Document:

Exhibit 10.2

 

EXECUTION
VERSION

 

AMENDMENT NO. 1 TO

AMENDED AND RESTATED SIDE LETTER

 

THIS AMENDMENT NO. 1 TO AMENDED
AND RESTATED SIDE LETTER, dated as of September 15, 2022 (this “Amendment”) is made by and among WALKER &
DUNLOP, LLC, a Delaware limited liability company (“Seller”) and JPMORGAN CHASE BANK, N.A., a national banking
association (the “Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to
them in the Repurchase Agreement (as defined below).

 

WHEREAS, the Seller and the
Buyer are parties to that certain Master Repurchase Agreement, dated as of August 26, 2019 (as amended by that certain Correction
of Master Repurchase Agreement dated July 23, 2020, as further amended by that certain Amendment No. 1 to Master Repurchase
Agreement, dated as of August 24, 2020, as further amended by that certain Amendment No. 2 to Master Repurchase Agreement, dated
as of August 23, 2021, as further amended by that certain Amendment No. 3 to Master Repurchase Agreement, dated as of September 30,
2021, as further amended by that certain Amendment No. 4 to Master Repurchase Agreement, dated as of September 15, 2022, and
as amended hereby and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Repurchase
Agreement”); and

 

WHEREAS, in connection with
the Repurchase Agreement, the Seller and the Buyer entered into that certain amended and restated Side Letter, dated as of September 30,
2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Side Letter”); and

 

WHEREAS, the Seller and the
Buyer have agreed to amend certain provisions of the Side Letter in the manner set forth herein.

 

NOW THEREFORE, in consideration
of the premises and the other mutual covenants contained herein, the parties hereto agree as follows:

 

SECTION 1.           Amendments.
Effective as of the Effective Date (as defined below), the Side Letter is hereby amended as follows:

 

1.1           Section 3
of the Side Letter is hereby amended by deleting the first paragraph thereof and replacing it with the following:

 

For purposes of the Agreement and all
other Transaction Documents, the “Pricing Rate” for each Purchased Mortgage Loan for each day during a calendar month
shall be the per annum percentage rate equal to the lesser of (x) the sum of (i) the Adjusted Term SOFR Rate for that day and
(ii) one hundred and forty-five basis points (1.45%) and (y) such lesser rate as Buyer shall from time to time electively apply
to determine Price Differential for any whole or partial month.

 

    

     

    

 

SECTION 2.           Effective
Date. This Amendment shall become effective as of the date of this Amendment (the “Effective Date”) so long as
the Buyer shall have received executed counterparts of this Amendment, executed by each of the parties hereto.

 

SECTION 3.           Miscellaneous.

 

3.1           References
to Side Letter. Upon the effectiveness of this Amendment, each reference in the Side Letter to “this Side Letter”, “hereunder”,
 “hereof”, “herein”, or words of like import shall mean and be a reference to the Side Letter as amended hereby,
and each reference to the Side Letter in any other Transaction Document or any other document, instrument or agreement, executed and/or
delivered in connection with any Transaction Document shall mean and be a reference to the Side Letter as amended hereby.

 

3.2           Representations,
Warranties and Covenants. Each of the Seller and the Parent hereby represent and warrant to Buyer, as of the date hereof and as of
the Effective Date, that (i) it is in full compliance with all of the terms and provisions set forth in each Transaction Document
to which it is a party on its part to be observed or performed, and (ii) no Default or Event of Default has occurred or is continuing.
Each of the Seller and the Parent hereby confirm, reaffirm and ratify its representations, warranties and covenants contained in each
Transaction Document to which it is a party.

 

3.3           Acknowledgements
of Seller. Each of the Seller and the Parent acknowledges that Buyer is in compliance with its undertakings and obligations under
the Side Letter and the other Transaction Documents.

