Document:

Exhibit 10.16 

westwood holdings group, inc.

Mutual fund share incentive Agreement

This AGREEMENT is made as of the ____ day of March [YEAR], by and between WESTWOOD HOLDINGS GROUP, INC. (the “Company” and, together with its subsidiaries, “WHG”), and MARK FREEMAN (“Participant”), pursuant to the Westwood Holdings Group, Inc. Stock Incentive Plan (the “Plan”). Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them under the Plan.

WHEREAS, Participant is a valued WHG employee engaged in WHG’s mutual fund management business, in connection with the Westwood Income Opportunity Fund - Institutional Share Class (WHGIX) (the “Fund”); and

WHEREAS, the Compensation Committee of the Company’s Board of Directors (the “Committee”) desires to provide Participant with an opportunity to earn incentive compensation for 2014 based upon the performance of the Fund for that year. 

NOW, THEREFORE, the Company and Participant hereby agree as follows:

1.Grant of Incentive Opportunity. The Company hereby grants to Participant the opportunity to earn an incentive compensation award under the Plan for the twelve-month period beginning January 1, [YEAR] and ending December 31, [YEAR] (the “Performance Period”), in an amount and upon the terms and conditions set forth in this Agreement. This opportunity is intended to be a Performance-Based Award under the Plan and the terms and conditions of this Agreement will be construed and applied accordingly. 

2.Performance Rating. The Morningstar rating assigned to the Fund for the Performance Period shall be the Overall Rating reflecting Fund performance through December 31 of the Performance Period (the “Morningstar Rating”) as published by Morningstar on or about the third business day following the end of the Performance Period.  Similarly, the Morningstar Risk Rating assigned to the Fund for the Performance Period shall be the 3-Year Risk Rating reflecting Fund performance through December 31 of the Performance Period (the “Morningstar Risk Rating”) as published by Morningstar on or about the third business day following the end of the Performance Period.

3.Amount. 

(a)General. The amount, if any, of the incentive compensation that may be earned by Participant under this Agreement (the “Performance Bonus”) shall be equal to $500,000 (the “Target Bonus Amount”) multiplied by the Applicable Percentage, determined in accordance with the following table based upon the Morningstar Rating assigned to the Fund for the Performance Period.  In the event the Fund is classified by Morningstar in the Moderate Allocation Category, as reported by Morningstar at the end of the Performance Period, and the Fund’s Morningstar Risk Rating for the Performance Period is “Below Average” or “Low”, then the Performance Bonus shall be equal to the Target Bonus Amount multiplied by the Alternate Percentage, determined in accordance with the following table based upon the Morningstar Rating assigned to the Fund for the Performance Period.  In all other cases, the Applicable Percentage will apply.

 

			
	
Morningstar Rating
	
Applicable Percentage
	
Alternate Percentage

	
5 Stars
	
200%
	
200%

	
4 Stars
	
100%
	
200%

	
3 Stars
	
0%
	
100%

Other than as set forth above, no Performance Bonus will be awarded under this Agreement if the Morningstar Rating of the Fund is less than 4 stars. The amount of the Performance Bonus, if any, earned by Participant under this Agreement will be determined by the Committee and communicated to Participant promptly after the applicable Morningstar Rating, Morningstar Risk Rating, and Morningstar Category is published at the end of the Performance Period. 

(b)Termination of Employment During Performance Period. Unless otherwise specified in this subparagraph, no Performance Bonus will be earned and payable under this Agreement if Participant’s employment terminates before the end of the Performance Period. Notwithstanding the foregoing, if the Participant’s employment terminates during the Performance Period by reason of the Participant’s death or Disability, then the deceased Participant’s Beneficiary or the Participant, as the case may be, will be entitled to receive an amount equal to the product of (1) the Performance Bonus that would have been earned for the Performance Period if the Participant’s employment had continued, multiplied by (2) the percentage of the Performance Period elapsed as of the date of the Participant’s termination of employment (or such greater percentage not to exceed 100% as the Committee, acting in its 

 

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sole discretion, may determine). The amount, if any, payable to the Beneficiary (or the disabled Participant, as the case may be) will be determined promptly after the applicable Morningstar Rating and Morningstar Category is published as set forth above and will be paid to the Beneficiary (or the disabled Participant) as soon as practicable (but not more than 30 days) after such determination is made. 

