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EXHIBIT 10.1
 
NEW PE HOLDCO LLC
 
CALL OPTION AGREEMENT
 
THIS CALL OPTION AGREEMENT, (“Agreement”) dated as of June 29, 2010, is made by
and among New PE Holdco LLC, a Delaware limited liability company (the
“Company”), Pacific Ethanol, Inc., a Delaware corporation (“PEI”) and certain
members of the Company listed on Schedule A hereto (the “Granting Members”).
 
W I T N E S S E T H
 
WHEREAS, as of the date hereof the Company has issued limited liability company
interests denominated as “Units” pursuant to the LLC Agreement (as defined
below) to the Granting Members in connection with the consummation of that
certain Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy
Code, dated April 16, 2010, filed with the United States Bankruptcy Court for
the District of Delaware by the predecessors in interest to the Company’s direct
and indirect wholly-owned subsidiaries;
 
WHEREAS, as of the date hereof and in connection with the issuance of the Units,
the Company and the Granting Members, among others, have executed that certain
Limited Liability Company Agreement of New PE Holdco LLC (the “LLC Agreement”);
 
WHEREAS, the Granting Members have agreed with PEI that PEI will have the right
to acquire the Call Option Units (as defined herein) from the Granting Members
at the Call Option Price (as defined herein); and
 
WHEREAS, the parties desire hereby to provide for the terms and conditions upon
which the Call Option Units may be acquired by PEI, and the Call Option Amount
shall be paid.
 
NOW, THEREFORE, in consideration of the agreements and mutual covenants and
based upon the representations and warranties set forth herein, the parties
agree as follows:
 
1.   Definitions.
 
“Call Option Amount” has the meaning set forth in Section 2(a).
 
“Call Option Price” means $120,000 per Call Option Unit.
 
“Call Option” has the meaning set forth in Section 2(a).
 
“Call Option Units” has the meaning set forth in Section 2(a).
 
“LLC Agreement” has the meaning set forth in the recitals hereto.
 
“Exercise Notice” has the meaning set forth in Section 2(b).
 
 
 

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“Person” means any individual, partnership (whether general or limited), limited
liability company, corporation, trust, estate, association, nominee or other
entity.
 
“Transfer” means, as a noun, any voluntary or involuntary transfer, sale, pledge
or hypothecation or other disposition and, as a verb, voluntarily or
involuntarily to transfer, sell, pledge or hypothecate or otherwise dispose of.
 
“Transferee” has the meaning set forth in Section 7.
 
“Units” has the meaning set forth in the recitals hereto.
 
2.   Call Option.
 
(a)   Each of the Granting Members hereby grants to PEI the right (the “Call
Option”) to acquire from such Granting Member (or from its Transferee(s), if
any) such number of its Units as is set forth opposite such Granting Member’s
name on Schedule A hereto (as to any Granting Member, its “Call Option Units”)
in exchange for payment of an amount equal to the (i) Call Option Price
multiplied by (ii) the number of such Granting Member’s Call Option Units (as to
each Member, such Member’s “Call Option Amount”).
 
(b)   PEI shall have the right, in its sole discretion, to exercise the Call
Option by giving written notice to each of the Granting Members (the “Exercise
Notice”) not earlier than five (5) Business Days after the date hereof and not
later than ninety (90) days after the date hereof.  The Call Option will expire
at 5:00 p.m. (Pacific time) on September 28, 2010.
 
(c)   The Exercise Notice shall include the number of Call Option Units that PEI
intends to purchase in connection with its exercise of the Call Option (such
Call Option Units, the “Purchase Units”) and the Call Option Amount payable to
each Granting Member.  If the number of Purchase Units is less than all of the
Call Option Units, then the Purchase Units shall be allocated on a pro rata
basis among the Granting Members based upon the proportion each Granting
Member’s Call Option Units bear to the total number of all Call Option Units.
The Company shall make such allocations and deliver notice thereof, and of each
Granting Member’s Call Option Amount, to PEI and each Granting Member (the
“Reallocation Notice”).
 
(d)   Upon (i) notice of exercise by PEI of the Call Option with respect to all
of the Call Option Units or, if for less than all Call Option Units, upon the
Company’s delivery of  the Reallocation Notice and (ii) the subsequent tender of
the Call Option Amount to each Granting Member, the Granting Members shall be
deemed automatically, and without the need for any certificates to be delivered
to PEI, to have sold and transferred to PEI its share of the Purchase Units.
 
