptcy, insolvency, assignment for the benefit of creditors, receivership, or other similar proceeding relating
to Borrower, Borrower’s assets, or Guarantor, (c) in any actual or threatened suit, action, proceeding, or adversary proceeding
(including all appeals) by, against, or in any way involving the Lender Parties and Borrower or Guarantor, or in any way arising
from this Guaranty or the Lender Parties’ dealings with Guarantor, and (d) to retain any payments or transfers of any kind
made to the Lender Parties by or on account of this Guaranty, including the granting of liens, collateral rights, security interests,
or payment protection of any type.

 

9. Lender
Parties’ Rights. The Lender Parties shall not be obligated by reason of its acceptance of this Guaranty to engage in
any transactions with or for Borrower. Whether or not any existing relationship between Guarantor and Borrower has been changed
or ended and whether or not this Guaranty has been revoked, the Lender Parties may enter into transactions resulting in the creation
or continuance of the Obligations and may otherwise agree, consent to or suffer the creation or continuance of any of the Obligations,
without any consent or approval by Guarantor and without any prior or subsequent notice to Guarantor. Guarantor’s liability
shall not be affected or impaired by any of the following acts or things (which the Lender Parties are expressly authorized to
do, omit or suffer from time to time, both before and after revocation of this Guaranty, without consent or approval by or notice
to Guarantor): (a) any acceptance of collateral security, guarantors, accommodation parties or sureties for any or all of
the Obligations; (b) one or more extensions or renewals of the Obligations (whether or not for longer than the original period)
or any modification of the interest rates, maturities, if any, or other contractual terms applicable to any of the Obligations
or any amendment or modification of any of the terms or provisions of any loan agreement or other agreement under which the Obligations
or any part thereof arose; (c) any waiver or indulgence granted to Borrower, any delay or lack of diligence in the enforcement
of the Obligations or any failure to institute proceedings, file a claim, give any required notices or otherwise protect any of
the Obligations; (d) any full or partial release of, compromise or settlement with, or agreement not to sue, Borrower or any
guarantor or other person liable in respect of any of the Obligations; (e) any release, surrender, cancellation or other discharge
of any evidence of the Obligations or the acceptance of any instrument in renewal or substitution therefor; (f) any failure
to obtain collateral security (including rights of setoff) for the Obligations, or to see to the proper or sufficient creation
and perfection thereof, or to establish the priority thereof, or to preserve, protect, insure, care for, exercise or enforce any
collateral security; (g) any modification, alteration, substitution, exchange, surrender, cancellation, termination, release or
other change, impairment, limitation, loss or discharge of any collateral security; (h) any collection, sale, lease or disposition
of, or any other foreclosure or enforcement of or realization on, any collateral security; (i) any assignment, pledge or other
transfer of any of the Obligations or any evidence thereof; (j) any manner, order or method of application of any payments
or credits upon the Obligations; and (k) any election by the Lender Parties under Section 1111(b) of the United States Bankruptcy
Code.

 

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10. Waivers
by Guarantor. Guarantor waives any and all defenses and discharges available to a surety, guarantor or accommodation co-obligor.
Guarantor waives any and all defenses, claims, setoffs and discharges of Borrower, or any other obligor, pertaining to the Obligations,
except the defense of discharge by payment in full. Without limiting the generality of the foregoing, Guarantor will not assert,
plead or enforce against the Lender Parties any defense of waiver, release, discharge or disallowance in bankruptcy, statute of
limitations, res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability
which may be available to Borrower or any other person liable in respect of any of the Obligations, or any setoff available against
the Lender Parties to Borrower or any other such person, whether or not on account of a related transaction. Guarantor shall be
and remain liable for any deficiency remaining after foreclosure of any mortgage or security interest securing the Obligations,
whether or not the liability of Borrower or any other obligor for such deficiency is discharged pursuant to statute or judicial
decision. The liability of Guarantor shall not be affected or impaired by any voluntary or involuntary liquidation, dissolution,
sale or other disposition of all or substantially all of the assets, marshalling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar
event or proceeding affecting, Borrower or any of its assets. Guarantor will not assert, plead or enforce against the Lender Parties
any claim, defense or setoff available to Guarantor against Borrower. Guarantor waives presentment, demand for payment, notice
of dishonor or nonpayment and protest of any instrument evidencing the Obligations. The Lender Parties shall not be required first
to resort for payment of the Obligations to Borrower or other persons, or their properties, or first to enforce, realize upon or
exhaust any collateral security for the Obligations, before enforcing this Guaranty.

