Document:

Exhibit 10.50

SABRE CORPORATION
2014 OMNIBUS INCENTIVE COMPENSATION PLAN
FORM OF STOCK OPTION GRANT AGREEMENT

(Non-Qualified Stock Options)

THIS AGREEMENT, including any special terms and conditions in the appendix attached hereto (the “Agreement”) made as of this ____________ between Sabre Corporation (the “Company”) and __________ (the “Participant”).

   WHEREAS, the Company has adopted the Sabre Corporation 2014 Omnibus Incentive Compensation Plan (the “Plan”) to promote the interests of the Company and its stockholders by providing the employees and non-employee directors of the Company, who are largely responsible for the management, growth, and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service of the Company;

   WHEREAS, Section 6 of the Plan provides for the grant to Participants of Non-Qualified Stock Options to purchase shares of Common Stock of the Company.

   NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:

1.Grant of Options.  Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant a NON-QUALIFIED STOCK OPTION (the “Option”) with respect to ___________ shares of Common Stock of the Company.  

2.Grant Date.  The grant date of the Option hereby granted is ___________ (“Grant Date”).

3.Exercise Price; Exercisability.  The exercise price of each share of Common Stock underlying the Option hereby granted is $___________.

4.Vesting of Options. The Option shall become vested and exercisable as follows: [_______________] (each such date a “Vesting Date”); provided that the Participant remains continuously employed by the Company through each applicable Vesting Date.  Notwithstanding the foregoing, in the event of a Qualifying Termination following a Change in Control, the Option shall immediately vest in full and become exercisable as of the date of such Qualifying Termination following a Change in Control.

5.Manner of Exercise.  The Option shall be exercised by delivery of an electronic or physical written notice to the Secretary of the Company, or such other form as permitted by the Committee from time to time and communicated to the Participant (the “Exercise Notice”), which shall state the election to exercise the Option, specify the number of shares of Common Stock with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Committee pursuant to the provisions of the Plan.  The Exercise Notice shall include payment in cash for an amount equal to the Exercise Price multiplied by the number of shares of Common Stock specified in such Exercise Notice.  Such payment may be made in (i) cash; (ii) shares of Common Stock (that the Participant has owned for at least one (1) year) having a Fair Market Value equal to the Exercise Price; (iii) a combination of cash and shares provided that such shares have been held by the Participant for at least one (1) year prior to such exercise; or (iv) in the Committee’s sole discretion, through a broker assisted exercise, but only to the extent such right or the utilization of such right would not cause the Option to be subject to Section 409A of the Code and to the extent the use of net-physical settlement is permitted by, and is in compliance with applicable law. The partial exercise of the Option, alone, shall not cause the expiration, termination or cancellation of the remaining portion of the Option.  

6.Expiration of Options.  The Participant’s Option, or portion thereof, which has not become exercisable shall expire on the date the Participant’s Employment is terminated for any reason.  The Participant’s Option(s), or any portion thereof, which have become exercisable on or before the date the Participant’s 

 

 

Employment is terminated (or that become exercisable as a result of such termination) shall expire on the earlier of (i) the commencement of business on the date the Participant’s Employment is terminated for Cause; (ii) 90 days after the date the Participant’s Employment is terminated for any reason other than Cause, death or Disability; (iii) one year after the date the Participant’s Employment is terminated by reason of death or Disability; or (iv) the 10th anniversary of the Grant Date for such Option(s).  All Options, whether vested or unvested, that have not sooner expired shall expire no later than the tenth anniversary of the Grant Date.  

7.Transferability.  The Option is exercisable during the Participant’s lifetime only by the Participant or his or her guardian or legal representative, and may not be sold, pledged, hypothecated, or otherwise encumbered or subject to any lien, obligation, or liability of the Participant to any party (other than the Company), or assigned or transferred by such Participant, but immediately upon such purported sale, assignment, transfer, pledge, hypothecation or other disposal of the Option will be forfeited by the Participant and all of the Participant’s rights to such Option shall immediately terminate without any payment or consideration from the Company. Upon the death of a Participant, outstanding Options granted to such Participant may be exercised only by the executors or administrators of the Participant’s estate or by any person or persons who shall have acquired such right to exercise by will or by the laws of descent and distribution pursuant to Section 18 of the Plan.

8.Incorporation of Plan.  All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein.  If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan shall govern.  All capitalized terms used and not defined herein shall have the meaning given to such terms in the Plan.

9.Taxes.  To the extent required by applicable federal, state, local or foreign law, the Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise with respect to the exercise of the Option in accordance with Section 15 of the Plan.  The Company shall not be required to deliver shares of Common Stock to the Participant until the Company determines such obligations are satisfied.  

10.Construction of Agreement.  Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any jurisdiction shall, as to that jurisdiction and subject to this section, be ineffective to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions thereof in such jurisdiction or rendering that or any other provisions of this Agreement invalid, illegal, or unenforceable in any other jurisdiction.  If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable.  No waiver of any provision or violation of this Agreement by the Company shall be implied by the Company’s forbearance or failure to take action.  No provision of this Agreement shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code.

11.Delays or Omissions.  No delay or omission to exercise any right, power or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing.

