Document:

EX-10.15

 Exhibit 10.15 
 INCREASED COMMITMENT SUPPLEMENT AND THIRD OMNIBUS AMENDMENT AGREEMENT 

This INCREASED COMMITMENT SUPPLEMENT AND THIRD OMNIBUS AMENDMENT AGREEMENT (this “Supplement and
Amendment”) is dated as of September 30, 2013 (the “Effective Date”) and entered into by and among each entity set forth on the signature pages hereto and identified therein as a borrower (each, a
“Borrower”, and collectively, the “Borrowers”), AMERICAN HOMES 4 RENT, L.P., a Delaware partnership and AH4R PROPERTIES, LLC, a Delaware limited liability company (each a the
“Pledgor/Guarantor” and collectively, the “Pledgors/Guarantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Lender”).  

RECITALS 
 WHEREAS, reference is made to (i) that certain Master Loan and Security Agreement, dated as of March 7, 2013, as supplemented and amended by that certain Increased Commitment Supplement,
Omnibus Joinder and Amendment Agreement, dated as of June 6, 2013 (the “June 6 Supplement and Joinder”), and as further supplemented and amended by that certain Second Omnibus Joinder and Amendment Agreement, dated as of
June 21, 2013 (the “June 21 Supplement and Joinder”, and as further supplemented and amended by that certain Notice and Acknowledgment with respect to Master Loan and Security Agreement, dated as of August 7, 2013 (the
“Notice and Acknowledgment”) (collectively, and as may have been further amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Loan Agreement”) by and among the
Borrowers, the Lead Arranger and the Lenders parties thereto, (ii) each other Loan Document listed on Schedule 1 to the June 6 Supplement and Joinder (together with the Loan Agreement, the “Borrower Agreements”) and
(iii) that certain Pledge and Guaranty Agreement, dated as of March 7, 2013, as supplemented and amended by the June 6 Supplement and Joinder (collectively, and as may have been be further amended, restated, supplemented or otherwise
modified from time to time prior to the date hereof, the “Pledge and Guaranty”), by and among the Pledgors/Guarantors and the Lead Arranger; 
 WHEREAS, Borrowers and Lender are entering into this Supplement and Amendment to obtain additional Commitments to increase the Maximum Facility Amount and to make certain other amendments to the
Loan Agreement as more fully described herein (collectively, the “Facility Upsize”); and 
 WHEREAS,
each Lender, to the extent not already a Lender party to the Loan Agreement (herein a “New Lender”), wishes to become a Lender party to the Loan Agreement. 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows: 

Section 1. Defined Terms and Interpretation. Capitalized terms used herein without definition shall have the same
meanings herein as set forth in the Loan Agreement or the Pledge and Guaranty, as the case may be. The rules of interpretation set forth in Section 2.02 of the Loan Agreement are incorporated herein mutatis mutandis. 

Section 2. Reserved. 
 Section 3. Reserved. 

  
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 Section 4. Reserved. 

Section 5. Amendments to Loan Agreement. Effective as of the Effective Date, the Loan Agreement is hereby further
amended as follows: 
 (a) The definitions of “Applicable Spread”. “Lender”,
“Maximum Facility Amount”, “Repayment Period”, “Required Adjusted Tangible Net Worth”, and “Required Liquidity” in Article 2 of the Loan Agreement are each hereby amended and
restated in their respective entirety to read as follows (with the modified text underlined for review purposes): 

“Applicable Spread”: (i) at all times other than during the final eighteen (18) months of the Repayment
Period, two hundred seventy-five basis points (2.75%) and (ii) during the final eighteen (18) months of the Repayment Period, three hundred and twelve and one half basis points (3.125%). 

“Lender”: The Lead Arranger as agent for the Lenders; provided that (i) with respect to the obligation to make
Advances pursuant to Section 3.01 (and all obligations related thereto), the term “Lender” shall refer to the Lenders, (ii) the term “Lenders” shall refer to the Lenders collectively and any reference to “each
Lender” or “a Lender” shall refer to any of the Lenders, as the context shall require and (iii) with respect to any other provision as Lead Arranger may determine in its reasonable discretion with reference to customary practices
for syndicated loans, the term “Lender” shall refer to the Lenders. 
 “Maximum Facility Amount”:
$800,000,000, as such amount is increased from time to time pursuant to Section 3.11. 
 “Repayment
Period”: The period commencing on the day immediately succeeding the last day of the Revolving Period and ending on the date that is five (5) years following the Third Amendment Effective Date. 

