SEC Contract Filing

Filing Date: 2015-05-18

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>7
<FILENAME>d927548dex105.htm
<DESCRIPTION>EX-10.5
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<TITLE>EX-10.5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GUARANTY OF COLLECTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS GUARANTY OF COLLECTION </B>(this &#147;<U>Agreement</U>&#148;) is made as of May&nbsp;12, 2015 by PBF Energy Company LLC, a Delaware
limited liability company (the &#147;<U>Parent Guarantor</U>&#148;), to and in favor of PBF Logistics LP, a Delaware limited partnership (&#147;<U>PBF Logistics LP</U>&#148;), and PBF Logistics Finance Corporation, a Delaware corporation
(&#147;<U>Finance Corp</U>&#148; and, together with PBF Logistics LP, the &#147;<U>Issuers</U>&#148;) to provide a guarantee of collection, on the terms set forth herein, for the benefit of the holders (the &#147;<U>Holders</U>&#148;) of the
Supported Debt (as hereinafter defined) and the Trustee under the Indenture dated May&nbsp;12, 2015 (collectively, the &#147;<U>Senior Notes Indenture</U>&#148;) with respect to the $350 million aggregate principal amount of the Issuers&#146; 6.875%
senior notes due 2023 (together with any senior notes of the Issuers with substantially identical terms that are issued to the Holders in exchange for the notes issued as of this date pursuant to a registration statement under the Securities Act of
1933, as amended, the &#147;<U>Supported Debt</U>&#148;).<B> </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parent Guarantor directly or indirectly owns certain limited and general partnership interests in PBF Logistics LP and the
stock of Finance Corp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, a portion of the proceeds of the Supported Debt will be used by PBF Logistics LP to reduce a
portion of the amounts currently outstanding under the Revolving Credit Agreement (as hereinafter defined) and to make valuable distributions to the Parent Guarantor in connection with transactions expected to occur from time to time after the date
hereof;<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Issuers are members of an affiliated group of companies that includes the Parent Guarantor; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parent Guarantor has directly benefited and will continue to directly benefit from the incurrence by the Issuers of the
Supported Debt; <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parent Guarantor desires to enter into this Guaranty of Collection and be bound by the terms
and conditions set forth herein.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parent Guarantor hereby agrees as follows:<B> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Defined Terms</U>. Capitalized terms used but not
defined herein have the meanings assigned to them in the Senior Notes Indenture, except that the following terms shall have the following meanings: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) &#147;<U>Finance Corp Acknowledgement Agreement</U>&#148; means the Acknowledgement and Indemnification Agreement, dated as of May&nbsp;12,
2015 (as amended, supplemented, restated or otherwise modified from time to time), by and between PBF Logistics LP and Finance Corp. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
&#147;<U>Holder Remedies</U>&#148; means all rights and remedies at law and in equity (including, without limitation, any arising under the Senior Notes Indenture or the Notes) that the Trustee or the Holders, as applicable, may have against any
Issuer Party or any other Person that has </P>

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provided liens, guarantees or other credit support in respect of the Supported Debt (and, in each case, their respective property), other than Parent Guarantor, to collect, or obtain payment of,
the Supported Debt, including, without limitation, foreclosure or similar proceedings (including, without limitation, against each Issuer Party and its property), litigation and collection on all applicable insurance policies and against all
applicable property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) &#147;<U>Issuer Party</U>&#148; means each of PBF Logistics LP, Finance Corp, any of the Guarantors and any
other Person that has guaranteed any payment, granted any lien or otherwise provided credit support with respect to the Supported Debt (other than the Parent Guarantor). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) &#147;<U>NAV Certificate</U>&#148; has the meaning set f