 

3.4           Waivers.
(a) Each of the Seller and the Parent acknowledges and agrees that it has no defenses, rights of setoff, claims, counterclaims or
causes of action of any kind or description against Buyer arising under or in respect of the Side Letter or any other Transaction Document
and any such defenses, rights of setoff, claims, counterclaims or causes of action which may exist as of the date hereof are hereby irrevocably
waived, and (b) in consideration of Buyer entering into this Amendment, Seller hereby waives, releases and discharges Buyer and Buyer’s
officers, employees, representatives, agents, counsel and directors from any and all actions, causes of action, claims, demands, damages
and liabilities of whatever kind or nature, in law or in equity, now known or unknown, suspected or unsuspected to the extent that any
of the foregoing arise out of or from or in any way relating to or in connection with the Side Letter or the other Transaction Documents,
including, but not limited to, any action or failure to act under the Side Letter or the other Transaction Documents on or prior to the
date hereof, except, with respect to any such Person being released hereby, any actions, causes of action, claims, demands, damages and
liabilities arising out of such Person’s gross negligence or willful misconduct in connection with the Side Letter or the other
Transaction Documents.

 

3.5           Effect
on Side Letter. Except as expressly amended and modified by this Amendment, the Side Letter and each of the other Transaction Documents
shall continue to be, and shall remain, unmodified and in full force and effect in accordance with their respective terms.

 

    -2-

     

    

 

3.6           No
Novation, Effect of Agreement.  The Seller, the Parent and the Buyer have entered into this Amendment solely to amend the terms
of the Side Letter and do not intend this Amendment or the transactions contemplated hereby to be, and this Amendment and the transactions
contemplated hereby shall not be construed to be, a novation of any of the obligations owing by the Seller or the Parent under, or in
connection with, the Side Letter or any of the other Transaction Documents.   It is the intention of each of the parties hereto
that (i) the perfection and priority of all security interests securing the payment of the obligations of the Seller and the Parent
under the Side Letter and the other Transaction Documents are preserved, (ii) the liens and security interests granted under the
Side Letter continue in full force and effect, and (iii) any reference to the Side Letter in any such Transaction Document shall
be deemed to also reference this Amendment.

 

3.7           No
Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of
any Person under the Side Letter or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver
of any provision contained therein.

 

3.8           Successors
and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns.

 

3.9           Counterparts;
Electronic Transmission.

 

(a)           This
Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract.

 

(b)           Delivery
of an executed counterpart of a signature page of this Amendment or any other Transaction Document by telecopy, emailed pdf or any
other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually
executed counterpart of this Amendment. The words “execution”, “signed”, “signature”, “delivery”
and words of like import in or relating to any document to be signed in connection with this Amendment and the transactions contemplated
hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other similar state laws based on
the Uniform Electronic Transactions Act; provided that nothing herein shall require Buyer to accept electronic signatures in any form
or format without its prior written consent.

 

3.10           Headings.
The descriptive headings of the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed
to affect the meaning or construction of any of the provisions hereof.

 

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3.11           Governing
Law; Consent to Jurisdiction.

 

(a)           This
Amendment shall be governed by and construed in accordance with the internal laws of the State of New York, but giving effect to federal
law applicable to national banks.

 

(b)           Seller
hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the United States District
Court for the Southern District Of New York and of any New York state court sitting in the City of New York for purposes of all legal
proceedings arising out of or relating to this Amendment or the Transactions contemplated hereby, or for recognition or enforcement of
any judgment, and each Party hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may (and any such claims, cross-claims or third party claims brought against Buyer may only) be heard and determined in such state court
or, to the extent permitted by law, in such federal court. Seller hereby irrevocably waives, to the fullest extent it may effectively
do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any
claim that any such proceeding brought in such a court has been brought in an inconvenient forum. Nothing in this Section 3.11
shall affect the right of Buyer to bring any action or proceeding against Seller or its Property in the courts of other jurisdictions.
Each Party 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. Each Party consents to the service of any and all process in any such
action or proceeding by the mailing of copies of such process to it at its address for notices hereunder specified in Section 14
of the Repurchase Agreement.

 

[Remainder of page left intentionally blank]

 

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

 

	SELLER:	 
	 	 
	WALKER & DUNLOP, LLC,
    as Seller	 
	 	 
	 	 
	By:	/s/
    Issa M. Bannourah	 
	Name:	Issa M. Bannourah	 
	Title:	Treasurer	 
	 	 
	WALKER & DUNLOP, INC.,
    as Parent	 
	 	 
	 	 
	By:	/s/ Issa M. Bannourah	 
	Name:	Issa M. Bannourah	 
	Title:	Treasurer	 
	 	 
	BUYER:	 
	 	 