3.   Legend.
 
Each certificate evidencing any Call Option Units shall bear a legend in
substantially the following form:
 
THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND ENTITLED TO THE
BENEFITS OF THE TERMS OF A CALL OPTION AGREEMENT, DATED AS OF JUNE 29, 2010, A
COPY OF WHICH IS ON FILE WITH THE ISSUER AND WILL BE FURNISHED TO ANY HOLDER ON
REQUEST TO THE ISSUER.  SUCH AGREEMENT PROVIDES, THAT THIS SECURITY IS SUBJECT
(IN WHOLE OR IN PART, AS APPLICABLE) TO PURCHASE BY CERTAIN PERSONS UPON THE
OCCURRENCE OF CERTAIN EVENTS.
 
 
 

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4.   Granting Member Representations.  Each of the Granting Members represents
that:
 
(a)   It has all requisite corporate, limited liability company, partnership or
other entity power and authority to enter into this Agreement and to perform its
obligations hereunder;
 
(b)   The execution, delivery and performance of this Agreement has been duly
authorized by all necessary corporate, limited liability company, partnership or
other entity action;
 
(c)   This Agreement has been duly authorized and validly executed by it;
 
(d)   Neither the execution, delivery nor performance of this Agreement will
result in the imposition of any lien or encumbrance on any Call Option Unit in
favor of any third party;
 
(e)   There is no litigation, action, suit, investigation, proceeding by or
before any governmental authority or arbitrator pending or, to its knowledge,
threatened against such Granting Member, which would prohibit its entering into,
or that could materially and adversely affect its ability to perform its
obligations under, this Agreement;
 
(f)   This Agreement is a binding agreement on the part of such Granting Member
enforceable against it in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to
creditors’ rights and general principles of equity; and
 
(g)   Such Granting Member is the sole record and beneficial owner of its Call
Option Units and owns such Call Option Units free and clear of any lien or other
encumbrance created by such Granting Member, and, if such Granting Member is a
Transferee, it acquired its Call Option Units as part of a Permitted Transfer
pursuant to (and as defined in) the LLC Agreement.
 
5.   PEI Representations.  PEI represents that:
 
(a)   It has all requisite corporate power and authority to enter into this
Agreement and to perform its obligations hereunder;
 
(b)   The execution, delivery and performance of this Agreement has been duly
authorized by all necessary corporate action;
 
(c)   This Agreement has been duly authorized and validly executed by it;
 
 
 

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(d)   There is no litigation, action, suit, investigation, proceeding by or
before any governmental authority or arbitrator pending or, to its knowledge,
threatened against it, which would prohibit its entering into, or that could
materially and adversely affect its ability to perform its obligations under,
this Agreement;
 
(e)   This Agreement is a binding agreement on the part of PEI enforceable
against it in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium or other similar laws relating to creditors’ rights
and general principles of equity; and
 
(f)   It is acquiring the Call Option Units for its own account for investment
purposes only and not with a view to the distribution or resale thereof, in
whole or in part.
 
6.   Equitable Relief.  Each party hereto agrees with the other parties hereto
that the other parties would be irreparably damaged if any of the provisions of
this Agreement are not performed in accordance with their specific terms and
that monetary damages would not provide an adequate remedy in such
event.  Accordingly, it is agreed that, to the fullest extent permitted by law,
in addition to any other remedy to which the nonbreaching parties hereto may be
entitled, at law or in equity, such nonbreaching parties shall be entitled to
seek injunctive relief to prevent breaches of the provisions of this Agreement
and specifically to enforce the terms and provisions hereof in any action
instituted in any court of the United States or any state thereof having subject
matter jurisdiction thereof.
 
7.   Assignment and Transfer.
 
(a)   No Granting Member may Transfer, offer to Transfer, or accept an offer
from any proposed Transferee for, all or any amount of its Call Option Units to
another Person (a “Transferee”) unless (i) such Transfer is a Permitted Transfer
pursuant to (and as defined in) the LLC Agreement and (ii) the Transferee
acknowledges and agrees in writing (y) that the Call Option Units it is
acquiring are subject to the Call Option as set forth in this Agreement and (z)
to be bound by this Agreement. Such acknowledgment and agreement by a Transferee
shall be delivered to the Company.
 
(b)   Upon any Transfer of any Call Option Units to any Person in violation of
Section 7(a), the Granting Member attempting such Transfer shall remain fully
bound hereby.
 