“Required Adjusted Tangible Net Worth”: In the case of the Parent Guarantor, as of any date of determination, Adjusted
Tangible Net Worth of an amount equal to at least the sum of (A) an amount equal to eighty-five percent (85%) of the Parent Guarantor’s Adjusted Tangible Net Worth as of the Third Amendment Effective Date and (B) an amount equal
to eighty-five percent (85%) of the net proceeds received by the Parent Guarantor in connection with equity capital raises by the Parent Guarantor that are completed on and after the Third Amendment Effective Date. 

“Required Liquidity”: As of any date of determination, with respect to Parent Guarantor and its Subsidiaries, on a
consolidated basis cash, cashiers’ checks, Cash Equivalents and unused borrowing capacity under warehouse, repurchase and other similar credit facilities in an aggregate amount of at least $15,000,000; provided that at least $7,500,000 of such
amount shall consist of cash and Cash Equivalents of Parent Guarantor and its Subsidiaries. 
 (b) Article 2 of the Loan
Agreement is hereby amended to add the following new defined terms in appropriate alphabetical order: 

“Party”: each Borrower, each Lender and the Lead Arranger. 

“Required Lender Approval”: At any time, the approval of (i) Lenders having at such time in excess of 50% of the
aggregate Commitments (or, if such Commitments are terminated, the aggregate outstanding principal amount of the Advances) then in effect, 

  
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ignoring, in such calculation, the amounts held by any Defaulting Lender); provided, however, at any time when there are less than three unaffiliated Lenders under this Agreement,
“Required Lender Approval” shall include at least two unaffiliated Lenders and (ii) Wells Fargo Bank, National Association, as Lender. 
 “Third Amendment Effective Date”: September 30, 2013. 
 (c)
Section 3.01(c) of the Loan Agreement is hereby amended and restated in their entirety to read as follows (with the modified text underlined for review purposes): 

(d) Funding of Advances. On each Advance Date, subject to the satisfaction of the applicable conditions
precedent specified in this Agreement, Lender shall remit its proportionate share of the aggregate amount of the Advance requested by the Borrowers to the account designated in writing by Lead Arranger by 2:00 p.m. (New York City time) by wire
transfer of same day funds. Upon receipt of such funds, Lead Arranger shall, not later than 3:00 p.m. New York time on each Advance Date, subject to the fulfillment of the conditions precedent set forth in Section 6.02 and, with respect to
the Initial Advance, Section 6.01, deposit the amount of the Advance to be made on such Advance Date in immediately available funds in the account specified by Borrowers in the Advance Request. Lender shall not be required to make any Advance
if (i) the Repayment Period has commenced or (ii) any Cease Funding Event, Springing Deed of Trust Trigger Event, Borrowing Base Deficiency, Default or Event of Default then has occurred or would occur as a result of such Advance.
Notwithstanding anything contained to the contrary herein, Lender shall have no obligation to fund Advances more than one (1) time per week. 
 (e) Section 5.02(a) of the Loan Agreement is hereby amended by adding the following sentence at the end thereof: 

For the avoidance of doubt, all amounts paid pursuant to clause First and Second above shall be applied to
the Lenders on a pari passu and pro rata basis in accordance with each Lender’s respective Commitment. 
 (f)
Section 8.07 of the Loan Agreement is hereby amended and restated in their entirety to read as follows (with the modified text underlined for review purposes): 

8.07 Financial Covenants 
 (a) Borrower shall ensure that at all times, Parent Guarantor maintains its Required Liquidity. 
 (b) Borrower shall ensure that at all times, Parent Guarantor maintains its Required Adjusted Tangible Net Worth. 

(c) Borrower shall ensure that Parent Guarantor maintains a Leverage Ratio of no greater than 1:1 at all times.

 The financial covenants set forth in this Section 8.07 shall apply at all times but shall be tested as of the end
of each fiscal quarter commencing with the fiscal quarter ending on September 30, 2013. 