	JPMORGAN CHASE BANK, N.A.,
    as Buyer	 
	 	 
	 	 
	By:	/s/ Laura Carter	 
	Name:	Laura Carter	 
	Title:	Authorized Officer	 

 

[Signature Page to Amendment No. 1 to Amended and Restated Side Letter (JPM – Walker & Dunlop)]Exhibit 4.1 

        

       

        

      Execution Version
        

      

      

      NEW JERSEY RESOURCES CORPORATION

      

      

      
        

      

      

      FOURTH AMENDMENT

      Dated as of September 16, 2022

      

      

      to

      

      

      SHELF NOTE PURCHASE AGREEMENT

      Dated as of June 30, 2011

      

      

      
        

      

      

      
        
          

      

      FOURTH AMENDMENT TO SHELF NOTE PURCHASE AGREEMENT

      

      

      This Fourth Amendment, dated as of September 16, 2022 (this “Fourth Amendment”),
        to the Shelf Agreement (as defined below) is among New Jersey Resources Corporation, a New Jersey corporation (the “Company”), each Guarantor signatory hereto (each a “Guarantor”), and each holder of Notes (as hereinafter defined) that is a party hereto (collectively, the “Noteholders”).

      

      

      RECITALS:

      

      

      A.          WHEREAS, the Company has heretofore
            entered into that certain Shelf Note Purchase Agreement, dated as of June 30, 2011 (as amended by the (i) First Amendment to Shelf Note Purchase Agreement, dated as of July 25, 2014, (ii) Second Amendment to Shelf Note Purchase Agreement, dated
            as of September 28, 2015, and (iii) Third Amendment to Shelf Note Purchase Agreement, dated as of November 1, 2021, the “Shelf Agreement”) with PGIM, Inc. (formerly known
            as Prudential Investment Management, Inc.) (“Prudential”) and each Prudential Affiliate (as defined in the Shelf Agreement) from time to time party thereto pursuant to
            which the Company issued and has outstanding (i) $50,000,000 3.25% Senior Series A Notes due September 17, 2022 (the “Series A Notes”) and (ii) $100,000,000 3.48% Senior
            Series B Notes due November 7, 2024 (the “Series B Notes”; and together with the Series A Notes, the “Notes”);

      

      

      B.          WHEREAS, capitalized terms used
            herein shall have the respective meanings ascribed thereto in the Shelf Agreement unless herein defined or the context shall otherwise require;

      

      

      C.          WHEREAS, the Company, Prudential and
            the Noteholders now desire to make certain amendments to the Shelf Agreement;

      

      

      D.          WHEREAS, the Required Holders  agree
            to the terms of this Fourth Amendment  and now desire to amend the Shelf Agreement in the respects, but only in the respects, hereinafter set forth;  and

      

      

      E.          WHEREAS, all requirements of law have
            been fully complied with and all other acts and things necessary to make this Fourth Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed.

      

      

      NOW, THEREFORE, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this Fourth Amendment set forth in
        Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company, the Guarantors, Prudential and the Noteholders do hereby agree as follows:

      

      

      
        
          

      

      
      SECTION 1.       AMENDMENTS.

       

      1.1.        The Cover Page of the Shelf Agreement
            is amended to delete the title of the Notes therefrom.

       

      1.2.        Section 1.1(b) of the Shelf Agreement
            shall be and hereby is amended to delete the reference to “$100,000,000” contained therein and insert “$150,000,000” in lieu thereof.

       

      1.3.        Section 1.1(b) and 2.1(b) of the
            Shelf Agreement shall be and hereby are each amended to delete the reference to “July 25, 2017” contained therein and insert “September 16, 2025” in lieu thereof.

       

      1.4.        Section 2.1(a) of the Shelf Agreement
            shall be and hereby is amended and restated in its entirety to read as follows:

       