 

11. Reinstatement.
If the Lender Parties repay, restore, or return, in whole or in part, any payment or property previously paid or transferred to
the Lender Parties in full or partial satisfaction of any Obligation, because the payment or transfer was declared void, voidable,
or otherwise recoverable under any law, or because the Lender Parties elect to repay, restore, or return all or any portion of
the payment or transfer in connection with a claim that the payment or transfer was void, voidable, or otherwise recoverable, then
the liability of Guarantor will automatically and immediately be revived, reinstated, and restored as to the amount repaid, returned,
or restored as though the payment or transfer to the Lender Parties had never been made.

 

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12. Additional
Obligation of Guarantor. Guarantor’s liability under this Guaranty is in addition to and shall be cumulative with all
other liabilities of Guarantor to the Lender Parties as guarantor, surety, endorser, accommodation co-obligor or otherwise of any
of the Obligations or obligation of Borrower, without any limitation as to amount, unless the instrument or agreement evidencing
or creating such other liability specifically provides to the contrary.

 

13. Financial
Information. Guarantor will deliver to the Lender Parties all financial information concerning Guarantor required to be delivered
under the Credit Agreement, or as may be reasonably requested by the Lender Parties from time to time.

 

14. No
Duties Owed by the Lender Parties. Guarantor acknowledges and agrees that the Lender Parties (a) have not made any representations
or warranties with respect to, (b) do not assume any responsibility to Guarantor for, and (c) have no duty to provide
information to Guarantor regarding, the enforceability of any of the Obligations or the financial condition of Borrower or any
guarantor. Guarantor has independently determined the creditworthiness of Borrower and the enforceability of the Obligations and
until the Obligations are paid in full will independently and without reliance on the Lender Parties continue to make such determinations.

 

15. Termination.
Upon receipt in full by the Lender Parties of the Guaranteed Amount, but subject to Section 11 hereof, this Guaranty shall automatically
terminate.

 

16. Miscellaneous.

 

16.1 Recitals.
The recitals set forth above are true and correct, and each recital is hereby incorporated into this Agreement by reference.

 

16.2 Notices.
Except as otherwise specified herein, any notice, consent, request or other communication required or permitted to be given hereunder
shall be in writing, addressed to the other party as set forth below such party’s signature to this Guaranty or below for
the Lender Parties (or to such other address or person as either party or person entitled to notice may by notice to the other
party specify), and shall be: (a) personally delivered; (b) delivered by Federal Express or other comparable overnight delivery
service; or (c) transmitted by United States certified mail, return receipt requested with postage prepaid.

 

	If to the Agent:	6340 S. Fiddlers Green Grove
	 	Greenwood Village, Colorado 80111-1914
	 	Attention: Credit Information Services
	 	 
	If to the Guarantor:	Pacific Ethanol, Inc.
	 	 
	 	400 Capitol Mall, Suite 2060
	 	Sacramento, California 95814
	 	Attn: Christopher W. Wright
	 	 
	 	With a copy to:
	 	Troutman Sanders
	 	5 Park Plaza, Suite 1400
	 	Irvine, CA 92614
	 	Attn: Larry Cerutti

 

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All such notices and communications shall
have been duly given and shall be effective: (i) when delivered; (ii) the Business Day following the day on which the same has
been delivered prepaid (or pursuant to an invoice arrangement) to Federal Express or other comparable overnight delivery service;
or (iii) the third Business Day following the day on which the same is sent by certified mail, postage prepaid.

 

16.3 No Oral
Amendments. This Guaranty may not be modified, amended, waived, extended, changed, discharged, revoked or terminated orally
or by any act or failure to act on the part of Guarantor or the Lender Parties, but only by an agreement in writing signed by the
party against whom enforcement of any modification, amendment, waiver, extension, change, discharge, revocation or termination
is sought.

 

16.4 Counterparts;
Integration; Effectiveness. This Guaranty and any amendments, waivers, consents or supplements may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, shall
be deemed an original, but all of which counterparts together shall constitute but one agreement. This Guaranty and the other Loan
Documents to which Guarantor is a party constitute the entire contract among the parties with respect to the subject matter hereof
and supersede all previous agreements and understandings, oral or written, with respect thereto. Delivery of an executed counterpart
of a signature page to this Guaranty by facsimile or in electronic (i.e., “pdf” or “tif”) format shall
be effective as delivery of a manually executed counterpart signature page.