12.No Special Employment Rights; No Right to Award.  Nothing contained in the Plan or any Award shall confer upon any Participant any right with respect to the continuation of his employment by or service to the Company or interfere in any way with the right of the Company at any time to terminate such employment or service or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of the Option.  The rights or opportunity granted to the Participant on the making of an Award shall not give the Participant any rights or additional rights to compensation or damages in consequence of either:(a) the Participant giving or receiving notice of termination of his or her office or employment; (b) the loss or termination 

 

 

 

of his or her office or Employment with the Company or its Subsidiaries for any reason whatsoever; or (c) whether or not the termination (and/or giving of notice) is ultimately held to be wrongful or unfair.

13.Data Privacy.  By participating in the Plan the Participant consents to the collection, holding, processing and transfer of data relating to the Participant and, in particular, to the processing of any sensitive personal data by the Company and its Affiliates for all purposes connected with the operation of the Plan, including, but not limited to: (i) holding and maintaining details of the Participant and his or her participation in the Plan; (ii) transferring data relating to the Participant and his or her participation in the Plan to the Company’s registrars or brokers, the plan administrator or any other relevant professional advisers or service providers to the Company or its Affiliates; (iii) disclosing details of the Participant and his or her participation in the Plan to a bona fide prospective purchaser of the Company or any of its Affiliates (or the prospective purchaser's advisers), and (iv) with respect to Participants employed in the European Economic Area, transferring data relating to the Participant and his or her participation in the Plan under (a) to (c) above to a person who is resident in a country or territory outside the European Economic Area that may not provide the same statutory protection for the data as countries within the European Economic Area.

14.Integration.  This Agreement, and the other documents referred to herein or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter.  There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and in the Plan.  This Agreement, including without limitation the Plan, supersedes all prior agreements and understandings between the parties with respect to its subject matter.

15.Clawback Policies. Notwithstanding anything in the Plan to the contrary, the Company will be entitled, to the extent permitted or required by applicable law, Company policy and/or the requirements of an exchange on which the Company’s shares of Common Stock are listed for trading, in each case, as in effect from time to time, to recoup compensation of whatever kind paid by the Company or any of its affiliates at any time to a Participant under the Plan and the Participant, by accepting this award of an Option pursuant to the Plan and this Agreement, agrees to comply with any Company request or demand for such recoupment.

16.Policy Against Insider Trading.  By accepting the Option, the Participant acknowledges that the Participant is bound by all the terms and conditions of the Company’s insider trading policy as may be in effect from time to time.

17.Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

18.Governing Law.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard to the provisions governing conflict of laws.

19.Participant Acknowledgment.  The Participant hereby acknowledges receipt of a copy of the Plan.  The Participant hereby acknowledges that all decisions, determinations and interpretations of the Committee in respect of the Plan and this Agreement shall be final and conclusive.  The Participant acknowledges that there may be adverse tax consequences upon exercise of the Option or disposition of the underlying shares of Common Stock and that the Participant should consult a tax advisor prior to such exercise or disposition.

*          *          *          *          *

 

 

 

APPENDIX TO

SABRE CORPORATION
2014 OMNIBUS INCENTIVE COMPENSATION PLAN
GLOBAL FORM OF STOCK OPTION GRANT AGREEMENT
(Non-Qualified Stock Options)

Terms and Conditions

This Appendix constitutes part of the Agreement and includes special terms and conditions that govern the Options granted to the Participant if the Participant resides in the countries listed herein.  These terms and conditions are in addition to, or, if so indicated, in place of, the terms and conditions set forth in the Agreement. 

If the Participant is a citizen or resident of a country other than the one in which the Participant is currently working, transfers employment after the Grant Date, or is considered a resident of another country for local law purposes, the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall be applicable to the Participant.

Notifications

This Appendix may also include information regarding exchange controls and certain other issues of which the Participant should be aware with respect to the Participant’s participation in the Plan.  The information is based on the securities, exchange control and other laws in effect in the respective countries as of March 2015.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that the Participant not rely on the information noted herein as the only source of information relating to the consequences of the Participant’s participation in the Plan because the information may be out of date at the time the Participant exercises the Options or sells shares of Common Stock he or she acquires under the Plan. 

In addition, the information is general in nature and may not apply to the Participant’s particular situation, and the Company is not in a position to assure the Participant of any particular result.  Accordingly, the Participant is strongly advised to seek appropriate professional advice as to how the relevant laws in the Participant’s country apply to his or her specific situation.

If the Participant is a citizen or resident of a country other than the one in which the Participant is currently working, transfers employment after the Grant Date, or is considered a resident of another country for local law purposes, the notifications contained in this Appendix may not be applicable to him or her.  

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Agreement (of which this Appendix is a part) and the Plan. 

Australia

Terms and Conditions

Vesting of Options.  This provision supplements Section 4 of the Agreement:

If the Option vests when the Fair Market Value per share is equal to or less than the Exercise Price for the Option, the Participant shall not be permitted to exercise the vested Option.  The vested Option may be exercised only starting on the business day following the first day on which the Fair Market Value per share exceeds the Exercise Price for the Option.  This provision also shall apply to any unvested Options held by a Participant who transfers to Australia after the Grant Date.