4.Account. As soon as practicable after the determination that the award is payable (but not more than 15 business days after the end of the Performance Period), the amount of such Performance Bonus will be credited to a bookkeeping account established by the Company in Participant’s name (the “Account”). The Committee will formally approve the award at the next Committee meeting following the funding of the Account. The amount credited to Participant’s Account will be converted on a notional basis into a number of shares of the Fund (the “Fund Shares”) equal to the Performance Bonus amount divided by the net closing value of a Fund share on the date the Performance Bonus amount is credited to the Account.  The value of Participant’s Account will be adjusted (up or down) to reflect changes in the net value of the Fund Shares credited to the Account. If and when distributions are paid by the Fund with respect to its shares, the Company will credit Participant’s Account with additional Fund shares having a value equal to the amount of the distributions that would have been payable if the shares credited to the Account were issued and outstanding.  Participant will receive or have access to monthly statements of the Account. Neither the Company nor the Committee nor any other person acting for or on behalf of the Company or the Committee shall have any responsibility for the investment performance of the Fund Shares in which Participant’s Account is notionally invested, and shall have no liability to Participant or any other person with respect to any other matters relating to the notional investment of the Account.

5.Vesting in Account. 

(a)General. Participant’s right to receive payment of the Account will become vested twelve (12) months from December 31, [YEAR], which is the end of the Performance Period (the “Stated Vesting Date”), subject to Participant’s continuous employment with WHG.  If Participant’s employment with WHG terminates before the Stated Vesting Date (or before an Accelerated Vesting Date, as described below), the Participant will forfeit the entire Account balance and will have no further rights under or in respect of this Agreement, except where vesting terms that are more favorable to the Participant are specified elsewhere in this Agreement, in the employment agreement between Westwood Holdings Group, Inc. and Participant effective February 7, 2012, or as determined by the Committee (in its sole discretion), the vesting terms most favorable to the  Participant shall control.

(b)Termination Due to Death or Disability. If Participant’s employment with WHG terminates before the Stated Vesting Date by reason of Participant’s death, then, at the time of such termination (the “Accelerated Vesting Date”), Participant’s Account will become fully vested and non-forfeitable. If the Participant’s employment with WHG is terminated before the Stated Vesting Date by reason of Participant’s Disability, then the Committee, acting in its discretion, may determine that some or all of the disabled Participant’s Account will become vested and payable (as opposed to being forfeited) and, to the extent vesting is so accelerated, the date of the Participant’s termination of employment will be deemed to be an Accelerated Vesting Date for the purposes hereof. Any determination to accelerate vesting of the disabled Participant’s Account will be made as soon as practicable (but not more than 60 days) after the date the Participant’s employment is terminated. 

6.Change in Control. If a Change in Control occurs before the Stated Vesting Date (or an Accelerated Vesting Date) and if the acquiring or successor company does not assume the obligations of the Company under this Agreement, then, immediately prior to the Change in Control, Participant’s Account will become fully vested and non-forfeitable. If a Change in Control occurs before the Stated Vesting Date and if the acquiring or successor company assumes the obligations of the Company under this Agreement, then Participant’s Account will continue to be subject to the vesting conditions set forth herein; provided, however, that, if Participant’s employment is subsequently terminated before the Stated Vesting Date or an Accelerated Vesting Date (other than termination by Participant’s employer for Cause or voluntary termination by Participant without Good Reason), then, at the time of such termination of employment, Participant’s Account will become fully vested and non-forfeitable. 

7.Distribution of Vested Account. If Participant’s Account becomes vested in accordance with this Agreement, the amount credited to Participant’s vested Account will be payable to Participant (or Participant’s Beneficiary, as the case may be) on or as soon as practicable (but not more than 30 days) after the vesting date. Unless the Committee determines otherwise, Participant’s vested Account will be paid in the form of shares of the Fund (equal in number to the number of shares credited to the Account at the end of the day immediately preceding the distribution date. Such shares may be transferred by the Company to a Westwood Trust account owned by Participant (or Participant’s Beneficiary). The Committee may direct that all or part of the amount of Participant’s vested Account be distributed in the form of cash or other property. Any distribution or payment made in settlement of Participant’s Account will be subject to the satisfaction of applicable tax withholding requirements. If and to the extent the Account is settled in the form of Fund shares, the Committee may withhold Fund shares having a net share value sufficient to cover all or part of the tax withholding obligation. The Committee may also cause the tax withholding obligation to be satisfied in whole or in part from salary and/or incentive compensation otherwise payable to Participant outside of this Agreement. 