 

16.5 Successors
and Assigns. The terms and conditions of this Guaranty shall be binding upon Guarantor and Guarantor’s successors, assigns
and legal representatives; provided that this Guaranty shall not be assigned by Guarantor without the prior written consent of
the Lender Parties.

 

16.6 Severability.
If any term, covenant or condition of this Guaranty is held to be invalid, illegal or unenforceable in any respect, this Guaranty
shall be construed without such provision.

 

16.7 Governing
Law; Jurisdiction; Etc.

 

16.7.1 Governing
Law. The laws of the State of Colorado will govern this Guaranty and any claim, controversy, dispute or cause of action (whether
in contract or tort or otherwise) based upon, arising out of or relating to this Guaranty and the transactions contemplated hereby
and thereby.

 

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16.7.2 Submission
to Jurisdiction. Guarantor irrevocably and unconditionally agrees that it will not commence
any action, litigation or proceeding of any kind whatsoever, whether in law or equity, or whether in contract or tort or otherwise,
against the Lender Parties in any way relating to this Guaranty or the transactions contemplated hereby, in any forum other than
the courts of the State of Colorado sitting in Denver County, and of the United States District Court of Colorado, and any appellate
court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts
and agrees that any such action, litigation or proceeding may be brought in any such Colorado State court or, to the fullest extent
permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action,
litigation or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing herein will affect any right the Lender Parties may otherwise have to bring any action or proceeding
relating to this Guaranty against Guarantor or its properties in the courts of any jurisdiction.

 

16.7.3 Waiver
of Venue. Guarantor irrevocably and unconditionally waives, to the fullest extent permitted
by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out
of or relating to this Guaranty in any such court referred to in Section 15.7.2. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum
to the maintenance of such action or proceeding in any such court.

 

16.7.4 Service
of Process. Guarantor irrevocably consents to the service of process in the manner provided
for notices in Section 15.1 and agrees that nothing herein will affect the right of any party hereto to serve process in any other
manner permitted by applicable law.

 

16.8 Waiver
of Jury Trial. GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
BASED ON THE LOAN OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY OF
THE LOAN DOCUMENTS OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION OF GUARANTOR
OR LENDER PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER PARTIES’ MAKING OF THE
LOAN.

 

[signature page to follow]

 

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Guarantor has executed
this Guaranty as of the date set forth in the introductory clause.

 

	ILLINOIS CORN PROCESSING, LLC,	 	 
	a Delaware limited liability company	 	Address:
	 	 	 	 
	By:	/s/ Bryon T. McGregor	 	See Section 16.2
	Name:	Bryon T. McGregor	 	 
	Title:	Chief Financial Officer	 	 

 

Signature Page to GuarantyExhibit 10.55

 

AMENDED
AND RESTATED

GUARANTY AND CONTRIBUTION AGREEMENT

 

This Amended and Restated
Guaranty and Contribution Agreement (this “Guaranty”), dated as of December 20, 2019, is made by PACIFIC ETHANOL
CENTRAL, 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 (“Lender”), and COBANK, ACB, a federally-chartered instrumentality of the United States
(“Agent” and collectively with Lender, the “Lender Parties”).

 

RECITALS:

 

WHEREAS, Lender, Agent
and PACIFIC ETHANOL PEKIN, LLC (“PEP”) are parties to that certain Credit Agreement dated as of December 15,
2016, as amended from time to time, including by that certain Amendment No. 7 to Credit Agreement and Waiver (the “PEP
Amendment”) of even date herewith (and as may be amended, supplemented or restated from time to time, collectively the
“PEP Credit Agreement”), pursuant to which the Lender Parties have made and may make advances and extend other
financial accommodations to PEP.

 

WHEREAS, Guarantor
executed that certain Guaranty and Contribution Agreement dated as of March 20, 2019 (the “Original Guaranty”)
in favor of Agent pursuant to which Guarantor guaranteed prompt payment and performance of the PEP with respect to the PEC Contribution
Amount (as defined in the PEP Credit Agreement).

 

WHEREAS, ILLINOIS CORN
PROCESSING, LLC, a limited liability company organized under the laws of Delaware and wholly-owned subsidiary of Guarantor (“ICP”),
COMPEER FINANCIAL, PCA, a federally-chartered instrumentality of the United States, as a Lender, and Secured Party, as Cash Management
Provider and Agent, are parties to a Credit Agreement dated as of September 15, 2017 as amended from time to time, including by
that certain Amendment No. 1 to Credit Agreement and Waiver (the “ICP Amendment”) of even date herewith (and
as further amended, restated, supplemented or otherwise modified from time to time, the “ICP Credit Agreement”
and together with the PEP Credit Agreement, the “Credit Agreements”) pursuant to which the Lender Parties have
made and may make advances and extend other financial accommodations to ICP (together, the “Borrowers” and each
individually, a “Borrower”).

