SEC Contract Filing

Filing Date: 2020-12-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>12
<FILENAME>ea132198ex10-11_pacific.htm
<DESCRIPTION>FIRST AMENDMENT TO ASSIGNMENT OF NOTES AND DEEDS OF TRUST DATED AS OF DECEMBER 18, 2020 BY AND BETWEEN PACIFIC ETHANOL CENTRAL, LLC AND COBANK, ACB
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.11</B></P>

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FIRST AMENDMENT TO ASSIGNMENT OF NOTES
AND DEEDS OF TRUST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This First Amendment
to Assignment of Notes and Deeds of Trust (this &ldquo;<U>Amendment</U>&rdquo;) is made as of December 18, 2020 by and among PACIFIC
ETHANOL CENTRAL, LLC, a Delaware limited liability company (&ldquo;<U>PEC</U>&rdquo;), and COBANK, ACB, a federally-chartered instrumentality
of the United States (the &ldquo;<U>Administrative Agent</U>&rdquo;) for the Pekin Lenders (defined below) and ICP Lenders (defined
below). The Administrative Agent, the Pekin Lenders, and the ICP Lenders are collectively referred to herein as the &ldquo;<U>Lender
Parties</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, PACIFIC ETHANOL
PEKIN, LLC, a Delaware limited liability company (&ldquo;<U>Pekin</U>&rdquo;), COMPEER FINANCIAL, PCA, a federally-chartered instrumentality
of the United States, successor by merger to 1st Farm Credit Services, PCA, as a Lender, and COBANK, ACB, a federally-chartered
instrumentality of the United States, as Agent, are parties to a Credit Agreement, dated as of December 15, 2016 (as amended, restated,
supplemented, or otherwise modified from time to time, the &ldquo;<U>Pekin Credit Agreement</U>&rdquo;) pursuant to which the Pekin
Lenders have made and may make advances and extend other financial accommodations to Pekin (the &ldquo;<U>Pekin Loan</U>&rdquo;).
The lenders under the Pekin Credit Agreement are referred to herein as the &ldquo;<U>Pekin Lenders</U>&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, ILLINOIS CORN
PROCESSING, LLC, a Delaware limited liability company (&ldquo;<U>ICP</U>&rdquo; and together with Pekin collectively, the &ldquo;<U>Borrowers</U>&rdquo;),
COMPEER FINANCIAL, PCA, a federally-chartered instrumentality of the United States, as a Lender, and COBANK, ACB, a federally-chartered
instrumentality of the United States, as Cash Management Provider and Agent, are parties to a Credit&nbsp;Agreement, dated as of
September 15, 2017 (as amended, restated, supplemented, or otherwise modified from time to time, the &ldquo;<U>ICP Credit Agreement</U>&rdquo;
and together with the Pekin Credit Agreement, the &ldquo;<U>Credit Agreements</U>&rdquo;) pursuant to which the ICP Lenders have
made and may make advances and extend other financial accommodations to ICP (the &ldquo;<U>ICP Loan</U>&rdquo; and together with
the Pekin Loan, the &ldquo;<U>Loans</U>&rdquo;). The lenders under the ICP Credit Agreement are referred to herein as the &ldquo;<U>ICP&nbsp;Lenders</U>,&rdquo;
and the Pekin Lenders and the ICP Lenders are collectively referred to herein as the &ldquo;<U>Lenders</U>&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, PEC and Pacific
Aurora, LLC, a Delaware limited liability company (&ldquo;<U>PAL</U>&rdquo;) entered into that certain Assignment of Notes and
Deeds of Trust, dated April 15, 2020 (as may be amended, restated, supplemented, or otherwise modified from time to time, the &ldquo;<U>Assignment</U>&rdquo;)
for the benefit of the Lenders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Borrowers
and the Lender Parties desire to amend the Credit Agreements and as a condition to entering into such amendments and continuing
to extend such credit to the Borrowers, the Lender Parties have required the execution and delivery of this Amendment to amend
the Assignment as set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Assignment
provides that it may be amended in a writing signed by the party against whom enforcement is sought, in this case PEC; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, PEC will receive
substantial direct and indirect benefit from entering into this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for
Ten Dollars ($10.00) in hand paid to PEC and in consideration of the premises and mutual covenants herein contained and other good