Notifications

Securities Law Notice.  If the Participant acquires shares of Common Stock under the Plan and the Participant offers such shares for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements 

 

 

 

under Australian law.  The Participant should obtain legal advice on the Participant’s disclosure obligations prior to making any such offer.

Canada

Notifications

Securities Law Notice.  The Participant will not be permitted to sell or otherwise dispose of the shares of Common Stock acquired under the Plan within Canada.  The Participant will only be permitted to sell or dispose of any shares of Common Stock acquired under the Plan if such sale or disposal is made through the designated broker appointed under the Plan and takes place outside of Canada through the facilities of an exchange on which such shares of Common Stock are traded.  The shares of Common Stock are currently traded on the NASDAQ. 

Foreign Account / Assets Reporting Information. Foreign property, including shares, options to purchase shares (i.e., Options), and other rights to receive shares (e.g., restricted stock units) of a non-Canadian company held by a Canadian resident Participant must generally be reported annually on a Form T1135 (Foreign Income Verification Statement) if the total cost of his or her foreign property exceeds C$100,000 at any time during the year.  Thus, such options and restricted stock units must be reported (generally at a nil cost) if the C$100,000 cost threshold is exceeded because other foreign property is held by the Participant.  When shares are acquired, their cost generally is the adjusted cost base (“ACB”) of the shares.  The ACB ordinarily is equal the fair market value of the shares at the time of acquisition, but if the Participant owns other shares of the same company, this ACB may have to be averaged with the ACB of the other shares.

India

Terms and Conditions

Manner of Exercise.  Notwithstanding any provision of the Agreement to the contrary, due to regulatory requirements, the Participant may pay the Exercise Price only pursuant to a broker assisted exercise, as set forth in Section 5 of the Agreement, as modified by this Appendix.  Under this procedure (also called a same-day sale exercise), the Participant (or any other person or persons exercising the Option) shall concurrently provide irrevocable instructions (i) to a brokerage firm (reasonably satisfactory to the Company for purposes of administering such procedure) to effect the immediate sale of all of the purchased shares so that such brokerage firm can remit to the Company, on the settlement date, sufficient funds out of the resulting sale proceeds to cover the aggregate Exercise Price payable for all the purchased shares plus all applicable Tax-Related Items, brokers’ fees or commissions and (ii) to the Company to deliver the purchased shares directly to such brokerage firm on such settlement date.  The Participant will not be permitted to acquire and hold shares of Common Stock upon exercise.  The Company reserves the right to provide the Participant with additional methods of exercise depending on the development of local law.

Italy

Terms and Conditions

Manner of Exercise.  Notwithstanding any provision of the Agreement to the contrary, due to regulatory requirements, the Participant may pay the Exercise Price only pursuant to a broker assisted exercise, as set forth in Section 5 of the Agreement, as modified by this Appendix.  Under this procedure (also called a same-day sale exercise), the Participant (or any other person or persons exercising the Option) shall concurrently provide irrevocable instructions (i) to a brokerage firm (reasonably satisfactory to the Company for purposes of administering such procedure) to effect the immediate sale of all of the purchased shares so that such brokerage firm can remit to the Company, on the settlement date, sufficient funds out of the resulting sale proceeds to cover the aggregate Exercise Price payable for all the purchased shares plus all applicable Tax-Related Items, brokers’ fees or commissions and (ii) to the Company to deliver the purchased shares directly to such brokerage firm on such settlement date.  The Participant will not be permitted to acquire and hold shares of Common Stock upon exercise.  

 

 

 

The Company reserves the right to provide the Participant with additional methods of exercise depending on the development of local law.

Data Privacy.  Notwithstanding any provision of the Agreement, this section in the Appendix applies in regards to data privacy in Italy.  

The Participant understands that the Company and the Employer may hold certain personal information about the Participant, including, the Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Options or any other entitlement to shares of stock awarded, cancelled, exercised, vested, unvested or outstanding in the Participant’s favor, for the exclusive purpose of managing and administering the Plan (“Data”). 

The Participant also understands that providing the Company with the Participant’s Data is necessary for the performance of the Plan and that the Participant’s denial to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect the Participant’s ability to participate in the Plan.  The Controller of personal data processing is Sabre Corporation, with registered offices at 3150 Sabre Drive, Southlake, Texas 76092, United States of America, and, pursuant to Legislative Decree no. 196/2003, its representative in Italy is Sabre Italia S.r.l. with registered offices at Via Carlo Veneziani 56 cap 00148 Rome Italy.  The Participant understands that the Participant’s Data will not be publicized, but it may be transferred to Morgan Stanley Smith Barney LLC, banks, other financial institutions or brokers and/or their agents involved in the management and administration of the Plan.  The Participant further understands that the Company and/or any Affiliated Entity will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Participant’s participation in the Plan, and that the Company and/or any Affiliated Entity may each further transfer Data to third parties assisting the Company in the implementation, administration and management of the Plan, including any requisite transfer to Morgan Stanley Smith Barney LLC or another third party with whom the Participant may elect to deposit any shares acquired under the Plan.  Such recipients may receive, possess, use, retain and transfer the Data in electronic or other form, for the purposes of implementing, administering and managing the Participant’s participation in the Plan.  The Participant understands that these recipients may be located in the European Economic Area, or elsewhere, such as the United States.  Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the Plan, it will delete the Participant’s Data as soon as it has accomplished all the necessary legal obligations connected with the management and administration of the Plan.