 

WHEREAS, in connection
with the PEP Amendment and the ICP Amendment, Guarantor has agreed to amend and restate its guaranty obligations as set forth herein.

 

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

 

WHEREAS, as a condition
to entering into the PEP Amendment and the ICP Amendment and continuing to extend such credit to PEP and ICP, the Lender Parties
have required the execution and delivery of this Guaranty.

 

NOW, THEREFORE, Guarantor
agrees as follows:

 

1. Definitions.
All capitalized terms defined in the Credit Agreements, as applicable, that are not otherwise defined in this Guaranty have the
meanings given them in the applicable Credit Agreement. As used herein, the following terms shall have the following meanings:

 

     

     

    

 

“Aurora Assets” means
(a) the membership interests in PAL owned by Guarantor, and (b) the assets owned by PAL, Aurora East, and Aurora West.

 

“Aurora East” means Pacific
Ethanol Aurora East, LLC, a Delaware limited liability company.

 

“Aurora Plants” means
the real estate, the improvements thereon, and the personal property associated with the ethanol plants located in Aurora, Nebraska
and owned by PAL, Aurora East, and Aurora West.

 

“Aurora West” means Pacific
Ethanol Aurora West, LLC, a Delaware limited liability company.

 

“Guaranteed Amount” shall
mean, collectively, (i) the Paydown Amount (as such term is defined in the Credit Agreement), (ii) all payment amounts due to the
Lender Parties under section 2.8(c) the PEP Credit Agreement, and (iii) all payment amounts due to the Lender Parties under section
2.8(c) the ICP Credit Agreement.

 

“JV Agreement” means
the Amended and Restated Limited Liability Company Agreement of Aurora in effect on the date hereof.

 

“Net Income” shall have
the meaning ascribed to it in the JV Agreement.

 

“Pledged Account” shall
have the meaning ascribed to it in Section 15.

 

“Sale Proceeds” means
all Net Income payable or distributable to Guarantor upon the sale of the Aurora Assets, or any portion thereof, whether as the
result of the sale of any of the real property and/or personal property owned by PAL, Aurora East, or Aurora West or the sale of
any of Guarantor’s membership interest in PAL.

 

2. Agreement
to Guarantee.

 

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 (i) the Obligations
of PEP under the PEP Credit Agreement, and (ii) the Obligations of ICP under the ICP Credit Agreement; provided that in no instance
shall the obligations hereunder exceed an amount in excess of the Guaranteed Amount.

 

2.2 Savings
Provision. Notwithstanding anything contained in this Guaranty to the contrary, the liability of Guarantor at any time will
be limited to the maximum amount as will result in the liability of Guarantor not constituting a fraudulent conveyance or fraudulent
transfer to the extent applicable to this Guaranty and the liability of Guarantor.

 

3. Guarantor’s
Representations and Warranties. Guarantor represents and warrants to the Lender Parties that (a) Guarantor is an entity
of the type described in the preamble to this Guaranty, duly organized and existing in good standing and has full power and authority
to make and deliver this Guaranty; (b) the execution, delivery and performance of this Guaranty by Guarantor have been duly
authorized by all necessary action and does not and will not violate the provisions of, or constitute a default under, any presently
applicable law or its constituent documents or any agreement presently binding on Guarantor; (c) this Guaranty has been duly
executed and delivered by the authorized officers of Guarantor and constitutes its lawful, binding and legally enforceable obligation;
and (d) the authorization, execution, delivery and performance of this Guaranty do not require notification to, registration
with, or consent or approval by, any federal, state or local regulatory body or administrative agency. Guarantor represents and
warrants to the Lender Parties that Guarantor has a direct and substantial economic interest in each Borrower and expects to derive
substantial benefits therefrom and from any loans, credit transactions, financial accommodations, discounts, purchases of property
and other transactions and events resulting in the creation of the Obligations guarantied hereby, and that this Guaranty is given
for a corporate purpose. The Lender Parties may rely conclusively on a continuing warranty, hereby made, that Guarantor continues
to be benefited by this Guaranty and the Lender Parties shall have no duty to inquire into or confirm the receipt of any such benefits,
and this Guaranty shall be effective and enforceable by the Lender Parties without regard to the receipt, nature or value of any
such benefits. Guarantor represents and warrants to the Lender Parties that, from and after the date of this Guaranty, none of
PAL, Aurora East, or Aurora West shall perform any of the following (and Guarantor hereby covenants and agrees that it shall not
direct, authorize or otherwise permit PAL, Aurora East, or Aurora West to perform any of the following (whether in its capacity
as a member of PAL or otherwise) and shall exercise all voting rights it may hold with respect to PAL, Aurora East, or Aurora West
in a manner that ensures that none of the following shall occur): (a) sell, assign, transfer or otherwise alienate ownership of
any of the Aurora Assets without the prior written consent of the Lender Parties, or (b) incur, create, assume, or suffer to exist
any lien, security interest, pledge, charge, encumbrance, or other limitation as to the Aurora Assets or the Sale Proceeds or incur
any indebtedness (secured or unsecured, direct or contingent including guaranteeing any obligation) without the prior written consent
of the Lender Parties. The Aurora Assets are now, and Guarantor will at all times ensure that the Aurora Assets remain, free and
clear of all liens and encumbrances except for any liens and encumbrances in favor of the Lender Parties.