 

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8.Funding. The Company may purchase shares of the Fund corresponding to the Fund shares that are notionally credited to Participant’s Account in order to enable the Company to fund its obligations under this Agreement. Any such shares will be owned by and held in the name of the Company, and neither Participant or Participant’s Beneficiary (or any other person claiming through or under Participant or Participant’s Beneficiary) shall have any legal or equitable ownership interest in, or lien on, such shares or any other assets of the Company that may be set aside or earmarked for the satisfaction of the Company’s obligations under this Agreement. If the Company elects to maintain a separate fund or makes specific investments to fund its obligations under this Agreement, the Company reserves the right, in its sole discretion, to terminate such method of funding at any time, in whole or in part. Nothing contained herein and no action taken by the Company pursuant to the provisions hereof shall be deemed to create a trust of any kind or a fiduciary relationship between Participant or Participant’s Beneficiary (or other interested person) and the Company or the Committee (or any of its or their affiliates, agents or employees), or require the Company to maintain or set aside any specific funds for the purpose of paying any amounts that may become payable hereunder. Any amount payable to a Participant or Beneficiary pursuant to the Plan shall be paid from the general assets of the Company. Nothing contained herein and no action taken by the Company pursuant to the provisions hereof shall be deemed to create a trust of any kind or a fiduciary relationship between any Participant or Beneficiary (or other interested person) and the Company or the Committee (or any of its or their affiliates, agents or employees), or require the Company to maintain or set aside any specific funds for the purpose of paying any amounts that may become payable hereunder. To the extent that a Participant or Beneficiary acquires any rights to receive payments under the Plan, such rights shall be no greater than the rights of any unsecured general creditor of the Company. If and to the extent that Participant or Participant’s Beneficiary has the right to receive payments under this Agreement in settlement of Participant’s vested Account, such right shall be that of a general unsecured creditor of the Company, it being understood that the Company’s obligations hereunder are unfunded and unsecured for purposes of applicable law.

9.Miscellaneous. 

(a)This Agreement supersedes any prior agreement or understanding, written or oral, with respect to the subject matter, except the employment agreement between Westwood Holdings Group, Inc. and Participant effective February 7, 2012.  This Agreement  may be amended only by written agreement signed by both parties.

(b)No right or interest of Participant (or Participant’s Beneficiary) under this Agreement may be assigned, alienated, pledged, hypothecated or otherwise transferred by Participant (or Participant’s Beneficiary), and any attempt to do so shall be null and void. 

(c)Nothing contained in this Agreement shall be deemed to constitute a contract of employment between Participant and any member of WHG, or to give Participant any right to be retained in the employ or other service of any member of WHG, or to interfere with the right of any member of WHG to terminate or modify the terms of Participant’s employment. Similarly, nothing contained in this Agreement shall give Participant any right to receive future awards of incentive compensation, whether under the Plan or otherwise. 

(d)The bonus opportunity covered by this Agreement is intended to be exempt from Section 409A of the Internal Revenue Code of 1986 pursuant to the “short-term deferral” exemption set forth in Treasury Regulation §1.409A-1(b)(4). This Agreement will be administered, interpreted and applied accordingly. Notwithstanding the foregoing, Participant will be solely responsible for satisfying any tax obligations, including any related penalty and interest assessments, resulting from the compensation, if any, earned by Participant hereunder.   

(e)Except as otherwise preempted by the laws of the United States, this Agreement and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of the State of Texas, without giving effect to its conflict of law provisions.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

 

	
WESTWOOD HOLDINGS GROUP, INC.

	
 

By:
	
 
	
 

	
 
	
 
	
Brian O. Casey

	
 
	
 
	
President and Chief Executive Officer

	
 

PARTICIPANT:

	
 

By:
	
 
	
 

	
 
	
 
	
Mark Freeman

	
 
	
 
	
Executive Vice President, Chief Investment Officer

 

 

- 3 -Exhibit 10.8 PBF-IncreaseAgreementExecutionVersion1187752_8_HN1

EXHIBIT 10.8

INCREASE AGREEMENT

THIS INCREASE AGREEMENT, dated as of December 5, 2014 (this “Agreement”), by and among the institutions set forth on Schedule 1 hereto (each an “Incremental Lender” and collectively the “Incremental Lenders”), PBF LOGISTICS LP, a Delaware limited partnership (the “Borrower”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”), Swingline Lender and L/C Issuer.