  
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 (g) Section 18.26(j) of the Loan Agreement is hereby amended and restated in their
entirety to read as follows (with the modified text underlined for review purposes): 
 (j) Voting Rights. Notwithstanding
anything to the contrary herein or in any other Loan Document, each of the following shall require Required Lender Approval, (x) all amendments and modifications to this Loan Agreement or any other Loan Document (other than amendments or
modifications with respect to the following: (i) the definition of “Borrowing Base”, “Cease Funding Event”, “Debt Yield”, “Effective Collection Rate”, “Minimum Debt Service Coverage Ratio” or
“Net Operating Income”, (ii) Termination Date extensions, (iii) extensions with respect to the timing of any Borrower payment obligations, (iv) the release of any security interest granted to Lenders (other than in
accordance with the terms of this Agreement), (v) modification of the principal amounts of Advances, the index used in the calculation of Applicable Interest Rate or the Applicable Spread, (vi) increase any Lender’s Commitment,
(vii) amendments to the payment priorities set forth in Section 5.02, or (viii) amendments to this Section 18.26(j), with respect to each of which unanimous Lender approval is required), (y) waivers (other than
waivers of an Event of Default occurring under Section 10.01(a) of this Agreement or breaches of any covenants which, if not waived, would cause an Event of Default to occur under Section 10.01(a), with respect to each of
which unanimous Lender approval is required), and (z) the addition of any new Lenders. 
 (h) The Loan Agreement is hereby
amended by deleting Schedule 13 to the Loan Agreement in its entirety and replacing it with the Schedule 13 attached to this Supplement and Amendment as Schedule 1. 

Section 6. Amendment to Fee Letter. Effective as of the Effective Date, the Fee Letter is hereby further amended as
follows: 
 (a) The definition of “Applicable Spread” in Section 1 of the Fee Letter is hereby
amended and restated in its entirety to read as follows (with the modified text underlined for review purposes): 

“Applicable Spread”: (i) at all times other than during the final eighteen (18) months of the Repayment
Period, two hundred seventy-five basis points (2.75%) and (ii) during the final eighteen (18) months of the Repayment Period, three hundred and twelve and one half basis points (3.125%). 

Section 7. Reserved.  
 Section 8. Conditions Precedent. Notwithstanding the foregoing or anything contained herein to the contrary, as a condition precedent to the effectiveness of the Facility Upsize and
this Supplement and Amendment, Lender shall have received the following, each in form and substance acceptable to Lender: 
  

	 	(i)	this Supplement and Amendment duly executed by each Borrower and each Pledgor/Guarantor and acknowledged by Parent Guarantor and Asset Manager;

  

	 	(ii)	a new Note in accordance with Section 9 hereof, duly executed by each Borrower; and 

 

	 	(iii)	a commitment fee to J.P.Morgan Chase Bank, N.A. as Lender, in an amount mutually agreed to between such Lender and Borrowers, which, for the avoidance of doubt, shall
be a one-time fee, fully earned, due and payable and non-refundable on the Effective Date in accordance with the terms of such agreement; and 

  
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	 	(iv)	the Arranger Fee to the Lead Arranger which, for the avoidance of doubt, shall be a one-time fee, fully earned, due and payable and non-refundable on the Effective
Date. 

 Section 9. Increase in Commitments. Subject to the terms and conditions hereof, each
Lender severally agrees that (i) its Commitment shall be increased to, or in the case of a Lender not party to the Loan Agreement as of the Closing Date, shall be, the amount set forth opposite its name on Schedule 1 hereof. After giving
effect to the increase contemplated hereby, the Maximum Facility Amount shall be increased and Borrowers shall execute and deliver one (1) new original Note to J.P. Morgan Chase Bank, N.A. in an amount equal to $300,000,000. 

Section 10. New Lender. The New Lender (i) confirms that it has received a copy of the Loan Agreement, together
with copies of the most recent financial statements delivered under Section 8.09 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement and
Amendment; (ii) agrees that it will, independently and without reliance upon any other Lender 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 Loan Agreement; and (iii) agrees that it is a “Lender” for all purposes under the Loan Documents and will perform in accordance with their terms all of the obligations that by the terms of the Loan Documents
are required to be performed by it as a Lender. 
 Section 11. Reserved. 