 

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4. Unconditional
Nature. No act or thing need occur to establish Guarantor’s liability hereunder, and no act or thing, except full payment
and discharge of all of the Obligations, shall in any way exonerate Guarantor hereunder or modify, reduce, limit or release Guarantor’s
liability hereunder. This is an absolute, unconditional and continuing guaranty of payment of the Obligations and shall continue
to be in force and be binding upon Guarantor, until the earlier of the date that (a) all of the Obligations are paid in full and
the Lender Parties’ commitment to make Loans have terminated, or (b) this Guaranty shall be terminated in accordance with
Section 16.

 

5. Dissolution
or Insolvency of Guarantor. The dissolution or adjudication of bankruptcy of Guarantor shall not revoke this Guaranty. If Guarantor
dissolves or becomes insolvent (however defined), then the Lender Parties shall have the right to declare immediately due and payable,
and Guarantor will pay to the Lender Parties, the full amount of all of the Obligations whether due and payable or unmatured. If
Guarantor voluntarily commences or there is commenced involuntarily against Guarantor a case under the United States Bankruptcy
Code, the full amount of all Obligations, whether due and payable or unmatured, shall be immediately due and payable without demand
or notice thereof.

 

6. Subrogation.
Guarantor hereby waives all rights that Guarantor may now have or hereafter acquire, whether by subrogation, contribution, reimbursement,
recourse, exoneration, contract or otherwise, to recover from any Borrower or from any property of any Borrower any sums paid under
this Guaranty. Guarantor will not exercise or enforce any right of contribution to recover any such sums from any person who is
a co-obligor with any Borrower or a guarantor or surety of the Obligations or from any property of any such person until all of
the Obligations shall have been fully paid and discharged.

 

7. Subordination.
The Obligations, whether now existing or hereafter created, shall be superior to any claim that Guarantor may now have or hereafter
acquire against any Borrower, whether or not such Borrower becomes insolvent. Guarantor hereby subordinates any claim Guarantor
may have against any Borrower, upon any account whatsoever, to any claim that the Lender Parties may now or hereafter have against
such Borrower. In the event of insolvency and consequent liquidation of the assets of any Borrower, through bankruptcy, by an assignment
for the benefit of creditors, by voluntary liquidation, or otherwise, the assets of such Borrower applicable to the payment of
the claims of both the Lender Parties and Guarantor shall be paid to the Lender Parties and shall be first applied by the Lender
Parties to the Obligations. Guarantor hereby assigns to the Lender Parties all claims that it may have or acquire against any Borrower
or against any assignee or trustee in bankruptcy of such Borrower; provided, however, that such assignment shall be effective only
for the purpose of assuring to the Lender Parties full payment in legal tender of the Obligations. If the Lender Parties so request,
any notes or credit agreements now or hereafter evidencing any debts or obligations of any Borrower to Guarantor shall be marked
with a legend that the same are subject to this Guaranty and shall be delivered to the Lender Parties. Guarantor agrees, and the
Lender Parties are hereby authorized, in the name of Guarantor, from time to time, to file financing statements and continuation
statements and to execute documents and to take such other actions as the Lender Parties deem necessary or appropriate to perfect,
preserve and enforce its rights under this Guaranty.

