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PBF Holding Company LLC
PBF Finance Corporation
September 30, 2020
Page 2
Indenture, Original Notes, the Exchange Notes and the Guarantees by the parties thereto (other than the Issuers and the Guarantors) and that such documents constitute the valid and binding obligations of the parties thereto (other than the Issuers and Guarantors), enforceable against each of them in accordance with their respective terms and that the status of such documents as valid and binding obligations of the parties is not affected by any (a) breaches of, or defaults under, agreements or instruments, (b) violations of statutes, rules, regulations or court or governmental orders, or (c) failures to obtain required consents, approvals or authorizations from, or make required registrations, declarations or filings with, governmental authorities; (viii) the Registration Statement and any amendments thereto will be effective under the Securities Act (and such effectiveness shall not have been terminated or rescinded) and comply with all applicable laws at the time the Exchange Notes are offered and issued, as contemplated by the Registration Statement; and (ix) the Indenture and the Trustee will have been qualified pursuant to the Trust Indenture Act of 1939, as amended, at the time the Exchange Notes are offered or issued (or such later time as may be permitted pursuant to the rules, regulations, interpretations or positions of the Commission) as contemplated by the Registration Statement.
Based upon and subject to the foregoing, and in reliance thereon, and subject to the assumptions, limitations, qualifications and exceptions set forth herein, we are of the opinion that when the Exchange Notes have been duly executed, issued and authenticated in accordance with the terms of the Indenture and when delivered in exchange for the Original Notes as contemplated by the Registration Statement, (i) the Exchange Notes will constitute valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with their terms and (ii) the Guarantees will constitute the valid and binding obligations of the Guarantors, enforceable against each Guarantor in accordance with their terms.
The opinion expressed herein is subject to the following exceptions, qualifications and limitations:
A. It is limited by the effect of (i) any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally, including, without limitation, fraudulent transfer or fraudulent conveyance laws; (ii) public policy considerations, statutes or court decisions that may limit rights to obtain exculpation, indemnification or contribution; (iii) general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing) and the availability of equitable remedies (including, without limitation, specific performance and equitable relief), regardless of whether considered in a proceeding in equity or at law; and (iv) the effect of certain laws and judicial decisions which may render unenforceable in whole or in part certain rights and remedies provided in the Indenture. In addition, we express no opinion as to the validity, binding effect or enforceability of any provision of the Indenture relating to the separability of provisions of the Indenture.
B. With reference to, but without limiting in any way, qualification of (A) above: (i) provisions regarding the recovery of attorneys’ fees for a person who is not the prevailing party in a final proceeding; (ii) provisions require for liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent such provisions are deemed to constitute a penalty; (iii) provisions imposing a payment obligation with respect to the Issuers’ obligations; (iv) provisions whereby a party purports to ratify acts in advance of the occurrence of such acts, are or may be unenforceable in whole or in part under applicable law; (v) consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration, remedies, or judicial relief; (vi) the waiver of rights or defenses contained in the Indenture; and (vii) provisions purporting to make a guarantor primarily liable rather than as a surety and provisions purporting to waive modifications of any guaranteed obligation to the extent such modification constitutes a novation.