Section 12. Reserved. 
 Section 13. Reserved. 
 Section 14.
Reserved. 
 Section 15. Joint and Several Liability. Notwithstanding anything in the Loan
Documents to the contrary, each Borrower hereby acknowledges and agrees that all Borrowers are and shall be jointly and severally liable to both Lender and the New Lender pursuant to Section 18.23 of the Loan Agreement. Notwithstanding anything
in the Pledge and Guaranty to the contrary, each Pledgor/Guarantor hereby acknowledges and agrees that the guarantee made by each Pledgor/Guarantor under the Pledge and Guaranty shall be a guarantee of the Obligations on a joint and several basis
and that all Pledgors/Guarantors are and shall be jointly and severally liable to both Lender and the New Lender for all obligations of each Pledgor/Guarantor under the Guarantor. 

Section 16. Representations and Warranties. In order to induce Lender and the New Lender to enter into this Supplement
and Amendment and to supplement the Loan Documents in the manner provided herein, each Borrower hereby represents and warrants that (a) this Supplement and Amendment and the Notes executed pursuant hereto are Loan Documents as defined in the
Loan Agreement; (b) before and after giving effect to the increase in the Commitments contemplated hereby, (i) the representations and warranties contained in the Loan Agreement and contained in the other Loan Documents are true and
correct in all material respects as to each Borrower and each Pledgor/Guarantor as if then made (except to the extent stated to relate to a specific earlier date, in which case such representations and warranties are true and correct in all material
respects as of such earlier date), and (ii) no Default or Event of Default has occurred and is continuing on the date hereof nor will occur after giving effect to such requested increase as a result of such requested increase. 

Section 17. Further Assurances. Borrowers shall each take any and all further actions and execute and deliver any and
all such further documents and undertakings as are necessary or reasonably requested by Lender to effectuate the purposes of this Supplement and Amendment in accordance with Section 8.04(a) of the Loan Agreement. The undertakings set forth in
this Section 17 shall survive the execution and delivery of this Supplement and Amendment. 

  
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 Section 18. Effect of Supplement and Amendment. The terms and provisions
set forth in this Supplement and Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Loan Documents, and except as expressly modified and superseded by this Supplement and Amendment, the terms and provisions
of the Loan Documents are ratified and confirmed and shall continue in full force and effect. Borrowers and Lender(s) agree that the Loan Documents as amended hereby shall continue to be in full force and effect, and the legal, valid and binding
obligations of Borrowers enforceable against each of them in accordance with their respective terms. Reference to this Supplement and Amendment need not be made in any Loan Document or any other instrument or document executed in connection
therewith or herewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, any Loan Document, any reference in any of such items to any Loan Document being sufficient to refer to such Loan Document as
amended hereby. 
 Section 19. Reserved. 

Section 20. Successors and Assigns. This Supplement and Amendment shall inure to the benefit of and be binding upon
the parties hereto and their respective successors and permitted assigns. 
 Section 21. Governing Law. This
Supplement and Amendment and any claim, dispute or controversy arising under or related to or in connection with this Supplement and Amendment, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of
the parties shall be governed by and construed in accordance with the laws of the State of New York, without regard to any conflicts of laws principles other than Section 5-1401 of the New York General Obligations law which shall govern.

 Section 22. Counterparts, Effectiveness. This Supplement and Amendment may be executed by each of the
parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. The parties agree that this Supplement and Amendment and any notices hereunder
may be transmitted between them by email and/or facsimile. The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. 

Section 23. Notices. The address of Lender and the New Lender for receiving notices and for all other purposes of the
Loan Documents shall be as set forth on Schedule 1 attached hereto. 
 Section 24. Entire Agreement.
This Supplement and Amendment and all other instruments, documents and agreements executed and delivered in connection with this Supplement and Amendment embody the final, entire agreement among the parties hereto and supersede any and all prior
commitments, agreements, representations and understandings, whether written or oral, relating to this Supplement and Amendment, and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions
of the parties hereto. 
 Section 25. Survival. All representations and warranties made in this Supplement
and Amendment or any other Loan Document including any Loan Document furnished in connection with this Supplement and Amendment shall survive the execution and delivery of this Supplement and Amendment and the other Loan Documents, and no
investigation by Lender or any closing shall affect the representations and warranties or the right of Lender to rely upon them. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplement and Amendment to
be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	 BORROWERS:
  

AMERICAN HOMES 4 RENT PROPERTIES ONE, LLC

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	 AMERICAN HOMES 4 RENT PROPERTIES TWO, LLC

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	 AMERICAN HOMES 4 RENT PROPERTIES THREE, LLC