8.   Miscellaneous.
 
(a)   Notices.  Any notice, payment, demand, or communication required or
permitted to be given by any provision of this Agreement shall be in writing and
shall be deemed to have been delivered, given, and received for all purposes (i)
if delivered personally to the Person or to an officer of the Person to whom the
same is directed, or (ii) when the same is actually received, if sent either by
registered or certified mail, postage and charges prepaid, or by facsimile or
electronic mail, if (y) delivery by electronic mail is permitted by such Person
(which it shall be, unless otherwise indicated on such Person’s signature page
hereto) and (z) either (A) telephonic or electronic confirmation of delivery is
obtained or (B) such facsimile or electronic mail is followed by a hard copy of
the communication sent promptly thereafter by registered or certified mail,
postage and charges prepaid, in each case addressed as follows, or to such other
address as such Person may from time to time specify by notice to the Company
pursuant to this Section 13.1: (a) if to the Company, to c/o JT Miller Group
LLC, 777 Campus Commons Road #200, Sacramento, CA, 95825, facsimile
916.565.7423, jtm@jtmillergroup.com; (b) if to PEI, to Pacific Ethanol, Inc.,
400 Capitol Mall, Suite 2060, Sacramento, CA 95814 (Attention: Neil Koehler),
facsimile 916.446.3937; and (c) if to any of the Granting Members, to the notice
address listed on such Granting Member’s signature page to this Agreement.
 
 
 

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(b)   Amendment.  No change in or modification of this Agreement shall be valid
unless the same shall be in writing and signed by the Company, each Granting
Member and PEI.
 
(c)   Waiver.  No failure or delay on the part of the parties or any of them in
exercising any right, power or privilege hereunder, nor any course of dealing
between the parties or any of them shall operate as a waiver of any such right,
power or privilege nor shall any single or partial exercise of any such right,
power or privilege preclude the simultaneous or later exercise of any other
right, power or privilege.  The rights and remedies herein expressly provided
are cumulative and are not exclusive of any rights or remedies which the parties
or any of them would otherwise have.  No notice to or demand on the Company in
any case shall entitle the Company to any other or further notice or demand in
similar or other circumstances or constitute a waiver of the rights of the other
parties or any of them to take any other or further action in any circumstances
without notice or demand.
 
(d)   Counterparts.  This Agreement may be executed in any number of
counterparts with the same effect as if all of the parties hereto had signed the
same document.  All counterparts shall be construed together and shall
constitute one agreement.  This Agreement and any amendments hereto, to the
extent signed and delivered by means of a facsimile machine or electronic
transmission (including a PDF file), shall be treated in all manner and respects
as an original Agreement and shall be considered to have the same binding legal
effect as if it were the original signed version thereof delivered in
person.  No party hereto shall raise the use of a facsimile machine or
electronic transmission to deliver a signature or the fact that any signature
was transmitted or communicated through the use of a facsimile machine or
electronic transmission as a defense to the formation of a contract and each
such party forever waives any such defense.
 
(e)   On File with the Company.  A copy of this Agreement and of all amendments
hereto shall be kept on file at the Company.
 
(f)   GOVERNING LAW.  THE LAWS OF THE STATE OF DELAWARE SHALL GOVERN THE
VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION OF ITS TERMS, AND THE
INTERPRETATION OF THE RIGHTS AND DUTIES ARISING HEREUNDER, WITHOUT REGARD TO ITS
CONFLICTS OF LAWS PROVISIONS.
 
(g)   Submission to Jurisdiction; Waiver of Jury Trial and Venue.
 
(1)   SUBMISSION TO JURISDICTION.  EACH PARTY HERETO IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY
AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK,
AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY
JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH NEW YORK 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 OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW.
 
 
 

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(2)   WAIVER OF JURY TRIAL AND VENUE.  EACH PARTY HERETO IRREVOCABLY AND
UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, (i)
ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO A JURY TRIAL WITH RESPECT TO ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR AND (ii)
ANY OBJECTION THAT SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE
OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY
COURT REFERRED TO IN SECTION 8(g)(1).  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.
 
(3)   Service of Process.  Each party hereto agrees that service of process may
be effectuated by mailing a copy of the summons and complaint, or other
pleading, by certified mail, return receipt requested, in accordance with
Section 8(a).
 
(h)   Termination.  This Agreement may be terminated at any time by an
instrument in writing signed by the Granting Members and PEI.  This Agreement
shall automatically terminate (i) at 5 p.m. (Pacific time) on September 28, 2010
if the Call Option has not been exercised prior thereto, or (ii) immediately
following the completion of the purchase of the Call Option Units (including
payment of the Call Option Amount to each Granting Member) if the Call Option
has been exercised.
 
(i)   Further Assurances.  Each party agrees to execute and deliver additional
documents and take other actions that another party may reasonably request for
purposes of carrying out the transactions contemplated by this Agreement.
 