 

8. Enforcement
Expenses. Guarantor shall pay on demand all costs and expenses, including reasonable attorneys’ fees, incurred by the
Lender Parties (a) in collecting the Obligations and in enforcing its rights under this Guaranty and the other Loan Documents,
(b) in any bankruptcy, insolvency, assignment for the benefit of creditors, receivership, or other similar proceeding relating
to any Borrower, any Borrower’s assets, or Guarantor, (c) in any actual or threatened suit, action, proceeding, or adversary
proceeding (including all appeals) by, against, or in any way involving the Lender Parties and any Borrower or Guarantor, or in
any way arising from this Guaranty or the Lender Parties’ dealings with Guarantor, and (d) to retain any payments or transfers
of any kind made to the Lender Parties by or on account of this Guaranty, including the granting of liens, collateral rights,
security interests, or payment protection of any type.

 

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9. Lender
Parties’ Rights. The Lender Parties shall not be obligated by reason of its acceptance of this Guaranty to engage in
any transactions with or for any Borrower. Whether or not any existing relationship between Guarantor and any Borrower has been
changed or ended and whether or not this Guaranty has been revoked, the Lender Parties may enter into transactions resulting in
the creation or continuance of the Obligations and may otherwise agree, consent to or suffer the creation or continuance of any
of the Obligations, without any consent or approval by Guarantor and without any prior or subsequent notice to Guarantor. Guarantor’s
liability shall not be affected or impaired by any of the following acts or things (which the Lender Parties are expressly authorized
to do, omit or suffer from time to time, both before and after revocation of this Guaranty, without consent or approval by or notice
to Guarantor): (a) any acceptance of collateral security, guarantors, accommodation parties or sureties for any or all of
the Obligations; (b) one or more extensions or renewals of the Obligations (whether or not for longer than the original period)
or any modification of the interest rates, maturities, if any, or other contractual terms applicable to any of the Obligations
or any amendment or modification of any of the terms or provisions of any loan agreement or other agreement under which the Obligations
or any part thereof arose; (c) any waiver or indulgence granted to any Borrower, any delay or lack of diligence in the enforcement
of the Obligations or any failure to institute proceedings, file a claim, give any required notices or otherwise protect any of
the Obligations; (d) any full or partial release of, compromise or settlement with, or agreement not to sue, any Borrower
or any guarantor or other person liable in respect of any of the Obligations; (e) any release, surrender, cancellation or
other discharge of any evidence of the Obligations or the acceptance of any instrument in renewal or substitution therefor; (f) any
failure to obtain collateral security (including rights of setoff) for the Obligations, or to see to the proper or sufficient creation
and perfection thereof, or to establish the priority thereof, or to preserve, protect, insure, care for, exercise or enforce any
collateral security; (g) any modification, alteration, substitution, exchange, surrender, cancellation, termination, release or
other change, impairment, limitation, loss or discharge of any collateral security; (h) any collection, sale, lease or disposition
of, or any other foreclosure or enforcement of or realization on, any collateral security; (i) any assignment, pledge or other
transfer of any of the Obligations or any evidence thereof; (j) any manner, order or method of application of any payments
or credits upon the Obligations; and (k) any election by the Lender Parties under Section 1111(b) of the United States Bankruptcy
Code.

 

10. Waivers
by Guarantor. Guarantor waives any and all defenses and discharges available to a surety, guarantor or accommodation co-obligor.
Guarantor waives any and all defenses, claims, setoffs and discharges of any Borrower, or any other obligor, pertaining to the
Obligations, except the defense of discharge by payment in full. Without limiting the generality of the foregoing, Guarantor will
not assert, plead or enforce against the Lender Parties any defense of waiver, release, discharge or disallowance in bankruptcy,
statute of limitations, res judicata, statute of frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality
or unenforceability which may be available to any Borrower or any other person liable in respect of any of the Obligations, or
any setoff available against the Lender Parties to any Borrower or any other such person, whether or not on account of a related
transaction. Guarantor shall be and remain liable for any deficiency remaining after foreclosure of any mortgage or security interest
securing the Obligations, whether or not the liability of such Borrower or any other obligor for such deficiency is discharged
pursuant to statute or judicial decision. The liability of Guarantor shall not be affected or impaired by any voluntary or involuntary
liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshalling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment
of, or other similar event or proceeding affecting, any Borrower or any of its assets. Guarantor will not assert, plead or enforce
against the Lender Parties any claim, defense or setoff available to Guarantor against any Borrower. Guarantor waives presentment,
demand for payment, notice of dishonor or nonpayment and protest of any instrument evidencing the Obligations. The Lender Parties
shall not be required first to resort for payment of the Obligations to any Borrower or other persons, or their properties, or
first to enforce, realize upon or exhaust any collateral security for the Obligations, before enforcing this Guaranty.

