Document:

Exhibit 10.52

 

FIRST AMENDMENT TO SECURITY AGREEMENT

 

This First Amendment
to Security Agreement (this “Amendment”) is made as of December 20, 2019 by and among PACIFIC ETHANOL CENTRAL,
LLC, a limited liability company organized under the laws of Delaware (“Grantor”), and COBANK, ACB, a federally-chartered
instrumentality of the United States, as Agent (together with its successors and assigns, “Secured Party”) for
the benefit of the Lenders under the PEP Credit Agreement (defined below) and ICP Credit Agreement (defined below).

 

WHEREAS, PACIFIC ETHANOL
PEKIN, LLC, a limited liability company organized under the laws of Delaware and wholly-owned subsidiary of Grantor (“PEP”),
COMPEER FINANCIAL, PCA, a federally-chartered instrumentality of the United States, successor by merger to 1st Farm Credit Services,
PCA, as a Lender, and Secured Party, as Agent, are parties to a Credit Agreement dated as of December 15, 2016 (as amended by that
certain Amendment No. 7 to Credit Agreement and Waiver dated December 20, 2019 (the “PEP Amendment No. 7”),
and as amended, restated, supplemented or otherwise modified from time to time, collectively the “PEP Credit Agreement”).

 

WHEREAS, ILLINOIS CORN
PROCESSING, LLC, a limited liability company organized under the laws of Delaware and wholly-owned subsidiary of Grantor (“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” and together with the PEP Amendment
No. 7, the “Credit Agreement Amendments”) 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.

 

WHEREAS, in connection
with Amendment No. 4 to PEP Credit Agreement dated as of March 20, 2019, (i) the Grantor executed a Guaranty and Contribution Agreement
even dated therewith (“Original Guaranty”) in favor of the Lender and the Secured Party, and (ii) the Grantor
and the Secured Party executed a Security Agreement even dated therewith to secure, among other things, Grantor’s obligations
under the Original Guaranty (as amended by this Amendment, the “Security Agreement”).

 

WHEREAS, in connection
with Amendment No. 7 to PEP Credit Agreement even dated herewith and Amendment No. 1 to ICP Credit Agreement even dated herewith,
the Grantor executed an Amended and Restated Guaranty and Contribution Agreement even dated herewith (the “Amended and
Restated Guaranty”) in favor of the Lender and the Secured Party to, among other things, provide for the Grantor’s
guaranty of ICP’s obligations under the ICP Credit Agreement.

 

WHEREAS, the Grantor,
PEP and ICP have requested that the Secured Party and the Lender amend certain provisions of the Security Agreement including,
without limitation, to grant a security interest to the Secured Party for the benefit of the Lender in Grantor’s equity interest
in ICP.

 

NOW, THEREFORE,
for Ten Dollars ($10.00) in hand paid to Grantor 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 Grantor 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
Security Agreement.

 

(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 Security Agreement.

 

Section 2. Amendments
to the Security Agreement.

 

(a) The
following definitions are hereby inserted in Section 1(a) of the Security Agreement in correct alphabetical order:

 

“‘Paydown Amount’
means an amount equal to $40,000,000 to be applied according to the terms of the Credit Agreement.”

 

“‘Pledged Equity
Interests’ means any equity interest in any subsidiary of Grantor pledged by Grantor to Secured Party.”

 

(b) Section
2 of the Security Agreement is amended by amending and restating such section in its entirety:

 

“2. Grant of Security
Interest. Grantor hereby grants to Secured Party a continuing security interest in all of its right, title and interest in
and to the following, wherever located, whether now existing or hereafter arising or acquired (collectively, the “Collateral”):

 

(a) all
accounts (including health-care-insurance receivables), goods (including inventory and equipment), goods (including inventory and
equipment) currently or hereafter held on consignment, documents (including, if applicable, electronic documents), fixtures, instruments,
promissory notes, chattel paper (whether tangible or electronic), letters of credit, letter-of-credit rights (whether or not the
letter of credit is evidenced by a writing), securities and all other investment property, commercial tort claims described on
Schedule 1 hereof as supplemented by any written notification given by Grantor to Secured Party pursuant to Section 4(e),
general intangibles (including all payment intangibles), money, deposit accounts (including each of the deposit accounts listed
on Schedule 2 attached hereto), and any other contract rights or rights to the payment of money; and

 

(b) all
Proceeds and products of each of the foregoing, all books and records relating to the foregoing, all supporting obligations related
thereto, and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing,
and any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to Grantor from time to time with respect to
any of the foregoing.”