RECITALS:

WHEREAS, reference is hereby made to that certain Revolving Credit Agreement, dated as of May 14, 2014, by and among the Borrower, each lender (collectively, the “Lenders” and individually, a “Lender”) from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent, Swingline Lender and L/C Issuer (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not otherwise defined herein being used herein as therein defined); and

WHEREAS, subject to the terms and conditions of the Credit Agreement, Borrower may increase the existing Commitments (such increased Commitments, the “Incremental Revolving Facility  Commitments”)  by  entering  into  one  or  more  increase  agreements  with  the  Incremental Lenders;

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

SECTION 1.    Incremental Revolving Facility Commitments.

(a)        Each Incremental Lender party hereto hereby agrees to commit to provide its respective Incremental Revolving Facility Commitment as set forth on Schedule 1 annexed hereto, on the terms and subject to the conditions set forth below.

(b)        On the Effective Date (as defined below), (i) each of the existing Lenders that is not an Incremental Lender shall be deemed to assign to each of the Incremental Lenders (including those that are existing Lenders), and each of the Incremental Lenders shall be deemed to purchase from each of the applicable existing Lenders, at the principal amount thereof (i.e., at par), such interests in the outstanding Loans and participations in Letters of Credit and Swingline Loans outstanding on the Effective Date that will result in, after giving effect to all such deemed assignments and purchases, such Loans and participations  in  Letters  of  Credit  and  Swingline  Loans  being  held  by  existing  Lenders  and  the Incremental Lenders ratably in accordance with their Commitments after giving effect to the addition of the Incremental Revolving Facility Commitments hereby as described on Schedule 2 annexed hereto; (ii) each Incremental Revolving Facility Commitment shall be deemed, for all purposes, a Commitment and each Loan made thereunder shall be deemed, for all purposes, a Loan and have the same terms as any existing Loan and (iii) each Incremental Lender (that is not an existing Lender) shall become a Lender with respect to the Commitments and all matters relating thereto.

(c)        Each Incremental Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender or agent thereunder and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or

not taking action under the Credit Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.

(d)    For purposes of the Credit Agreement, the initial notice address of each Incremental
Lender shall be as set forth below its signature below.

(e)        For   each   Incremental   Lender   that   is   a   Foreign   Lender,   delivered   herewith   to Administrative Agent are such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such Incremental Lender may be required to deliver to Administrative Agent pursuant to Section 3.1(e) of the Credit Agreement.

(f)         Immediately after the Effective Date, the available increase in the Lenders’ Commitments pursuant to Section 2.13 of the Credit Agreement, subject to the terms and conditions thereof and the terms  of  the  Credit  Agreement,  shall  be  $275,000,000.  Immediately  after  the  Effective  Date,  each Lender’s Commitments pursuant to the Credit Agreement shall be as set forth on Schedule 2 hereto.

SECTION 2.    Incremental Revolving Facility Commitments.

		
	(a)
	Section 1.01 of the Credit Agreement is hereby amended as follows: (i)    By inserting the following defined terms:

“First Incremental Joinder” shall mean that certain Increase Agreement, dated as of December 5, 2014, among the Borrower, the Administrative Agent and the Incremental Lenders party thereto.

“First Incremental Joinder Effective Date” shall mean the “Effective Date” as defined in the First Incremental Joinder.
		
	(ii)
	by replacing the defined term “Commitment” in its entirety with the following: “Commitment” means, as to each Lender, its obligation to (a) make Loans to the

Borrower pursuant to Section 2.1, (b) purchase participations in L/C Obligations
and  (c)  purchase  participations  in  Swingline  Obligations,  in  an  aggregate principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender’s name on Schedule 2.1 under the caption “Commitment”
or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be
adjusted from time to time in accordance with this Agreement.  The amount of
each Lender’s Commitment, as of the First Incremental Joinder Effective Date, is set forth on Schedule 2.1, or in the Assignment and Assumption pursuant to
which such Revolving Facility Lender shall have assumed its Commitment, as
applicable.  The aggregate amount of the Commitments on the First Incremental
Joinder Effective Date is $325,000,000.