      Section 2.1(a).          Facility.  Prudential is willing to consider, in its sole discretion and within limits which may be authorized for purchase by
            Prudential Affiliates from time to time, the purchase of Notes pursuant to this Agreement.  The willingness of Prudential to consider such purchase of Notes is herein called the “Facility”. 
            At any time, $150,000,000, minus the aggregate principal amount of Notes (other than the Series A Notes) purchased and sold pursuant to this Agreement prior to such time, minus the aggregate principal amount of Accepted Notes (as hereinafter
            defined) which have not yet been purchased and sold hereunder prior to such time, is herein called the “Available Facility Amount” at such time.  For avoidance of doubt,
            for the purposes of this Agreement, as of September 16, 2022 the Company’s 3.64% Senior Notes, Series C, due September 19, 2034 (the “Series C Notes”) to be in the original aggregate principal amount of $50,000,000, with respect to which the Company accepted an interest rate quote on February 16, 2022, constitute Accepted
            Notes not yet purchased or sold hereunder.  As of September 16, 2022 and after giving effect to the issuance of the Series C Notes, the Available Facility Amount is $0.  NOTWITHSTANDING
              THE WILLINGNESS OF PRUDENTIAL TO CONSIDER THE POSSIBLE PURCHASES OF NOTES BY PRUDENTIAL OR PRUDENTIAL AFFILIATES, THIS AGREEMENT IS ENTERED INTO ON THE EXPRESS UNDERSTANDING THAT (A) NEITHER PRUDENTIAL NOR ANY PRUDENTIAL AFFILIATE SHALL BE
              OBLIGATED TO MAKE OR ACCEPT OFFERS TO PURCHASE NOTES, OR TO QUOTE RATES, SPREADS OR OTHER TERMS WITH RESPECT TO SPECIFIC PURCHASES OF NOTES, AND THIS AGREEMENT SHALL IN NO WAY BE CONSTRUED AS A COMMITMENT BY PRUDENTIAL OR ANY PRUDENTIAL
              AFFILIATE, AND (B) NONE OF THE COMPANY NOR ANY OF ITS AFFILIATES SHALL BE OBLIGATED TO OFFER TO SELL OR (EXCEPT PURSUANT TO AN ACCEPTANCE AS PROVIDED IN SECTION 2.1(f)) SELL NOTES OR TO MAKE ANY REQUESTS FOR PURCHASE, AND THIS AGREEMENT SHALL
              IN NO WAY BE CONSTRUED AS A COMMITMENT BY THE COMPANY OR ANY OF ITS AFFILIATES TO DO SO.

       

      
        2

        
          

      

      1.5.        Section 4.12 of the Shelf Agreement
            shall be renumbered as Section 4.13 and a new Section 4.12 shall be inserted into the Shelf Agreement to read as follows:

      

      

      Section 4.12          Ratings on the Notes.

      

      

      The Company shall have delivered, or caused to be delivered, to such Purchaser, (a) a Private Rating Letter issued by an
        Acceptable Rating Agency setting forth the initial Debt Rating for the Notes and (b) the related Private Rating Rationale Report with respect to such Debt Rating.

       

      1.6.        Section 9.9 added by the Third
            Amendment to Shelf Note Purchase Agreement should have instead been added as a new Section 9.11  The previous version of Section 9.9 is reinstated, and Section 9.11 of the Shelf Agreement shall now be and hereby is amended in its entirety to
            read as follows:

       

      Section 9.11          Ratings on the Notes.

      

      

      (a)          The Company shall at all times maintain a Debt Rating for the Notes from an Acceptable Rating Agency; provided, that, if the applicable Acceptable Rating Agency (i) ceases providing a Debt Rating for the Notes without having provided the Company with at least 60 days advance notice (other than as a result of the Company
            failing to pay applicable fees and expenses or failing to reasonably cooperate with the Acceptable Rating Agency) (the earlier of the date notice is provided to the Company or, if no notice is provided, the date the Acceptable Rating Agency
            ceases providing the Debt Rating, a “Ratings Withdrawal Event”), or (ii) ceases to qualify as an Acceptable Rating Agency (the date of such event, a “Ratings Agency Event” and, together with a Ratings Withdrawal Event, a “Ratings Termination Event”),
            then the Company shall use its commercially reasonable efforts to obtain a new Debt Rating for the Notes from an Acceptable Rating Agency as soon as practicable and, in any event, on or before the 60th day following the Ratings Termination
            Event or, if the Company diligently pursues a new Debt Rating but is unable to do so by the 60th day following the Ratings Termination Event, such period shall be extended for an additional 30 days.