The Participant understands that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data is collected and with confidentiality and security provisions as set forth by applicable Italian data privacy laws and regulations, with specific reference to Legislative Decree no. 196/2003.

The processing activity, including communication, the transfer of the Participant’s Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable Italian data privacy laws and regulations, does not require the Participant’s consent thereto as the processing is necessary to performance of contractual obligations related to implementation, administration and management of the Plan.  The Participant understands that, pursuant to Section 7 of the Legislative Decree no. 196/2003, the Participant has the right to, including but not limited to, access, delete, update, ask for rectification of the Participant’s Data and stop, for legitimate reason, the Data processing.  Furthermore, the Participant is aware that the Participant’s Data will not be used for direct marketing purposes.  In addition, the Data provided can be reviewed and questions or complaints can be addressed by contacting the Participant’s human resources department.

Plan Document Acknowledgement.  In accepting the Option, the Participant acknowledges that he or she has received a copy of the Plan and this Agreement and has reviewed the Plan and this Agreement, in their entirety and fully understands and accepts all provisions of the Plan and this Agreement.

The Participant further acknowledges that he or she has read and specifically and expressly approves the following sections of the Agreement: Sections 4, 6, 9 and 18; and the Data Privacy section included in this Appendix.

 

 

 

Notifications

Foreign Account / Assets Reporting Information.  If the Participant is an Italian resident and holds investments or financial assets outside of Italy (e.g., cash, Options, shares) during any fiscal year which may generate income taxable in Italy (or if the Participant is the beneficial owner of such an investment or asset even if the Participant does not directly hold the investment or asset), the Participant is required to report such investments or assets on his or her annual tax return for such fiscal year (on UNICO Form, RW Schedule, or on a special form if the Participant is not required to file a tax return).

Poland

There are no country-specific provisions.

Singapore

Notifications

Securities Law Notice.  The grant of the Option is being made pursuant to the “Qualifying Person” exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”) under which it is exempt from the prospectus and registration requirements under the SFA and is not made to the Participant with a view to the shares being subsequently offered for sale to any other party.  The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore.  The Participant should note that the Option is subject to section 257 of the SFA and the Participant should not make (i) any subsequent sale of the shares in Singapore, or (ii) any offer of such subsequent sale of the shares in Singapore, unless such sale or offer is made: (a) after six (6) months from the Grant Date; or (b) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA. 

Chief Executive Officer and Director Notification Obligation.  The Chief Executive Officer (“CEO”), directors, associate directors or shadow directors of a Singapore Affiliated Entity are subject to certain notification requirements under the Singapore Companies Act.  Specifically, such individuals must notify the Singapore Affiliated Entity in writing of an interest (e.g., Options, shares of Common Stock, etc.) in the Company or any related company within two business days of (i) its acquisition or disposal, (ii) any change in a previously-disclosed interest (e.g., upon exercise of Options or when shares acquired under the Plan are subsequently sold), or (iii) becoming CEO or a director.

United Kingdom

Terms and Conditions

Taxes.  This provision supplements Section 9 of the Agreement:

If payment or withholding of any income tax due is not made within 90 days of the end of the U.K. tax year giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the Participant agrees that the amount of any uncollected income tax shall (assuming the Participant is not a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act)), constitute a loan owed by the Participant to the Employer, effective on the Due Date.  The Participant agrees that the loan will bear interest at the then-current HM Revenue & Customs (“HMRC”) Official Rate and it will be immediately due and repayable, and the Company and/or the Employer may recover it at any time thereafter by any of the means referred to in this Section 9.  If the Participant is a director or executive officer and income tax is not collected from or paid by him or her by the Due Date, the amount of any uncollected income tax may constitute a benefit to the Participant on which additional income tax and national insurance contributions (“NICs”) may be payable.  The Participant will be responsible for reporting any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company and/or the Employer for the value of any employee NICs due on this additional benefit, which the Company and/or the Employer may recover at any time thereafter by any of the means referred to in this Section 9.ExVPBFRailLoanAgreementFirstAmendment-formerge