(b)    Schedule 2.1 of the Credit Agreement is hereby replaced by Schedule 2 hereof:

SECTION 3.     Confirmation of Loan Documents.  The Borrower hereby confirms and ratifies all of its obligations under the Loan Documents to which it is a party, including its obligations and the Liens granted by it under the Collateral Documents to which it is a party and confirms that all references in such Collateral  Documents  to  the  “Credit  Agreement”  (or  words  of  similar  import)  refer  to  the  Credit Agreement as amended and supplemented hereby without impairing any such obligations or Liens in any respect.

SECTION 4.     Conditions  to  Effectiveness.    The  effectiveness  of  this  Agreement  and  the obligations of the Incremental Lenders to make Loans under the Incremental Revolving Facility Commitments hereunder are subject to the satisfaction or waiver of each of the following conditions (the date on which such conditions are satisfied or waived, the “Effective Date”):

(a)        The  Administrative  Agent  shall  have  received  (i)  a  counterpart  of  this  Agreement, executed and delivered by the Borrower and each Incremental Lender party hereto, (ii) a reaffirmation agreement in form and substance reasonably satisfactory to the Administrative Agent, executed and delivered by each of the Loan Parties with respect to its obligations and the Liens granted by it under the Collateral Documents and (iii) a reaffirmation agreement in form and substance reasonably satisfactory to the Administrative Agent, executed and delivered by PBF Energy Company LLC, a Delaware limited liability company (the “Parent”), with respect to its obligations under that certain Amended and Restated Guaranty of Collection, dated as of September 30, 2014 (as may be amended, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty of Collection”), among the Parent, the Administrative Agent and Wells Fargo Bank, National Association, as administrative agent under the Term Loan Agreement.

(b)        The Administrative Agent shall have received, on behalf of itself, the Lenders and each L/C Issuer on the Effective Date, a customary legal opinion of Kirkland & Ellis LLP, special counsel to the Loan Parties, dated as of the Effective Date (subject to customary carve-outs and qualifications).

(c)       The Administrative Agent shall have received a certificate, executed on behalf of the Borrower by a Responsible Officer of the Borrower, which certificate shall certify (i) as of the Effective Date, giving effect to amounts drawn or to be drawn under the Facility as increased by this Agreement as of the Effective Date, compliance with the financial covenants contained in Section 7.11 of the Credit Agreement on a Pro Forma Basis as of the last day of the most recent fiscal quarter of the Borrower for which financial statements have been delivered pursuant to Section 6.1(a) or (b) of the Credit Agreement, and (ii) that before and after giving effect to the incurrence of the Incremental Revolving Facility Commitments, (x) the representations and warranties contained in Article V of the Credit Agreement and the other Loan Documents are true and correct in all material respects (except with respect to representations and warranties which are expressly qualified by materiality, which shall be true and correct in all respects) on and as of the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects  (except  with  respect  to  representations  and  warranties  which  are  expressly  qualified  by materiality, which shall be true and correct in all respects) as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 5.5 of the Credit Agreement shall be deemed to refer to the most recent statements of Borrower and its Subsidiaries furnished pursuant to clauses (a) and (b), respectively, of Section 6.1 of the Credit Agreement and (y) no Event of Default exists.

(d)        Wells Fargo Securities, LLC, or an affiliate thereof, shall have received all fees due and payable under that certain Engagement Letter, dated as of November 12, 2014, by and between it and the Borrower.

(e)       The Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to the Effective Date.

(f)         The Administrative Agent shall have received with respect to the Borrower and each other  Loan  Party  (i) certificates  of  good  standing  as  of  a  recent  date  issued  by  the  appropriate Governmental Authority of the state or jurisdiction of its incorporation or organization, where applicable; (ii) a certificate of the Secretary or Assistant Secretary of each Loan Party dated the Effective Date and certifying (A) that there have been no changes to the Organization Documents of such Loan Party from those most recently delivered to the Administrative Agent in connection with the Credit Agreement and that such documents remain in full force and effect, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the board of directors or other governing body of such Loan Party (and, if applicable, any parent company of such Loan Party) authorizing the execution, delivery and performance of this Agreement and any related Loan Documents and the borrowings hereunder and thereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect.

(g)        The  Administrative  Agent  shall  have  received  flood  certification(s)  from  a  firm reasonably acceptable to the Administrative Agent covering any buildings (defined as structures with four walls and a roof) constituting Collateral showing whether or not such buildings are located in a special flood hazard area subject to federal regulation to mandatory flood insurance requirements.

(h)        The Administrative Agent shall have received a Note executed by the Borrower in favor of each Lender requesting a Note.