       

      
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      (b)         At any time that the Debt Rating maintained pursuant to clause (a) above is not a public rating, the Company will provide to each holder of a Note (x) at least annually (on or before each anniversary of the date of the Closing) and (y)
            promptly upon any change in such Debt Rating, an updated Private Rating Letter evidencing such Debt Rating and an updated Private Rating Rationale Report with respect to such Debt Rating.  In addition to the foregoing information and any
            information specifically required to be included in any Private Rating Letter or Private Rating Rationale Report (as set forth in the respective definitions thereof), if the SVO or any other Governmental Authority having jurisdiction over any
            holder of any Notes from time to time requires any additional information with respect to the Debt Rating of the Notes, the Company shall use commercially reasonable efforts to procure such information from the Acceptable Rating Agency.

       

      1.7.        Section 14.1 of the Shelf Agreement
            shall be and hereby is amended to remove reference to “JPMorgan Chase Bank, N.A.” contained therein and insert “U.S. Bank Trust Company, National Association” in lieu thereof.

       

      1.8.       The Shelf Agreement shall be and
            hereby is amended to: replace each reference to “Schiff Hardin LLP” to instead reference “ArentFox Schiff LLP”;replace each reference to “Troutman Sanders LLP” to instead reference “Troutman Pepper Hamilton Sanders LLP”; and replace each
            reference to “Richard Reich” to instead reference “Melissa Abraham”.

       

      1.9.        Schedule B of the Shelf Agreement
            shall be and hereby is amended by deleting the definition “NRSRO” in its entirety.

       

      1.10.      Schedule B of the Shelf Agreement
            shall be and hereby is amended by replacing the definition for “Debt Rating” with the following definition:

       

      “Debt Rating” shall mean the debt rating of the Notes as determined from time to time by any Acceptable Rating Agency.

       

      1.11.       Schedule B of the Shelf Agreement
            shall be and hereby is amended by adding in the correct alphabetical order the following definitions:

       

      “Acceptable Rating Agency” shall mean (a) Fitch, Moody’s, S&P, DBRS/Morningstar or Kroll, or (b) any other credit rating agency that is recognized as a nationally recognized statistical rating organization by the SEC and approved by the
          Required Holders, so long as, in each case, any such credit rating agency described in clause (a) or (b) above continues to be a nationally recognized statistical rating organization recognized by the SEC and is approved as a “Credit Rating
          Provider” (or other similar designation) by the NAIC.

       

      
        4

        
          

      

      “Private Rating Letter” shall mean a letter issued by
        an Acceptable Rating Agency in connection with any private debt rating for the Notes, which (a) sets forth the Debt Rating for the Notes, (b) refers to the Private Placement Number issued by Standard & Poor’s CUSIP Global Service in respect of
        the Notes, (c) addresses the likelihood of payment of both principal and interest on the Notes (which requirement shall be deemed satisfied if either (x) such letter includes confirmation that the rating reflects the Acceptable Rating Agency’s
        assessment of the Company’s ability to make timely payment of principal and interest on the Notes or a similar statement or (y) such letter is silent as to the Acceptable Rating Agency’s assessment of the likelihood of payment of both principal and
        interest and does not include any indication to the contrary), (d) includes such other information describing the relevant terms of the Notes as may be required from time to time by the SVO or any other Governmental Authority having jurisdiction
        over any holder of any Notes and (e) shall not be subject to confidentiality provisions or other restrictions which would prevent or limit the letter from being shared with the SVO or any other Governmental Authority having jurisdiction over any
        holder of any Notes.

       

      “Private Rating Rationale Report” shall mean, with
        respect to any Private Rating Letter, a report issued by the Acceptable Rating Agency in connection with such Private Rating Letter setting forth an analytical review of the Notes explaining the transaction structure, methodology relied upon, and,
        as appropriate, analysis of the credit, legal, and operational risks and mitigants supporting the assigned Private Rating for the Notes, in each case, on the letterhead of the Acceptable Rating Agency or its controlled website and generally
        consistent with the work product that an Acceptable Rating Agency would produce for a similar publicly rated security and otherwise in form and substance generally required by the SVO or any other Governmental Authority having jurisdiction over any
        holder of any Notes from time to time. Such report shall not be subject to confidentiality provisions or other restrictions which would prevent or limit the report from being shared with the SVO or any other Governmental Authority having
        jurisdiction over any holder of any Notes.

       

      “Series C Notes” shall
          have the meaning given in Section 2.1(a) hereof.