(j)   Benefit and Binding Effect.  Except as otherwise provided in this
Agreement, no right under this Agreement shall be assignable and any attempted
assignment in violation of this provision shall be void.  Every covenant, term,
and provision of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective executors, administrators, heirs,
successors, Transferees, and assigns.  It is understood and agreed among the
parties that this Agreement and the covenants made herein are made expressly and
solely for the benefit of the parties hereto, and that no other Person, other
than as expressly set forth in this Section 8(j), shall be entitled or be deemed
to be entitled to any benefits or rights hereunder, nor be authorized or
entitled to enforce any rights, claims or remedies hereunder or by reason
hereof.
 
(k)   Severability.  Any provision of this Agreement which is prohibited,
unenforceable or not authorized in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition, unenforceability
or nonauthorization without invalidating the remaining provisions hereof or
affecting the validity, enforceability or legality of such provision in any
other jurisdiction.  The parties hereto agree to negotiate in good faith to
replace any illegal, invalid or unenforceable provision of this Agreement with a
legal, valid and enforceable provision that, to the extent possible, will
preserve the economic bargain of this Agreement.  If any time period set forth
herein is held by a court of competent jurisdiction to be unenforceable, a
different time period that is determined by the court to be more reasonable
shall replace the unenforceable time period.
 
 
 
 

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(l)   Headings; Construction.  Section and other headings contained in this
Agreement are for reference purposes only and are not intended to describe,
interpret, define, or limit the scope, extent, or intent of this Agreement or
any provision hereof.  Every covenant, term, and provision of this Agreement
shall be construed simply according to its fair meaning and not strictly for or
against any party.  Every schedule and other addendum attached to this Agreement
and referred to herein is incorporated in this Agreement by reference unless
this Agreement expressly otherwise provides.  All terms and any variations
thereof shall be deemed to refer to masculine, feminine, or neuter, singular or
plural, as the identity of the Person or Persons may require.
 
(m)   Time.  In computing any period of time pursuant to this Agreement, the day
of the act, event or default from which the designated period of time begins to
run shall not be included, but the time shall begin to run on the next
succeeding day.  The last day of the period so computed shall be included,
unless it is a Saturday, Sunday or legal holiday, in which event the period
shall run until the end of the next day which is not a Saturday, Sunday or legal
holiday.
 
(n)   Entire Agreement.  This Agreement contains the entire understanding and
agreement among the parties hereto with respect to the subject matter hereof,
and supersedes all prior agreements and all contemporaneous oral agreements.
 
 
 
 
 
 
 
 
 
 
 
 

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IN WITNESS WHEREOF, the parties hereto have executed this Call Option Agreement
as of the day and year first above written.
 
 

COMPANY:         NEW PE HOLDCO LLC            By:      /s/ John T.
Miller                                          John T. Miller   
 
 
 
PEI:
   
PACIFIC ETHANOL, INC.
          By:      /s/ Neil M. Koehler                                         
Name: Neil M. Koehler  
Title: CEO
   

 
 
 
 
 
 
 
 
 

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GRANTING MEMBERS:
 
 

  ANB ENERGY HOLDINGS, LLC           By:  /s/ Craig L.
Sanders                                               Craig L. Sanders   Vice
President       Address:    P.O. Box 1   Amarillo, Texas  79101      
Facsimile:  (806) 345-1663       Email:  craig.sanders@anb.com

 

 
 
 
 
 
 
 

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  CIFC FUNDING 2007-III ASET-V LLC           By:   /s/ Steve
Vaccaro                                                                      
Name:  Steve Vaccaro   Title:    Co-Chief Investment Officer      
Address:  _______________________________________
  _______________________________________________      
Facsimile: _______________________________________
     
Email: __________________________________________

 

 
 
 
 
 
 

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CIFC FUNDING 2007-IV ASET-IV LLC
          By:   /s/ Steve
Vaccaro                                                                      
Name:  Steve Vaccaro   Title:    Co-Chief Investment Officer      
Address:  _______________________________________
  _______________________________________________      
Facsimile: _______________________________________
     
Email: __________________________________________

 
 
 
 
 
 
 
 
 
 

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CITIGROUP GLOBAL MARKETS INC.
          By:   /s/ Vincent J.
Farrell                                                                  
Name:  Vincent J. Farrell
 
Title:     Authorized Signatory
     
Address:   1615 Baett Road
  Newcastle, DE  19720      
Facsimile: _______________________________________
     
Email:  glcorporateaction@citigroup.com

 
 
 
 
 
 
 
 
 
 

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CREDIT SUISSE SECURITIES (USA) LLC
          By:   /s/ Michael
Wotanowski                                                           
Name:  Michael Wotanowski
 
Title:    Authorized Signatory
     
Address:   11 Madison Avenue
  5th Floor   New York, NY  10010       
Facsimile:  (212) 743-3560
     
Email:  terri.labarbera@credit-suisse.com

 
 

 
 

 
 
 

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CREDIT SUISSE CANDLEWOOD PRIVATE FINANCE FUND L.P.
     