EXECUTION VERSION

FIRST AMENDMENT TO LOAN AGREEMENT
FIRST AMENDMENT (this “Amendment”), dated as of April 29, 2015 (the “First Amendment Closing Date”), among PBF Rail Logistics Company LLC (“PBF Rail” or the “Borrower”), Crédit Agricole Corporate and Investment Bank (“CA-CIB”), in its capacity as Administrative Agent for the Lenders (in such capacity, and together with its successors and assigns, the “Administrative Agent”), Deutsche Bank Trust Company Americas, in its capacity as Collateral Agent for the Protected Parties referred to therein (in such capacity and, together with its successors and assigns, the “Collateral Agent”), CA-CIB, as Lead Arranger (in such capacity, the “Lead Arranger”), DVB Bank SE, as Syndication Agent, ING Bank, a Branch of ING-DiBa AG, as Documentation Agent, the Continuing Lenders (as defined below) executing this Amendment on the signature pages hereto and the New Lenders (as defined below) executing this Amendment on the signature pages hereto, to the Loan Agreement, dated as of March 26, 2014 (as heretofore amended, restated or otherwise modified from time to time, the “Loan Agreement”), between the Borrower, the Administrative Agent, the Collateral Agent, the Lead Arranger, Deutsche Bank Securities Inc., as Syndication Agent, DVB Bank SE, ING Bank NV and Siemens Financial Services, Inc., as Co-Documentation Agents.
WHEREAS, the parties hereto are party to the Loan Agreement;
WHEREAS, the terms used herein, including in the preamble and recitals hereto, not otherwise defined herein or otherwise amended hereby shall have the meanings ascribed thereto in the Loan Agreement;
WHEREAS, the parties hereto desire to amend the Loan Agreement in certain respects as set forth herein;
WHEREAS, each Lender party to the Loan Agreement immediately prior to the effectiveness of this Amendment that is executing a counterpart of this Amendment does not desire to transfer its all of its Loans as described below and does desire to consent to the amendments set forth herein (each, a ”Continuing Lender”);
WHEREAS, each Lender that does not desire to consent to the amendments set forth herein by executing a counterpart of this Amendment (each, a “Non-Continuing  Lender”) wishes to cease to be a party to the Loan Agreement as a “Lender” thereunder and will transfer all of its Loans to one or more Continuing Lenders on or prior to the First Amendment Closing Date;
WHEREAS, each Lender that is not a party to the Loan Agreement immediately prior to the effectiveness of this Amendment, and which is executing a counterpart of this Amendment (each, a “New Lender”) wishes to consent to the amendments set forth herein and to become a party to the Loan Agreement and a Lender thereunder as an assignee of a Loan from a Non-Continuing Lender;
NOW, THEREFORE, the parties hereto agree that the Loan Agreement shall be amended as set forth herein, and the parties hereto otherwise agree as follows:

	
			
	 
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Section 1.Definitions.  Except as otherwise defined herein, terms defined in the Loan Agreement are used herein as defined therein.
Section 2.    Amendments.  Subject to the satisfaction of the conditions precedent set forth below, but effective as of the First Amendment Closing Date, each party to this Amendment, other than the Non-Continuing Lenders, by its signature hereto agrees that the Loan Agreement is hereby amended as follows:
2.01    General.
(a)    References in the Loan Documents to “this Agreement” or the “Loan Agreement” or the like (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Loan Agreement as amended hereby.
(b)    Each Continuing Lender and each New Lender shall be deemed to be a “Lender” under and for all purposes of the Loan Agreement.
(c)    This Amendment shall constitute a “Loan Document”.
2.02    Amended and Restated Definitions.  Section 1.01 of the Loan Agreement shall be amended by amending and restating the following definitions in their entirety to read as follows:
“Advance Rate” means, (i) with respect to any Eligible Railcars financed on a date occurring during the period beginning on (and including) the First Amendment Closing Date and ending on (but not including) the first anniversary of the First Amendment Closing Date, 70% and (ii) with respect to any Eligible Railcars financed on a date occurring during the period beginning on (and including) the first anniversary of the First Amendment Closing Date and ending on (but not including) the second anniversary of the First Amendment Closing Date, 65%.
“Commitment” means the commitment of a Lender to make or otherwise fund any Loan and “Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Commitment, if any, is set forth on Schedule 2.01 or in the applicable Assignment and Acceptance, as applicable, subject to any adjustment or reduction pursuant to Section 2.08 and the other terms and conditions hereof. The aggregate amount of the Commitments as of the First Amendment Closing Date is $150,000,000.
“Interest Period” means (i) initially, the period from the Closing Date to the first Payment Date, and (ii) thereafter, the period from the last day of the immediately preceding Interest Period to the next succeeding Payment Date; provided that (x) with respect to any Funding Date that is not a Payment Date, the “Interest Period” means the period from such Funding Date to the immediately succeeding Payment Date, (y) the final Interest Period shall end on but exclude the Termination Date and (z) with respect to the Payment Date immediately succeeding the Amendment Effective Date, the “Interest Period” means the period from the Amendment Effective Date to such immediately succeeding Payment Date.”

	
			