 

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11. Reinstatement.
If the Lender Parties repay, restore, or return, in whole or in part, any payment or property previously paid or transferred to
the Lender Parties in full or partial satisfaction of any Obligation, because the payment or transfer was declared void, voidable,
or otherwise recoverable under any law, or because the Lender Parties elect to repay, restore, or return all or any portion of
the payment or transfer in connection with a claim that the payment or transfer was void, voidable, or otherwise recoverable, then
the liability of Guarantor will automatically and immediately be revived, reinstated, and restored as to the amount repaid, returned,
or restored as though the payment or transfer to the Lender Parties had never been made.

 

12. Additional
Obligation of Guarantor. Guarantor’s liability under this Guaranty is in addition to and shall be cumulative with all
other liabilities of Guarantor to the Lender Parties as guarantor, surety, endorser, accommodation co-obligor or otherwise of any
of the Obligations or obligation of any Borrower, without any limitation as to amount, unless the instrument or agreement evidencing
or creating such other liability specifically provides to the contrary.

 

13. Financial
Information. Guarantor will deliver to the Lender Parties all financial information concerning Guarantor required to be delivered
under the Credit Agreement, or as may be reasonably requested by the Lender Parties from time to time.

 

14. No
Duties Owed by the Lender Parties. Guarantor acknowledges and agrees that the Lender Parties (a) have not made any representations
or warranties with respect to, (b) do not assume any responsibility to Guarantor for, and (c) have no duty to provide
information to Guarantor regarding, the enforceability of any of the Obligations or the financial condition of any Borrower or
any guarantor. Guarantor has independently determined the creditworthiness of any Borrower and the enforceability of the Obligations
and until the Obligations are paid in full will independently and without reliance on the Lender Parties continue to make such
determinations.

 

15. Direction
and Contribution. Guarantor represents and warrants that (i) it is a member of PAL and holds 73.93% of the membership interests
in PAL, (ii) PAL holds title to all real property comprising the Aurora Plants, and (iii) PAL is the sole member of each of each
of Pacific West and Pacific East, which entities have leasehold interests in the improvement portions of the Aurora Plants and
hold title to all personal property associated with the Aurora Plants. Guarantor hereby covenants and agrees that (i) as a member
of PAL it shall take all necessary actions to cause all Sale Proceeds to be distributed to Guarantor based on Guarantor’s
pro rata membership interest as set forth in the JV Agreement, and (ii) all Sale Proceeds distributed to Guarantor shall be immediately
deposited into the deposit account set forth on Schedule 1 attached hereto (the “Pledged Account”). Guarantor
shall promptly, but in all events within two (2) business days, contribute such Sale Proceeds to PEP in an amount not to exceed
the Guaranteed Amount.

 

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16. Termination.
Upon receipt in full satisfaction of the Obligations of the Borrowers under the Credit Agreements, but subject to Section 11 hereof,
this Guaranty shall automatically terminate.

 

17. Miscellaneous.

 

17.1 Recitals.
The recitals set forth above are true and correct, and each recital is hereby encorporated into this Agreement by reference.

 

17.2 Notices.
Except as otherwise specified herein, any notice, consent, request or other communication required or permitted to be given hereunder
shall be in writing, addressed to the other party as set forth below such party’s signature to this Guaranty or below for
the Lender Parties (or to such other address or person as either party or person entitled to notice may by notice to the other
party specify), and shall be: (a) personally delivered; (b) delivered by Federal Express or other comparable overnight delivery
service; or (c) transmitted by United States certified mail, return receipt requested with postage prepaid.

 

	If to the Agent:	6340 S. Fiddlers Green Grove
	 	Greenwood Village, Colorado 80111-1914
	 	Attention: Credit Information Services
	 	 
	If to the Guarantor:	Pacific Ethanol, Inc.
	 	400 Capitol Mall, Suite 2060
	 	Sacramento, California 95814
	 	Attn: Christopher W. Wright
	 	 
	 	With a copy to:
	 	 
	 	Troutman Sanders
	 	5 Park Plaza, Suite 1400
	 	Irvine, CA 92614
	 	Attn: Larry Cerutti

 

All such notices and communications shall
have been duly given and shall be effective: (i) when delivered; (ii) the Business Day following the day on which the same has
been delivered prepaid (or pursuant to an invoice arrangement) to Federal Express or other comparable overnight delivery service;
or (iii) the third Business Day following the day on which the same is sent by certified mail, postage prepaid.