       

      “SVO” shall mean the Securities Valuation Office of the NAIC or any successor to such Office.

       

      SECTION 2.      REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

       

      2.1.        To induce Prudential and the
            Noteholders to execute and deliver this Fourth Amendment (which representations shall survive the execution and delivery of this Fourth Amendment), the Company represents and warrants to the Noteholders that:

       

      (a)         this Fourth
            Amendment has been duly authorized by all necessary corporate action on the part of the Company and has been duly executed and delivered by the Company, and this Fourth Amendment and the Shelf Agreement, as amended by this Fourth Amendment,
            constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except as enforcement may be limited by (1) applicable bankruptcy, insolvency, reorganization,
            moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

       

      
        5

        
          

      

      (b)          the execution,
            delivery and performance of this Fourth Amendment by the Company and the performance by the Company hereof and of the Shelf Agreement, as amended by this Fourth Amendment, will not (1) contravene, result in any breach of, or constitute a
            default under, or result in the creation of any Lien in respect of any property of the Company, any Restricted Subsidiary or New Jersey Natural Gas under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease,
            corporate charter or by-laws, or any other Material agreement or instrument to which the Company, any Restricted Subsidiary or New Jersey Natural Gas is bound or by which the Company, any Restricted Subsidiary or New Jersey Natural Gas or any
            of their respective properties may be bound, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the
            Company, any Restricted Subsidiary or New Jersey Natural Gas or (3) violate any provision of any statute or other rule or regulation  of any Governmental Authority applicable to the Company, any Restricted Subsidiary or New Jersey Natural Gas;

       

      (c)         no consent,
            approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution and delivery of this Fourth Amendment by the Company or the performance hereof or of the Shelf
            Agreement, as amended by this Fourth Amendment, by the Company;

       

      (d)         on the Effective
            Date (as hereinafter defined), after giving effect to this Fourth Amendment, all the representations and warranties contained in Section 5 of the Shelf Agreement, as updated by the Request for Purchase, are true and correct in all material
            respects with the same force and effect as if made by the Company, on and as of the date hereof (except to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct in all
            material respects as of such earlier date);

       

      (e)         since September
            30, 2021, there has been no change in the financial condition, operations, business or properties of the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas except changes that individually or in the aggregate, would not
            reasonably be expected to have a Material Adverse Effect; and

       

      (f)           as of the
            Effective Date and after giving effect to this Fourth Amendment, no Default or Event of Default has occurred which is continuing and no waiver of Default or Event of Default is in effect.

       

      SECTION 3.      CONDITIONS TO EFFECTIVENESS OF THIS FOURTH AMENDMENT.

       

      3.1.        This Fourth Amendment shall not
            become effective until, and shall become effective when, each and every one of the following conditions shall have been satisfied:

       

      
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      (a)          executed
            counterparts of this Fourth Amendment, duly executed by the Company, each Guarantor, Prudential and the Required Holders, shall have been delivered to Prudential and each Noteholder or its special counsel;

      

      

      (b)         the Noteholders
            shall have received a copy of the resolutions of the Board of Directors of the Company authorizing the execution, delivery and performance by the Company of this Fourth Amendment, certified by its Secretary or an Assistant Secretary; and

       

        

      (c)          the
            representations and warranties of the Company set forth in Section 2 hereof shall be true and correct on and with respect to the Effective Date.

      

      

      (d)          the Company shall
            have paid the fees and expenses of ArentFox Schiff LLP, special counsel to Prudential and the Noteholders, in connection with the negotiation, preparation, approval, execution and delivery of this Fourth Amendment.

       

      Upon satisfaction of all of the foregoing, this Fourth Amendment shall become effective (the date of such satisfaction being the “Effective Date”).

       

      SECTION 4.      REAFFIRMATION.

       

      4.1.        Each Guarantor hereby consents to the
            terms and conditions of this Fourth Amendment and hereby ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under the Guaranty Agreement, including, without limitation, with respect to the Shelf
            Agreement, as amended by this Fourth Amendment.

      

      

      SECTION 5.      MISCELLANEOUS.