By:  Credit Suisse Alternative Capital, Inc.,
  as investment manager        By:   /s/ Grant
Pothast                                                                       
Name:  Grant Pothast
 
Title:    Managing Director
     
Address:  _______________________________________
  _______________________________________________      
Facsimile: _______________________________________
     
Email: __________________________________________

 
 
 
 
 
 
 

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CIFC FUNDING 2007-48 LTD
          By:   /s/ Michio
Brunner                                                         
Name:  Michio Brunner
 
Title:    Authorized Signatory
     
Address:    383 Madison
  New York, NY  10179      
Facsimile: __________________________________
     
Email:  CH_Structured_NY@jpmorgan.com

 

 
 
 
 
 
 

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CIFC FUNDING 2007-50 LTD
          By:   /s/ Michio
Brunner                                                         
Name:  Michio Brunner
 
Title:    Authorized Signatory
     
Address:    383 Madison
  New York, NY  10179      
Facsimile: __________________________________
     
Email:  CH_Structured_NY@jpmorgan.com

 

 
 
 
 
 
 
 

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METROPOLITAN LIFE INSURANCE COMPANY
          By:   /s/ David G.
Yu                                                                  
Name:  David G. Yu
 
Title:    Director
     
Address:   10 Park Avenue
  Morristown, NJ  07962      
Facsimile:  (973) 355-4230
     
Email:  dyu@metlife.com

 
 

 
 
 
 
 
 

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NKPACIFIC LLC
          By:  /s/ Stefan
Gerig                                                                  
Stefan Gerig
 
Authorized Signatory
     
Address:    Thurgauerstrasse 54
  8050 Zurich / Switzerland      
Facsimile:  +41 44 306 49 11
     
Email:   stefan.gerog@nordkapbank.com

 
 
 
 
 
 
 
 
 

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SERIES G OF SPECIAL ASSET EQUITY HOLDINGS SERIES, LLC
          By:   /s/ Salvatore
Esposito                                                       
Name:  Salvatore Esposito
 
Title:    Managing Director
      By:   /s/ Andrew
Sherman                                                          Name:  Andrew
Sherman   Title:    Executive Director      
Address:    245 Park Avenue
  New York, NY  10167      
Facsimile: ____________________________________
     
Email:   salvatore.esposto@Rabobank.com

 
 
 
 
 

 
 
 

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BANCO DE SABADELL
          By:   /s/ Maurici
Llado                                                         
Name:  Maurici Llado
 
Title:    S.V.P.
     
Address:    2 South Biscayne Blvd., Suite 3301
  Miami, FL  35131      
Facsimile:  (305) 350-1215
     
Email:  LladoM@sabmia.com

 
 
 
 
 
 
 
 
 

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PACIFIC ETHANOL EQUITY HOLDINGS LLC
          By:   /s/ Christian
Grane                                                            
Name:  Christian Grane
 
Title:    Executive Director
      By:   /s/ Peter
Pasqua                                                                
Name:  Peter Pasqua
 
Title:    Director
     
Address:    c/o WestLB AG, New York Branch
  7 World Trade Center   250 Greenwich Street   New York, NY  10007      
Facsimile:  +1 212 852 6320
     
Email:  christian_grane@westlb.com

 
 
 
 
 
 
 

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SCHEDULE A

 
Granting Member
 
Call Option Units
         
ANB Energy Holdings, LLC
  14.363          
CIFC Funding 2007-III Asset-V LLC
  5.691          
CIFC Funding 2007-IV Asset-IV LLC
  9.486          
Citigroup Global Markets Inc.
  39.498          
Credit Suisse Securities (USA) LLC
  56.347          
Credit Suisse Candlewood Private Finance Fund L.P.
  0.802          
CIFC Funding 2007-48 LTD
  10.533          
CIFC Funding 2007-50 LTD
  4.213          
Metropolitan Life Insurance Company
  28.994          
NKPacific LLC
  7.589          
Series G of Special Asset Equity Holdings Series, LLC
  23.090          
Banco De Sabadell S.A.
  10.779          
Pacific Ethanol Equity Holdings LLC
  38.616          
             Total:
  250.000