SECTION 5.     Post-Closing Obligations. Within thirty (30) days after the Effective Date (or such later date as the Administrative Agent may agree in its sole discretion):

(a)        The  Administrative  Agent  shall  have  received  title  endorsements  (but  not  new  title policies) and amendments to each of the existing Mortgages effecting such changes thereto as the Administrative Agent or its counsel reasonably determines to be necessary or appropriate in connection with the transactions contemplated hereby, in each case, duly completed and executed (as applicable) in sufficient number of counterparts and in  proper form for recording, in form and substance reasonably satisfactory to Administrative Agent.

(b)        The Administrative Agent shall have received a customary legal opinion of one or more counsels to the Loan Parties, addressed to the Administrative Agent and each Lender, covering such matters as may be reasonably requested by the Administrative Agent in connection with the satisfaction of the requirements set forth in clause (a) above (subject to customary carve-outs and qualifications).

(c)        In connection with the satisfaction of the requirements set forth in clause (a) above, the Administrative Agent shall have received such other information, instruments and documents as it may reasonably request for the creation, continuation and perfection of Liens in favor of the Secured Parties as contemplated by the Loan Documents.

(d)        The Borrower shall have paid or made arrangements to pay all applicable recording taxes, fees, charges, costs and expenses required for the recording of any Collateral Documents or amendments or modifications thereto to be recorded in accordance with this Section 5.

SECTION 6.    Representations  and  Warranties  of  the  Borrower.    The  Borrower  hereby represents and warrants, as of the Effective Date, as follows:

(a)        Each  of  the  representations  and  warranties  contained  in  Article  V  of  the  Credit Agreement and in each of the other Loan Documents is true and correct in all material respects (except with respect to representations and warranties which are expressly qualified by materiality, which shall be true and correct in all respects) on and as of the Effective Date as if made on and as of such date except to the extent that such representations and warranties expressly specifically refer to an earlier date (in which case such representations and warranties are true and correct in all material respects as of such earlier date).

(b)    No Event of Default exists, both before and after giving effect to the incurrence of the
Incremental Revolving Facility Commitments.

SECTION 7.    Effects on Loan Documents.

(a)        Except as specifically amended herein, all Loan Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

(b)        The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of the Loan Documents.

(c)        The Borrower and the other parties hereto acknowledge and agree that this Agreement shall constitute a Loan Document.

SECTION 8.    Amendments; Execution in Counterparts.

(a)        This Agreement shall not constitute an amendment of any other provision of the Credit Agreement not referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Borrower that would require a waiver or consent of the Lenders or the Administrative Agent.  Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.

(b)        This Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed by the Borrower, the Administrative Agent, the Incremental Lenders and the other Lenders party hereto.  This Agreement may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile or other electronic submission shall be effective as delivery of a manually executed counterpart hereof.

SECTION 9.     GOVERNING  LAW;  WAIVER  OF  JURY  TRIAL.    THIS  AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO  REPRESENTATIVE,  AGENT  OR  ATTORNEY  OF  ANY  OTHER  PERSON  HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER

THINGS,   THE   MUTUAL   WAIVERS   AND   CERTIFICATIONS    IN   THIS   SECTION   AND   IN SECTION 10.15 OF THE CREDIT AGREEMENT.

[Remainder of page intentionally left blank]

IN WITNESS  WHEREOF,  each  of the undersigned  has caused  its duly authorized  officer  to execute and deliver this Agreement as of the date set forth above.

	
					
	 
	 
	 
	PBF Logistics LP

	 
	 
	By:
	PBF Logistics GP LLC, its general partner

	 
	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Jeffrey Dill

	 
	 
	 
	Name:
	Jeffrey Dill

	 
	 
	 
	Title:
	Senior Vice President, General Counsel and Secretary

	 
	 
	 
	 
	 

[SIGNATURE PAGE TO INCREASE AGREEMENT]

	
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 

	as Administrative Agent, Swingline Lender
	 

	and L/C Issuer
	 

	 
	 
	 
	 
	 

	By:
	/s/ Andrew Ostrov
	 
	 
	 

	Name:
	Andrew Ostrov
	 
	 
	 

	Title:
	Director

[SIGNATURE PAGE TO INCREASE AGREEMENT]

	
					
	ROYAL BANK OF CANADA,
	 

	as an Incremental Lender
	 

	 
	 

	 
	 