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	 AMERICAN HOMES 4 RENT PROPERTIES FOUR, LLC

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	 AMERICAN HOMES 4 RENT PROPERTIES FIVE, LLC

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	 AMERICAN HOMES 4 RENT PROPERTIES SIX, LLC

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager

  
 7 

 
			
	 AMERICAN HOMES 4 RENT, L.P., a Delaware limited partnership

		
	By:	 	AMERICAN HOMES 4 RENT, a Maryland real estate investment trust, its General Partner
		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President
	
	 AH4R PROPERTIES, LLC, a Delaware limited liability company

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	 EACH OF THE ENTITIES LISTED ON ANNEX I ATTACHED HERETO AS BORROWERS:

		
	By:	 	AH4R PROPERTIES, LLC, a Delaware limited liability company, its sole member
		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	 AMERICAN HOMES 4 RENT I, LLC, a Delaware limited liability company

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager

  
 8 

 SIGNATURE PAGES CONTINUED 

 

			
	 PLEDGORS/GUARANTORS:
  

AMERICAN HOMES 4 RENT, L.P., a Delaware limited partnership

		
	By:	 	AMERICAN HOMES 4 RENT, a Maryland real estate investment trust, its General Partner
		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President
	
	 AH4R PROPERTIES, LLC, a Delaware limited liability company

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager
	
	 AMERICAN HOMES 4 RENT I, LLC, a Delaware limited liability company

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Manager

  
 9 

 SIGNATURE PAGES CONTINUED 

 

			
	 LEAD ARRANGER:
  

WELLS FARGO BANK, NATIONAL ASSOCIATION

		
	By:	 	/s/ Scott Evans
	Name:	 	Scott Evans
	Title:	 	Managing Director
	
	 LENDERS:
  

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

		
	By:	 	/s/ Scott Evans
	Name:	 	Scott Evans
	Title:	 	Managing Director
	
	 J.P. MORGAN CHASE BANK, N.A., as a Lender

		
	By:	 	/s/ Chiara Carter
	Name:	 	Chiara Carter
	Title:	 	Vice President

  
 10 

 SIGNATURE PAGES CONTINUED 

 

			
	 ACKNOWLEDGED AND AGREED TO:
  

PARENT GUARANTOR:
  

AMERICAN HOMES 4 RENT, a Maryland real estate investment trust

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President
	
	 ASSET MANAGER:
  

AMERICAN HOMES 4 RENT MANAGEMENT HOLDINGS, LLC, a Delaware limited liability company, as Asset Manager

		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President

  
 11 

 ANNEX I 
 INCREASED COMMITMENT SUPPLEMENT AND THIRD OMNIBUS AMENDMENT 
 AGREEMENT

 BORROWERS 
  

			
	 AH4R - AZ, LLC

AH4R - AZ 2, LLC
 AH4R - AZ
3, LLC
 AH4R - AZ 4, LLC

AH4R - AZ 7, LLC
 AH4R - AZ
11, LLC
 SSI - AZ, LLC

AH4R - CO, LLC
 AH4R - CO 3,
LLC
 AH4R - FL, LLC

AH4R - FL 2, LLC
 AH4R - FL
3, LLC
 AH4R - FL 4, LLC

AH4R - FL 11, LLC
 AH4R - GA,
LLC
 AH4R - GA 2, LLC

AH4R - GA 3, LLC
 AH4R - GA
4, LLC
 AH4R - GA 5, LLC

AH4R - GA 11, LLC
 AH4R - IL,
LLC
 AH4R - IL 2, LLC

AH4R - IL 4, LLC
 AH4R - IL
11, LLC
	  	 AH4R - IN, LLC

AH4R - IN 11, LLC
 AH4R - NC,
LLC
 AH4R - NC 2, LLC

AH4R - NC 3, LLC
 AH4R - NC
11, LLC
 AH4R - NV, LLC

AH4R - NV 2, LLC
 AH4R - NV
3, LLC
 AH4R - NV 4, LLC

AH4R - NV 11, LLC
 SSI - NV,
LLC
 AH4R - OH, LLC

AH4R - OH 3, LLC
 AH4R - OH
11, LLC
 AH4R - TN 3, LLC

AH4R - TN 11, LLC
 AH4R - TX,
LLC
 AH4R - TX 2, LLC

AH4R - TX 3, LLC
 AH4R - TX
11, LLC
 AH4R - UT, LLC

AH4R - WA, LLC

	 AH4R I AZ, LLC
 AH4R I CO,
LLC
 AH4R I FL, LLC
 AH4R I FL Orlando,
LLC
 AH4R I GA, LLC
 AH4R I IL,
LLC
 AH4R I IN, LLC
 AH4R I NC,
LLC
	  	 AH4R I NV, LLC
 AH4R I OH,
LLC
 AH4R I OK, LLC
 AH4R I TN,
LLC
 AH4R I TX DFW, LLC
 AH4R I TX,
LLC
 AH4R I UT, LLC
 AH4R I WA,
LLC