 

17.3 No Oral
Amendments. This Guaranty may not be modified, amended, waived, extended, changed, discharged, revoked or terminated orally
or by any act or failure to act on the part of Guarantor or the Lender Parties, but only by an agreement in writing signed by the
party against whom enforcement of any modification, amendment, waiver, extension, change, discharge, revocation or termination
is sought.

 

17.4 Counterparts;
Integration; Effectiveness. This Guaranty and any amendments, waivers, consents or supplements may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, shall
be deemed an original, but all of which counterparts together shall constitute but one agreement. This Guaranty and the other Loan
Documents to which Guarantor is a party constitute the entire contract among the parties with respect to the subject matter hereof
and supersede all previous agreements and understandings, oral or written, with respect thereto. Delivery of an executed counterpart
of a signature page to this Guaranty by facsimile or in electronic (i.e., “pdf” or “tif”) format shall
be effective as delivery of a manually executed counterpart signature page.

 

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17.5 Successors
and Assigns. The terms and conditions of this Guaranty shall be binding upon Guarantor and Guarantor’s successors, assigns
and legal representatives; provided that this Guaranty shall not be assigned by Guarantor without the prior written consent of
the Lender Parties.

 

17.6 Severability.
If any term, covenant or condition of this Guaranty is held to be invalid, illegal or unenforceable in any respect, this Guaranty
shall be construed without such provision.

 

17.7 Governing
Law; Jurisdiction; Etc.

 

17.7.1 Governing
Law. The laws of the State of Colorado will govern this Guaranty and any claim, controversy, dispute or cause of action (whether
in contract or tort or otherwise) based upon, arising out of or relating to this Guaranty and the transactions contemplated hereby
and thereby.

 

17.7.2 Submission
to Jurisdiction. Guarantor irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding
of any kind whatsoever, whether in law or equity, or whether in contract or tort or otherwise, against the Lender Parties in any
way relating to this Guaranty or the transactions contemplated hereby, in any forum other than the courts of the State of Colorado
sitting in Denver County, and of the United States District Court of Colorado, and any appellate court from any thereof, and each
of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that any such action,
litigation or proceeding may be brought in any such Colorado State court or, to the fullest extent permitted by applicable law,
in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding will
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing
herein will affect any right the Lender Parties may otherwise have to bring any action or proceeding relating to this Guaranty
against Guarantor or its properties in the courts of any jurisdiction.

 

17.7.3 Waiver
of Venue. Guarantor irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection
that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Guaranty
in any such court referred to in Section 17.7.2. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted
by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

17.7.4 Service
of Process. Guarantor irrevocably consents to the service of process in the manner provided for notices in Section 17.1 and
agrees that nothing herein will affect the right of any party hereto to serve process in any other manner permitted by applicable
law.

 

17.8 Waiver
of Jury Trial. GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION BASED ON THE LOAN OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY OF THE LOAN DOCUMENTS
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION OF GUARANTOR OR LENDER PARTIES. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR LENDER PARTIES’ MAKING OF THE LOAN.

 

17.9 This Amended
and Restated Guaranty and Contribution Agreement (i) is made by the undersigned in favor of the Lender Parties in connection with
the execution and delivery of the PEP Amendment and the ICP Amendment, and (ii) amends and restates in its entirety that certain
Guaranty and Contribution Agreement dated as of March 20, 2019 made by the undersigned in favor of the Lender Parties.

 

[signature page to follow]

 

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Guarantor has executed
this Guaranty as of the date set forth in the introductory clause.

 

	PACIFIC ETHANOL CENTRAL, LLC,	 	 
	a Delaware limited liability company	 	Address:
	 	 	 	 
	By:	/s/ Bryon T. McGregor	 	See Section 17.2
	Name:  	Bryon T. McGregor	 	    
	Title:	Chief Financial Officer	 	 

 

Signature Page to Guaranty

 

     

     

    

 

SCHEDULE 1

 

PLEDGED ACCOUNT

 

	Depository Bank	 	Account Holder	 	Account Number	 	Account Name
	Bank of America	 	Pacific Ethanol Central, LLC	 	325000605601	 	Pacific Ethanol Central, LLC

 

 

Schedule
1

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