	 
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“Termination Date” means the earlier of (i) April 29, 2017, (ii) the date on which all outstanding Credit Obligations of the Borrower have been repaid in full, and all Commitments have been terminated and (iii) the date that the balance of the Cash Collateral Reserve Account is less than $300,000.
“TSA” means the Transportation Services Agreement dated as of the Closing Date between the Borrower and PBF Holdings, as amended, supplemented, amended and restated or otherwise modified from time to time.
2.03    New Definitions.  Section 1.01 of the Loan Agreement shall be amended by adding the following definitions in appropriate alphabetical order:
“First Amendment Closing Date” means April 29, 2015.
“First Amendment” means the First Amendment to Loan Agreement, dated as of April 29, 2015, among the Borrower, the Continuing Lenders, the Non-Continuing Lenders, the Administrative Agent and the Collateral Agent.
“Relevant Value” means, with respect to each Portfolio Railcar, the amount equal to the lesser of (a) the Appraised Value of such Portfolio Railcar and (b) the Purchase Price of such Portfolio Railcar. 
2.04    Other Amendments
(a)    Section 2.09 of the Loan Agreement shall be amended and restated in its entirety to read as follows:
“SECTION 2.09.    Commitment Fees.
The Borrower shall pay to the Administrative Agent (or at the direction of the Administrative Agent) for the account of each Lender a fee (the “Commitment Fee”) on such Lender’s daily average Available Commitment for the period beginning on each Payment Date and ending on the immediately succeeding Payment Date, computed for each day at a per annum rate equal to 37.5 basis points (calculated on the basis of a year of 360 days and actual days elapsed). The Commitment Fee shall commence to accrue from and after the First Amendment Closing Date and shall be due and payable in arrears on each Payment Date on or prior to the Termination Date.”
(b)    Section 2.07(b) of the Loan Agreement shall be amended and restated in its entirety to read as follows:
“(b) Mandatory Prepayments. The Borrower shall be required to prepay Loans as provided in clauses (i), (ii) and (iii) of this Section 2.07(b). All payments under this Section 2.07(b) shall be accompanied by accrued interest on the principal amount being prepaid to the date of payment (and any amounts owed to any Lender pursuant to Article III hereof, if any).
(i) Following the existence of an Event of Default and acceleration of the

	
			
	 
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Loans as provided in Section 8.02(b), the outstanding Loans shall be paid immediately together with all other Credit Obligations owed hereunder.

(ii) Subject to Section 7.05, the Borrower shall prepay an amount equal to the sum of the Loans Allocable to each of the Eligible Railcars subject to consummated Asset Dispositions in accordance with Section 2.07(c)(ii) on the Net Cash Proceeds Distribution Date.

(iii) On the first Payment Date to occur after the first anniversary of the First Amendment Closing Date, the Borrower shall pay to the Administrative Agent for payment to the Lenders ratably (in accordance with the respective amount of principal then due and payable to each) an amount equal to the excess, if any, of (A) the outstanding principal balance of the Loans as of such Payment Date over (B) the product of (1) 65% and (2) the sum of the Relevant Values for all of the Portfolio Railcars, together with the accrued and unpaid interest on such amount and due and payable on such Payment Date.”
(c)    The proviso in Section 7.12 of the Loan Agreement shall be amended and restated in its entirety to read as follows:
“provided that, in the case of both clause (a) and clause (b), so long as no Default under Section 8.01(a) or Event of Default shall have occurred and be continuing, the Borrower may terminate the TSA on or after the second anniversary of the First Amendment Closing Date.”
(d)    Schedule 2.01 of the Loan Agreement shall be amended and restated in its entirety by replacing such schedule with the information contained in Exhibit A hereto.
(e)    Footnote 1 to Exhibit A of the Loan Agreement shall be amended and restated in its entirety to read as follows:
“The Advance Rate shall be 70% prior to the first anniversary of the First Amendment Closing Date and shall be 65% beginning on (and including) the first anniversary of the First Amendment Closing Date and ending on (but not including) the second anniversary of the First Amendment Closing Date”.
(f)    Exhibit I of the Loan Agreement shall be amended and restated in its entirety by replacing such exhibit with the information contained in Exhibit C hereto.
Section 3.    Outstanding Loans as of the First Amendment Closing Date 
3.01    Each Continuing Lender has made Loans to the Borrower pursuant to Section 2.01 of the Loan Agreement which, after giving effect to this Amendment and the transfer of (a) each Non-Continuing Lender’s Loans to the applicable Continuing Lenders or New Lenders, as applicable, and (b) certain Continuing Lender’s Loans to the applicable Continuing Lenders or New Lenders, as applicable, in each case, as of the First Amendment Closing Date have a principal amount outstanding as set forth opposite such Continuing Lender’s or New Lender’s name on Exhibit B hereto. 

	
			
	 
	4-
	 

3.02    It is acknowledged and agreed by each party hereto, other than the Non-Continuing Lenders, that interest on the Loans shall accrue after the Amendment Effective Date at the rate of interest that applied to the Loans immediately prior to the Amendment Effective Date until otherwise elected by the Borrower.
Section 4.    Representations and Warranties.  
4.01    The Borrower represents and warrants that the representations and warranties of the Borrower contained in Article V of the Loan Agreement (as amended hereby) and contained in each other Loan Document are true and correct on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date.
Section 5.    Conditions Precedent.  As provided in Section 2 above, the amendments to the Loan Agreement contemplated hereby shall become effective as of the date hereof, upon the satisfaction of the following conditions precedent:
5.01    The Administrative Agent (or its counsel) shall have received the signature pages to this Amendment duly executed by each of the parties hereto.
5.02    The Administrative Agent shall have received:  (i) a certificate as to the good standing of the Borrower from such Secretary of State, as of a recent date; (ii) a certificate of the Secretary or Assistant Secretary of the Borrower dated the First Amendment Closing Date and (A) certifying that the Organization Documents of the Borrower have not been amended since the Closing Date; (B) attaching and certifying a true and complete copy of resolutions duly adopted by the board of directors or other governing body of the Borrower authorizing the execution, delivery and performance of this Amendment and the TSA Amendment and that such resolutions have not been modified, rescinded or amended and are in full force and effect; and (C) certifying as to the incumbency and specimen signature of each officer executing this Amendment; and (iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to clause (ii) above.
5.03    The Administrative Agent shall have received a favorable written opinion dated the First Amendment Closing Date of Kirkland & Ellis LLP, counsel to the Borrower, PBF Holdings, PBF Transportation Company LLC and the TSA Guarantors, addressed to the Administrative Agent, the Collateral Agent and each Lender, in form and substance reasonably satisfactory to the Administrative Agent.
5.04    The Administrative Agent shall have received the duly executed First Amendment to the Transportation Services Agreement (the “TSA Amendment”).
5.05    The Administrative Agent shall have received a duly executed copy of the appraisal executed by RailSolutions, Inc. attached as Exhibit C to this Amendment.
5.06    Each Non-Continuing Lender shall have transferred its Loans to one or more Continuing Lenders or New Lenders.