       

      5.1.       Except as expressly amended hereby,
            the Shelf Agreement and all documents, instruments and agreements related thereto are hereby ratified and confirmed in all respects and shall continue in full force and effect. This Fourth Amendment and the Shelf Agreement shall hereafter be
            read and construed together as a single document, and all references in the Shelf Agreement or any agreement or instrument related to the Shelf Agreement shall hereafter refer to the Shelf Agreement as amended by this Fourth Amendment. The
            Company and each Guarantor hereby ratifies the Shelf Agreement and the Guaranty Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Shelf Agreement and Guaranty Agreement applicable to it and (b) that it is
            responsible for the observance and full performance of its respective obligations under the Shelf Agreement, the Guaranty Agreement and the Notes.

       

      5.2.       Nothing contained herein shall be
            deemed to (a) constitute a waiver of any Default or Event of Default that may heretofore or hereafter occur or have occurred and be continuing or, except as expressly set forth herein, to otherwise modify any provision of the Shelf Agreement,
            or (b) give rise to any defenses or counterclaims to the right of any Noteholder to compel payment of any obligations of the Company or any Guarantor owing to such Noteholder when due or to otherwise enforce its rights and remedies under the
            Shelf Agreement, the Notes or the Guaranty Agreement.

       

      
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      5.3.        The Company hereby confirms its
            obligations under the Shelf Agreement whether or not the transactions hereby contemplated are consummated, to pay, promptly after request by the Noteholders, all out-of-pocket costs and expenses, including reasonable attorneys’ fees of a
            special counsel and, if reasonably required, local or other counsel, incurred by such Noteholder in connection with this Fourth Amendment or the transactions contemplated hereby, in enforcing any rights under this Fourth Amendment, or in
            responding to any subpoena or other legal process or informal investigative demand issued in connection with this Amendment or the transactions contemplated hereby.  The obligations of the Company under this Section 4.3 shall survive transfer
            by any Noteholder of any Note and payment of any Note.

       

      5.4.        Any and all notices, requests,
            certificates and other instruments executed and delivered after the execution and delivery of this Fourth Amendment may refer to the Shelf Agreement without making specific reference to this Fourth Amendment but nevertheless all such references
            shall include this Fourth Amendment unless the context otherwise requires.

       

      5.5.        The descriptive headings of the
            various Sections or parts of this Fourth Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.

       

      5.6.        This Fourth Amendment shall be
            construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require the application of the laws of a
            jurisdiction other than such State.

       

      5.7.        This Fourth Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.  Delivery of an electronic signature to, or a signed copy of, this
            Fourth Amendment by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes.  Notwithstanding the foregoing, if any Noteholder shall request manually signed counterpart signatures to the Fourth Amendment, the Company and each Guarantor hereby agrees to use its
            reasonable endeavors to provide such manually signed signature pages as soon as reasonably practicable.

       

      [Signature Pages Follow]

       

      
        8

        
          

      

      IN WITNESS WHEREOF, the undersigned have caused this Fourth Amendment to be duly executed by an authorized representative as of the date first
        written above.

      

      

      	

            	
              NEW JERSEY RESOURCES CORPORATION

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President and Chief Financial

              Officer

            
	

            	

            
	

            	
              NJR RETAIL HOLDINGS CORPORATION

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President, Chief Financial Officer,

              Treasurer and Secretary

            
	

            	

            
	

            	
              NJR RETAIL COMPANY

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President, Chief Financial Officer,

              Treasurer and Secretary

            
	

            	

            
	

            	
              NJR HOME SERVICES COMPANY

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President, Chief Financial Officer,

              Treasurer and Secretary

            
	

            	

            
	

            	
              NJR PLUMBING SERVICES, INC.

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President, Chief Financial Officer,

              Treasurer and Secretary

            

      

      

      
        [Signature Page to Fourth Amendment]

      

      

      

      
        
          

      

      	

            	
              NJR SERVICE CORPORATION

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President

              and Chief Financial Officer

            
	

            	

            
	

            	
              PHOENIX FUEL MANAGEMENT COMPANY

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President, Chief Financial

              Officer, Treasurer and Secretary

            
	

            	

            
	

            	
              NJR ENERGY INVESTMENTS

              CORPORATION

            
	

            	

            
	

            	
              By:

            	
               /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
               Senior Vice President

              and Chief Financial Officer

            
	

            	

            
	

            	
              NJR CLEAN ENERGY VENTURES

              CORPORATION

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President

              and Chief Financial Officer

            
	

            	

            
	

            	
              COMMERCIAL REALTY AND RESOURCES

              CORP.