 

(c) Section
3 of the Security Agreement is amended by amending and restating such section in its entirety:

 

“3.  Secured
Obligations. The Collateral secures the payment and performance of (a) all indebtedness and obligations of Grantor under the
Amended and Restated Guaranty dated as of December 20, 2019, executed by Grantor for the benefit of benefit of Compeer Financial,
PCA, a federally-chartered instrumentality of the United States, successor by merger to 1st Farm Credit Services, PCA,
and CoBank, ACB, a federally-chartered instrumentality of the United States, as amended, restated or modified from time to time
(the “Amended/Restated Guaranty”), and (b) and all indebtedness and obligations of Grantor now or hereafter
existing under this Agreement (collectively, “Secured Obligations”).”

 

    2

     

    

 

(d) Section
17 of the Security Agreement is amended by amending and restating such section in its entirety:

 

“17. Termination; Release.
On the date on which the Paydown Amount has been paid in full as provided in the PEP Credit Agreement, the lien and security interest
granted under this Agreement with respect to all of the Collateral other than Pledged Equity Interests will terminate automatically
without any delivery of any instrument or performance of any act by any party, except that provisions that by their express terms
survive the termination of the Loan Documents will so survive. Upon such termination, Secured Party will, at the request and expense
of Grantor, (a) duly assign, transfer and deliver to or at the direction of Grantor (without recourse and without any representation
or warranty) such of the Collateral as may then remain in the possession of Secured Party (but exclusive of the Pledged Equity
Interests), together with any monies at the time held by Secured Party hereunder, and (b) execute and deliver to Grantor a proper
instrument or instruments acknowledging the satisfaction and termination of Secured Party’s security interest and lien on
the Collateral other than Pledged Equity Interests. Until such time as the Paydown Amount has been paid in full, the sale of any
of PEC, Pekin, ICP and their respective Subsidiaries shall be subject to the consent of each of the Pekin Lenders and the ICP Lenders,
in each case not to be unreasonably withheld, conditioned or delayed.”

 

Section 3. Representations
and Warranties. Grantor hereby represents and warrants to the Secured Party as follows:

 

(a) Grantor
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 Secured Party by Grantor, and this Amendment and the Security Agreement as amended hereby
and the other Loan Documents constitute the Grantor’s legal, valid and binding obligations enforceable in accordance with
their respective terms.

 

(b) The
execution, delivery and performance by the Grantor of this Amendment, and the performance of the Security Agreement 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 Grantor’s Organizational Documents or any provision of any law,
rule, regulation or order presently in effect having applicability to the Grantor, (iii) result in a breach of or constitute a
default under any indenture or agreement to which the Grantor is a party or by which the Grantor 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 Grantor (other than as required under the Loan Documents in favor of the
Secured Party).

 

(c) For
the avoidance of doubt, pursuant to the original grant of security interest by Grantor in favor of Secured Party of the benefit
of Lender contained in the Security Agreement, Grantor granted a security interest in all of Grantor’s equity interest in
each of PEP and Pacific Aurora, LLC, a Delaware limited liability company, and sole holder of equity in Pacific Ethanol Aurora
West, LLC and Pacific Ethanol Aurora East, LLC.

 

    3

     

    

 

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 Security Agreement 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
Amendments, the Credit Agreement Amendments shall control. This Amendment is subject to the provisions of the PEP Credit Agreement
and the ICP Credit Agreement, respectively, 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. Grantor hereby authorizes Secured Party 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]

 

    4

     

    

 

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

 

	 	PACIFIC ETHANOL CENTRAL, LLC, as a Grantor
	 	 	 
	 	By:	/s/ Bryon T. McGregor
	 	Name: 	Bryon T. McGregor
	 	Title:	Chief Financial Officer

 

Signature Page to First Amendment to
Security Agreement

 

     

     

    

 

	 	COBANK, ACB, as Secured Party
	 	 	 
	 	By:	/s/ Janet Downs
	 	Name:	Janet Downs
	 	Title:	Sr. Officer

 

Signature Page to First Amendment to
Security AgreementExhibit 10.53

 

SECOND AMENDMENT TO SECURITY AGREEMENT

 

This Second Amendment
to Security Agreement (this “Amendment”) is made as of December 20, 2019 by and among PACIFIC ETHANOL PEKIN,
LLC, a limited liability company organized under the laws of Delaware (the “Debtor”), and COBANK, ACB, a federally-chartered
instrumentality of the United States, as Agent for the benefit of the Lenders under the PEP Credit Agreement (defined below) (together
with its successors and assigns, the “Secured Party”).

 

WHEREAS, the Debtor,
COMPEER FINANCIAL, PCA, a federally-chartered instrumentality of the United States, successor by merger to 1st Farm Credit Services,
PCA, as a Lender (“Lender”), and the Secured Party, as Cash Management Provider and Agent, are parties to a
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 (as amended, restated, supplemented or otherwise
modified from time to time, the “ PEP Credit Agreement”).

