Document:

Exhibit 10.7

  

FIRST AMENDMENT TO GUARANTY

 

This First Amendment
to Guaranty (this “Amendment”) is made as of December 18, 2020 by and among 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 (the “Lender”), and COBANK, ACB, a federally-chartered instrumentality of the United States
(the “Agent” and collectively with Lender, the “Lender Parties”).

 

WHEREAS, the Lender,
the Agent, and PACIFIC ETHANOL PEKIN, LLC (the “Borrower”) are parties to that certain Credit Agreement, dated
as of December 15, 2016 (as may be amended, supplemented, or restated from time to time, the “Credit Agreement”),
pursuant to which the Lender Parties may make advances and extend other financial accommodations to Borrower.

 

WHEREAS, the Guarantor
and the Lender Parties are parties to that certain Guaranty, dated December 20, 2019 (as may be amended, supplemented, or restated
from time to time, the “Guaranty”).

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2. Amendment
to the Guaranty.

 

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

 

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

 

     

     

    

 

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

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

 

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

 

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

 

[Signature pages follow.]

 

     

     

    

 

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

 

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

 

Signature Page to First Amendment to
Guaranty

 

     

     

    

  

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

 

Signature Page to First Amendment to
GuarantyExhibit 10.8

 

INTERCOMPANY
Revolving DEMAND NOTE

 

December 18, 2020

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    

     

    

 

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

 

This Note has been
pledged and delivered by each Holder to CoBank, ACB, as administrative agent (together
with its successors and assigns in such capacity, the “Administrative Agent”) pursuant to that certain
Security Agreement, dated as of December 15, 2016 (as may be amended, restated, refinanced, replaced, supplemented or otherwise
modified from time to time, the “Security Agreement”; terms used herein that are not otherwise defined
herein shall have the meanings assigned thereto in the Security Agreement) between the Administrative Agent and the Holders.

 

[Signature
pages follow.]

 

    2

     

    

 

MAKER:

 

ILLINOIS CORN PROCESSING, LLC

 

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

 

 

 

[Signature page to Intercompany Revolving

Demand Note]

 

    

     

    

 

HOLDER:

 

PACIFIC ETHANOL PEKIN, LLC

 

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

 

 

 

[Signature page to Intercompany Revolving

Demand Note]

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