	
			
	 
	5-
	 

5.07    Each Continuing Lender that desires to transfer a portion of its Loans shall have transferred such portion to one or more Continuing Lenders or New Lenders.
5.08    On the First Amendment Closing Date, no Default or Event of Default shall exist or be continuing either prior to or after giving effect thereto.
5.09    The Borrower shall have paid each Continuing Lender and each Non-Continuing Lender an amount equal to the accrued and unpaid interest on the Loans owing to each such Continuing Lender and Non-Continuing Lender during the period from the last day of the Interest Period immediately preceding the Amendment Effective Date to the Amendment Effective Date and any other amounts then due and owing to each such Continuing Lender and Non-Continuing Lender.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
For purposes of determining compliance with the conditions specified in this Section 5, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the Administrative Agent responsible for the transactions contemplated by this Amendment shall have received notice from such Lender prior to the First Amendment Closing Date specifying its objection thereto.  The Administrative Agent shall promptly notify the parties hereto of the occurrence of the First Amendment Closing Date.
Section 6.    Non-Continuing Lenders.  Subject to payment of amounts due and owing to them in accordance herewith, effective as of the First Amendment Closing Date, each Non-Continuing Lender shall cease to be, and shall cease to have any of the rights and obligations of, a “Lender” under the Loan Agreement (except for those provisions that provide for their survival, which provisions shall survive and remain in full force and effect for the benefit of the Non-Continuing Lenders) and the Commitments of each Non-Continuing Lender shall be terminated.  
Section 7.    Acknowledgment and Ratification.  The Borrower hereby acknowledges that it has reviewed the terms and provisions of this Amendment and consents to the modifications effected pursuant to this Amendment.  The Borrower hereby confirms that at all times Credit Obligations remain outstanding under the Loan Documents and each Loan Document, as amended hereby, to which it is a party or otherwise bound and all collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent provided in accordance with the Loan Documents, as amended hereby, the payment and performance of all Credit Obligations, and confirms its grants to the Collateral Agent of a continuing lien on and security interest in and to all Collateral as collateral security for the prompt payment and performance in full when due of the Credit Obligations.  The Borrower hereby agrees and admits that as of the date hereof it has no defenses to or offsets against any of its obligations to the Administrative Agent or any Lender under the Loan Documents.
Section 8.    Miscellaneous.  Each Continuing Lender and New Lender by its signature hereto instructs the Administrative Agent to execute this Amendment and each Non-Continuing Lender by its signature hereto instructs the Administrative Agent to execute this Amendment other than with respect to Section 2.  The Administrative Agent hereby directs the Collateral Agent to execute this Amendment and the TSA Amendment.  Except as provided in this Amendment and in 

	
			
	 
	6-
	 

the TSA Amendment, the Loan Agreement and the other Loan Documents shall remain unchanged and in full force and effect.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment.  This Amendment shall be governed by, and construed in accordance with, the law of the State of New York.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first set forth above.
                        

	
			
	 
	7-
	 

	
		
	 
	BORROWER:

	 
	 

	 
	PBF RAIL LOGISTICS COMPANY LLC

	 
	 

	 
	By: /s/ John Luke

	 
	Name: John Luke

	 
	Title: Treasurer

	
			
	 
	8-
	 

	
		
	 
	ADMINSTRATIVE AGENT AND LEAD ARRANGER

	 
	 

	 
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

	 
	 

	 
	By: /s/ Robert G. Colvin

	 
	Name: Robert G. Colvin

	 
	Title: Managing Director

	 
	 

	 
	By: /s/ Justine Ventrelli

	 
	Name: Justine Ventrelli

	 
	Title: Vice President

	
		
	 
	COLLATERAL AGENT

	 
	 

	 
	DEUTSCHE BANK TRUST COMPANY

	 
	AMERICAS

	 
	By: /s/ Jennifer Van Dyne

	 
	Name: Jennifer Van Dyne

	 
	Title: Assistant Vice President

	 
	 

	 
	By: /s/ Andrew Ball

	 
	Name: Andrew Ball

	 
	Title: Vice President

	
			
	 
	9-
	 

	
		
	 
	CONTINUING LENDERS

	 
	 

	 
	LENDER: DVB Bank SE

	 
	 

	 
	By: /s/ Volker Eberhart

	 
	Name: Volker Eberhart

	 
	Title: Vice President

	 
	 

	 
	By: /s/ Jann Gertjegerdes

	 
	Name: Jann Gertjegerdes

	 
	Title: Vice President

	
			
	 
	10-
	 

	
		
	 
	CONTINUING LENDERS

	 
	 

	 
	LENDER: Key Equipment Finance

	 
	 

	 
	By: /s/ Richard Andersen 

	 
	Name: Richard Andersen

	 
	Title: Designated Signer

	
			
	 
	11-
	 

	
		
	 
	CONTINUING LENDERS

	 
	 

	 
	LENDER: SIEMENS FINANCIAL SERVICES, INC.