  
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 Schedule 1 
 (Schedule 13 to the Loan Agreement) 
 Lender Commitments and Notice
Addresses 
  

					
	 LENDER
	  	 LOAN COMMITMENT
	  	 ADDRESS FOR NOTICES FOR PURPOSES
OF SECTION 18.12 OF THE
LOAN
AGREEMENT

	Wells Fargo Bank, National Association	  	$500,000,000	  	See Schedule 2 to Loan Agreement
	J.P. Morgan Chase Bank, N.A.	  	$300,000,000	  	See Schedule 2 to Loan Agreement

  
 - 13 -Unassociated Document

Exhibit 10.1

REGULATION S SUBSCRIPTION AGREEMENT

AND INVESTMENT REPRESENTATION

This Regulation S Subscription and Investment Representation is entered into this 28th day of September, 2013 between Tianli Agritech, Inc., a British Virgin Islands corporation (the “Company”), and Mr. Gong Wei (the “Investor”).

Preliminary Statement

The Company has offered the Investor the opportunity to purchase 2,760,000 shares of the common stock of the Company at a purchase price of $1.16 per share, $3,201,600 in the aggregate, to be paid in cash at the closing and the Investor has agreed to do so on the terms and conditions set forth herein.

The Company is currently subject to Nasdaq Marketplace Rule 5635(d) which limits the number of shares of the Company’s common stock that can be sold in a private placement to no more than 20% of the shares outstanding, subject to certain exceptions as provided in the Nasdaq Marketplace Rules.

To enable the Company to comply with Nasdaq’s Rules, the Investor will acquire 2,238,000 shares of the Company’s common stock simultaneously with the execution of this Agreement and acquire the balance, 522,000 shares, upon satisfaction of one of the conditions set forth in Section 1.1(i) or 1.1(ii) below.

NOW THEREFORE, indenting to be legally bound the parties hereto agree as follows:

SECTION 1

1.1           Subscription.

The Investor, intending to be legally bound, hereby irrevocably subscribes for and agrees to purchase 2,760,000 shares of the common stock of the Company (the “Shares”) for an aggregate purchase price of $3,201,600 (the “Purchase Price”), which is equivalent to $1.16 per Share, and the Company, intending to be legally bound, hereby agrees to issue the Shares to the Investor upon receipt of the Purchase Price, provided, however, that the Company’s obligation to issue and the Investor’s obligation to purchase 522,000 of such 2,760,000 shares are subject to (i) the receipt by the Company from Nasdaq of an acknowledgement that it is exempt from Marketplace Rule 5635(d) or (ii) the receipt by the Company of a vote of its shareholders approving the sale by the Company to the Investor of a number of shares greater than 20% of the shares currently outstanding.

 

  

1

  

 

SECTION 2

2.1           Closing.  The closing (the "Initial Closing") of the purchase and sale of the 2,238,000 Shares, on the terms and subject to the conditions set forth in this subscription agreement, shall occur simultaneously with the acceptance by the Company of the Investor's subscription, as evidenced by the Company’s execution of this Subscription Agreement.  The parties have agreed that the Initial Closing shall take place no later than September 29, 2013.  At the Initial Closing the Investor will deliver $2,596,080 to the Company and, within five days, the Company will deliver the Investor a certificate registered in the name of Investor representing 2,238,000 shares of its common stock.

The closing (the "Second Closing") of the purchase and sale of the 522,000 Shares, on the terms and subject to the conditions set forth in this subscription agreement, shall occur on a date selected by the Company but in no event later than three days after the first to occur of (i) the receipt by the Company from Nasdaq of an acknowledgement that it is exempt from Marketplace Rule 5635(d) or (ii) the receipt by the Company of a vote of its shareholders approving the sale by the Company to the Investor of a number of shares greater than 20% of the shares currently outstanding.   At the Second Closing the Investor will deliver $605,520 to the Company and, within five days, the Company will deliver the Investor a certificate registered in the name of Investor representing 522,000 shares of its common stock.