	 
	 
	 

	By:
	/s/ Jason York
	 
	 
	 

	Name:
	Jason York
	 
	 
	 

	Title:
	Authorized Signatory

Initial Notice Address:

                

                

                

[SIGNATURE PAGE TO INCREASE AGREEMENT]

	
					
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
	 

	as an Incremental Lender
	 

	 
	 

	 
	 
	 
	 
	 

	By:
	/s/ Maria Ferradas
	 
	 
	 

	Name:
	Maria Ferradas
	 
	 
	 

	Title:
	Vice President

Initial Notice Address:

                

                

                

[SIGNATURE PAGE TO INCREASE AGREEMENT]

	
					
	BANK OF AMERICA, N.A.,
	 

	as an Incremental Lender
	 

	 
	 

	 
	 
	 
	 
	 

	By:
	/s/ David J. Bardwil
	 
	 
	 

	Name:
	David J. Bardwil
	 
	 
	 

	Title:
	Senior Vice President

Initial Notice Address:

                

                

                

[SIGNATURE PAGE TO INCREASE AGREEMENT]

	
					
	CREDIT AGRICOLE CORPORATE & INVESTMENT BANK,

	as an Incremental Lender
	 

	 
	 

	 
	 
	 
	 
	 

	By:
	/s/ David Gurghigian
	 
	 
	 

	Name:
	David Gurghigian
	 
	 
	 

	Title:
	Managing Director

	 
	 
	 
	 
	 

	By:
	/s/ Michael Willis
	 
	 
	 

	Name:
	Michael Willis
	 
	 
	 

	Title:
	Managing Director
	 
	 
	 

	 
	 
	 
	 
	 

Initial Notice Address:

                

                

                

[SIGNATURE PAGE TO INCREASE AGREEMENT]

	
					
	BNP PARIBAS,

	as an Incremental Lender
	 

	 
	 

	 
	 
	 
	 
	 

	By:
	/s/ Reginald Crichlow
	 
	 
	 

	Name:
	Reginald Crichlow
	 
	 
	 

	Title:
	Vice President

	 
	 
	 
	 
	 

	By:
	/s/ Mark Renaud
	 
	 
	 

	Name:
	Mark Renaud
	 
	 
	 

	Title:
	Managing Director
	 
	 
	 

	 
	 
	 
	 
	 

Initial Notice Address:

                

                

                

[SIGNATURE PAGE TO INCREASE AGREEMENT]

SCHEDULE 1
TO INCREASE AGREEMENT INCREMENTAL REVOLVING FACILITY COMMITMENTS
	
		
	 

	

Name of Incremental Lender
	

Incremental Revolving
Facility Commitments

	

Royal Bank of Canada
	$5,000,000.00

	

The Bank of Tokyo-Mitsubishi
UFJ, Ltd.
	

$10,000,000.00

	

Bank of America, N.A.
	$5,000,000.00

	

Credit Agricole Corporate & Investment Bank
	

$15,000,000.00

	

BNP Paribas
	$15,000,000.00

	 
	Total:  $50,000,000.00

SCHEDULE 2
TO INCREASE AGREEMENT

	
			
	 

	

Name of Lender
	

Revolving Facility
Commitments
	

Applicable Percentage

	

Wells Fargo Bank, National Association
	

$35,800,000.00
	

11.015384615%

	

Citibank, N.A.
	

$35,700,000.00
	10.984615390%

	

Deutsche Bank AG New York Branch
	

$35,700,000.00
	

10.984615385%

	

Barclays Bank PLC
	

$35,700,000.00
	10.984615390%

	

Credit Suisse AG, Cayman Islands Branch
	

$35,700,000.00
	

10.984615385%

	

Morgan Stanley Bank, N.A.
	

$35,700,000.00
	10.984615390%

	

UBS AG, Stamford Branch
	

$35,700,000.00
	10.984615390%

	

Royal Bank of Canada
	

$15,000,000.00
	4.615384615%

	

The Bank of Tokyo-Mitsubishi
UFJ, Ltd.
	

$15,000,000.00
	

4.615384615%

	

Bank of America, N.A.
	

$15,000,000.00
	4.615384615%

	

Credit Agricole Corporate & Investment Bank
	

$15,000,000.00
	

4.615384615%

	

BNP Paribas
	

$15,000,000.00
	4.615384615%

	 
	Total:  $325,000,000.00
	100.0%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}]]