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              President, Chief Financial Officer,

              Treasurer and Secretary

            

      

      

      
        [Signature Page to Fourth Amendment]

      

      

      

      
        
          

      

      	

            	
              NJR MIDSTREAM HOLDINGS

              CORPORATION

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President

              and Chief Financial Officer

            
	

            	

            
	

            	
              NJR ENERGY SERVICES COMPANY

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President and Chief Financial

              Officer

            
	

            	

            
	

            	
              NJR CLEAN ENERGY VENTURES II

              CORPORATION

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President and Chief Financial

              Officer

            
	

            	

            
	

            	
              NJR STORAGE HOLDINGS COMPANY

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President and Chief Financial Officer

            
	

            	

            
	

            	
              NJR CLEAN ENERGY VENTURES III

              CORPORATION

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President and Chief Financial Officer

            

      

      

      
        [Signature Page to Fourth Amendment]

      

      

      

      
        
          

      

      	

            	
              BERNARDS SOLAR, LLC

            
	

            	

            
	

            	
              By:

            	
              /s/Roberto F. Bel

            
	

            	
              Name:

            	
              Roberto F. Bel

            
	

            	
              Title:

            	
              Senior Vice President and Chief Financial

              Officer

            

      

      

      
        [Signature Page to Fourth Amendment]

      

      

      

      
        
          

      

      	
              ACCEPTED AND AGREED TO:

            
	

            
	
              PGIM, INC.

            
	

            
	
              By:

            	
              /s/Brian Lemons

            	

            
	

            	
              Vice President

            	

            
	

            	

            	

            
	
              NOTEHOLDERS:

            
	

            	

            
	
              THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

            
	

            	

            	

            
	
              By:

            	
              PGIM, Inc., as Investment Manager

            	

            
	

            	

            	

            
	
              By:

            	
              /s/Brian Lemons

            	

            
	

            	
              Vice President

            	

            
	

            	

            
	
              PRUDENTIAL ARIZONA REINSURANCE CAPTIVE COMPANY

            
	

            	

            	

            
	
              By:

            	
              PGIM, Inc., as Investment Manager

            	

            
	

            	

            	

            
	
              By:

            	
              /s/Brian Lemons

            	

            
	

            	
              Vice President

            	

            
	

            
	
              THE GIBRALTAR LIFE INSURANCE CO., LTD.

            
	

            	

            	

            
	
              By:

            	
              PGIM Japan Co., Ltd, as Investment Manager

            	

            
	

            	

            	

            
	
              By:

            	
              PGIM, Inc., as Sub-Adviser

            	

            
	

            	

            	

            
	
              By:

            	
              /s/Brian Lemons

            	

            
	

            	
              Vice President

            	

            

      

      

      
        [Signature Page to Fourth Amendment]

      

      

      

      
        
          

      

      	
              ZURICH AMERICAN INSURANCE COMPANY

            
	

            	

            
	
              By:

            	
              PGIM Private Placement Investors, L.P.

            	

            
	

            	
              (as Investment Advisor)

            	

            
	

            	

            	

            
	
              By:

            	
              PGIM Private Placement Investors,, Inc.

            	

            
	

            	
              (as its General Partner)

            	

            
	

            	

            	

            
	
              By:

            	
              /s/Brian Lemons

            	

            
	

            	
              Vice President

            	

            
	

            	

            	

            
	
              MTL INSURANCE COMPANY

            
	

            	

            	

            
	
              By:

            	
              PGIM Private Placement Investors, L.P.

            	

            
	

            	
              (as Investment Advisor)

            	

            
	

            	

            	

            
	
              By:

            	
              PGIM Private Placement Investors,, Inc.

            	

            
	

            	
              (as its General Partner)

            	

            
	

            	

            	

            
	
              By:

            	
              /s/Brian Lemons

            	

            
	

            	
              Vice President

            	

            
	

            	

            	

            
	
              PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

            
	

            	

            	

            
	
              By:

            	
              PGIM, Inc., as Investment Manager

            	

            
	

            	

            	

            
	
              By:

            	
              /s/Brian Lemons

            	

            
	

            	
              Vice President

            	

            

      

      

      
        [Signature Page to Fourth Amendment]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]