 

WHEREAS, the Debtor
executed and delivered to the Secured Party a Security Agreement dated as of December 15, 2016 (the “Security Agreement”)
to secure, among other things, the Debtor’s obligations under the PEP Credit Agreement. Capitalized terms not defined in
this Amendment shall have the respective meanings ascribed to them by the Security Agreement.

 

WHEREAS, pursuant to
Amendment No. 4 to Credit Agreement and Other Loan Documents dated as of March 20, 2019, the Debtor and the Lending Parties agreed
to certain amendments to the Security Agreement.

 

WHEREAS, ILLINOIS CORN
PROCESSING, LLC, a limited liability company organized under the laws of Delaware and an affiliate of the Debtor (“ICP”),
COMPEER FINANCIAL, PCA, a federally-chartered instrumentality of the United States, as a Lender, and the Secured Party, as Cash
Management Provider and Agent, are parties to a Credit Agreement dated as of September 15, 2017 (as amended, restated, supplemented
or otherwise modified from time to time, the “ICP Credit Agreement”).

 

WHEREAS, in connection
with the PEP Amendment and the ICP Credit Agreement, the Debtor executed a Guaranty of even date herewith (“ICP Guaranty”)
in favor of the Lending Parties, guarantying, among other things, ICP’s obligations under the ICP Credit Agreement.

 

WHEREAS, in connection
with the execution of the PEP Amendment, the Debtor and ICP have agreed to amend certain provisions of the Security Agreement to
provide, among other things, that the Security Agreement secures the Debtor’s obligations under the ICP Guaranty.

 

NOW, THEREFORE,
for Ten Dollars ($10.00) in hand paid to the Debtor 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 Debtor 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
Security Agreement.

 

(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 Security Agreement.

 

     

     

    

 

Section 2. Amendment
to the Security Agreement.

 

(a) Section
2 of the Security Agreement is hereby amended by deleting Section 2 of the Security Agreement in its entirety and substituting
the following in its place:

 

“2.  THE
OBLIGATIONS. The security interest granted hereunder shall secure (i) the payment and performance of all Obligations (as that
term is defined in the Credit Agreement). (ii) all Guaranteed Obligations (as that term is defined in the ICP Guaranty dated as
of December 20, 2019, executed by the Debtor in favor of the Lending Parties, as amended, restated or modified from time to time,
which guaranties, among other things, ICP’s obligations under the ICP Credit Agreement), and (iii) all other obligations
of the Debtor to the Lending Parties of every type and description, whether now existing or hereafter arising, fixed or contingent,
as primary obligor or as guarantor or surety, acquired directly or by assignment or otherwise, liquidated or unliquidated, regardless
of how they arise or by what agreement or instrument they may be evidenced, including without limitation all loans, advance and
other extensions of credit by any of the Secured Party, the Lender, or the Cash Management Provider to the Debtor and all covenants,
agreements, and provisions contained in all loan and other agreements between the Debtor, on the one hand, and any of the Secured
Party, the Lender, or the Cash Management Provider, on the other hand (the “Obligations”); provided that, upon
payment in full of the Guaranteed Amount (as defined in the ICP Guaranty), clause (ii) above shall be automatically deleted and
thereafter the defined term “Obligations” as set forth herein shall mean as defined in clauses (i) and (iii) above.”.

 

Section 3. Representations
and Warranties. The Debtor hereby represents and warrants to the Secured Party as follows:

 

(a) The
Debtor 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 Secured Party by the Debtor, and this Amendment and the Security Agreement
as amended hereby and the other Loan Documents constitute the Debtor’s legal, valid and binding obligations enforceable in
accordance with their respective terms.

 

(b) The
execution, delivery and performance by the Debtor of this Amendment, and the performance of the Security Agreement 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 Debtor’s Organizational Documents or any provision of any law, rule, regulation
or order presently in effect having applicability to the Debtor, (iii) result in a breach of or constitute a default under any
indenture or agreement to which the Debtor is a party or by which the Debtor 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 Debtor (other than as required under the Loan Documents in favor of the Secured Party).

 

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 Security Agreement 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 PEP Amendment,
the PEP Amendment shall control. This Amendment is subject to the provisions of the PEP 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 Debtor hereby authorizes
the Secured Party 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]

 

    2

     

    

 

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

 

	 	PACIFIC ETHANOL PEKIN, LLC, as the Debtor
	 	 	 
	 	By:	/s/ Bryon T. McGregor
	 	Name:	Bryon T.
McGregor
	 	Title:	Chief Financial Officer

 

Signature Page to Second Amendment to
Security Agreement

 

     

     

    

 

	 	COBANK, ACB, as the Secured Party
	 	 	 
	 	By:	/s/ Janet Downs
	 	Name:	Janet Downs
	 	Title:	Sr. Officer

 

Signature Page to Second Amendment to
Security Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]