	 
	 

	 
	By: /s/ Michael Holvik

	 
	Name: Michael Holvik

	 
	Title: VP Head of Business Administration, PSI-Americas

	 
	 

	 
	By: /s/ Kevin S. Keaton 

	 
	Name: Kevin S. Keaton

	 
	Title: Director, Operations

	
			
	 
	12-
	 

	
		
	 
	CONTINUING LENDERS

	 
	 

	 
	LENDER: Fifth Third Bank

	 
	 

	 
	By: /s/ Sean D. Kelleher

	 
	Name: Sean D. Kelleher

	 
	Title: Vice President

	
			
	 
	13-
	 

	
		
	 
	CONTINUING LENDERS

	 
	 

	 
	LENDER: CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

	 
	 

	 
	By: /s/ Brian Bolotin

	 
	Name: Brian Bolotin

	 
	Title: Managing Director

	 
	 

	 
	By: /s/ Thomas Jean

	 
	Name: Thomas Jean

	 
	Title: Director

	
			
	 
	14-
	 

	
		
	 
	CONTINUING LENDERS

	 
	 

	 
	LENDER: Santander Bank, NA

	 
	 

	 
	By: /s/ Aidan Lanigan

	 
	Name: Aidan Lanigan

	 
	Title: Senior Vice President

	 
	 

	 
	By: /s/ Puiki Lok

	 
	Name: Puiki Lok

	 
	Title: Vice President

	
			
	 
	15-
	 

	
		
	 
	NON-CONTINUING LENDERS

	 
	 

	 
	LENDER: The Huntington National Bank

	 
	 

	 
	By: /s/ Joel Hardman

	 
	Name: Joel Hardman

	 
	Title: Vice President

	
			
	 
	16-
	 

	
		
	 
	NON-CONTINUING LENDERS

	 
	 

	 
	LENDER: ING BANK N.V.

	 
	 

	 
	By: /s/ Bastiaan Bierens 

	 
	Name: Bastiaan Bierens

	 
	Title: Director

	 
	 

	 
	By: /s/ Jules Oscar E. Kollmann 

	 
	Name: Jules Oscar E. Kollmann

	 
	Title: Managing Director

	
			
	 
	17-
	 

	
		
	 
	NON-CONTINUING LENDERS

	 
	 

	 
	LENDER: HSBC Bank USA, N.A.

	 
	 

	 
	By: /s/ Koby West

	 
	Name: Koby West

	 
	Title: Vice President

	
			
	 
	18-
	 

	
		
	 
	 

	 
	 

	 
	BTMU CAPITAL LEASING & FINANCE, INC.

	 
	 

	 
	By: /s/ Gregory Register

	 
	Name: Gregory Register

	 
	Title: Managing Director

	
			
	 
	19-
	 

	
		
	 
	NEW LENDERS

	 
	 

	 
	LENDER: ING Bank, a Branch of ING DiBa AG

	 
	 

	 
	By: /s/ Hugo Kanters

	 
	Name: Hugo Kanters

	 
	Title: Managing Director

	 
	 

	 
	By: /s/ Crina L. Nechifor

	 
	Name: Crina L. Nechifor

	 
	Title: Head Natural Resource and SMEF

	
			
	 
	20-
	 

EXHIBIT A
Schedule 2.01
LENDERS AND COMMITMENTS
	
			
	Lender
	Total Commitment
	Share

	Crédit Agricole Corporate and Investment Bank
	25,000,000.00
	16.6667%

	DVB Bank SE
	43,000,000.00
	28.6667%

	ING Bank, a Branch of ING DiBa AG
	38,000,000.00
	25.3333%

	Siemens Financial Services, Inc.
	15,000,000.00
	10.0000%

	Key Equipment Finance
	10,000,000.00
	6.6667%

	Santander Bank, N.A.
	10,000,000.00
	6.6667%

	Fifth Third Bank
	9,000,000.00
	6.0000%

	Total
	   150,000,000.00
	100.0000%

	
			
	 
	21-
	 

EXHIBIT B

FIRST AMENDMENT CLOSING DATE LOAN AMOUNTS
	
		
	Lender
	First Amendment Closing Date Loans (Outstanding Amount)

	Crédit Agricole Corporate and Investment Bank
	$6,139,306.66

	DVB Bank SE
	$10,559,607.47

	ING Bank, a Branch of ING-DiBa AG
	$9,331,746.13

	Siemens Financial Services, Inc.
	$3,683,584.00

	Key Equipment Finance
	$2,455,722.67

	Santander Bank, N.A.
	$2,455,722.67

	Fifth Third Bank
	$2,210,150.40

	Total
	$36,835,840.00

	
			
	 
	22-
	 

EXHIBIT C

	
			
	 
	23-

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