With the consent of the Company, not to be unreasonably withheld, Investor can satisfy his obligation to pay the amount due at the Initial Closing or the Second Closing by paying to the Company’s subsidiary, Wuhan Fengze Agricultural Science and Technology Development Co., Ltd., the amount in Renminbi equal to the dollar amount payable.

SECTION 3

3.1           Investor Representations and Warranties.   The Investor hereby acknowledges, represents and warrants to, and agrees with, the Company as follows:

(a)           Investment Purposes.  The Investor is acquiring the Shares for his own account as principal, not as a nominee or agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part in any transactions that would be in violation of the Securities Act or any state securities or "blue-sky" laws. No other person has a direct or indirect beneficial interest in, and the Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to, the Shares or any part of the Shares for which the Investor is subscribing that would be in violation of the Securities Act or any state securities or "blue-sky" laws.

 

  

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(b)           Authority.  The Investor has full power and authority to enter into this Agreement, the execution and delivery of this Agreement has been duly authorized, if applicable, and this Agreement constitutes a valid and legally binding obligation of the Investor.

(c)           Investment Experience.  The Investor, or the Investor’s professional advisors, has such knowledge and experience in finance, securities, taxation, investments and other business matters as to evaluate investments of the kind described in this Subscription Agreement. By reason of the business and financial experience of the Investor or his professional advisors (who are not affiliated with or compensated in any way by the Company or any of its affiliates or selling agents), the Investor can protect his own interests in connection with the transactions described in this Subscription Agreement.

(d)           Exemption from Registration.  The Investor acknowledges its understanding that the offering and sale of the Shares is intended to be exempt from registration under the Securities Act.  In furtherance thereof, in addition to the other representations and warranties of the Investor made herein, the Investor further represents and warrants to and agrees with the Company and its affiliates that the Investor has been provided an opportunity for a reasonable period of time prior to the date hereof to obtain additional information concerning the offering of the Shares, the Company and all other information to the extent the Company possesses such information or can acquire it without unreasonable effort or expense.

(e)           No Other Company Representations.  No representations or warranties have been made to the Investor by the Company, or any officer, employee, agent, affiliate or subsidiary of the Company, other than the representations of the Company contained herein, and in subscribing for Shares the Investor is not relying upon any representations other than those contained herein.

(f)           Compliance with Laws.  Any resale of the Shares during the ‘distribution compliance period’ as defined in Rule 902(f) to Regulation S shall only be made in compliance with exemptions from registration afforded by Regulation S.  Further, any such sale of the Shares in any jurisdiction outside of the United States will be made in compliance with the securities laws of such jurisdiction.  The Investor will not offer to sell or sell the Shares in any jurisdiction unless the Investor obtains all required consents, if any.

(g)           Regulation S Exemption.  The Investor understands that the Shares are being offered and sold in reliance on an exemption from the registration requirements of United States federal and state securities laws under Regulation S promulgated under the Securities Act and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the applicability of such exemptions and the suitability of the Investor to acquire the Shares.  In this regard, the Investor represents, warrants and agrees that:

 

  

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(h)           The Investor is not a U.S. Person (as defined in the Securities Act) and is not an affiliate (as defined in Rule 501(b) under the Securities Act) of the Company and is not acquiring the Shares for the account or benefit of a U.S. Person.

(i)           At the time of the origination of contact concerning this Agreement and the date of the execution and delivery of this Agreement, the Investor was outside of the United States.

(j)           The Investor will not, during the period commencing on the date of issuance of the Shares and ending on the first anniversary of such date, or such shorter period as may be permitted by Regulation S or other applicable securities law (the “Restricted Period”), offer, sell, pledge or otherwise transfer the Shares in the United States, or to a U.S. Person for the account or for the benefit of a U.S. Person, or otherwise in a manner that is not in compliance with Regulation S.

(k)           The Investor will, after expiration of the Restricted Period, offer, sell, pledge or otherwise transfer the Shares only pursuant to registration under the Securities Act or an available exemption therefrom and, in accordance with all applicable state and foreign securities laws.

(l)           The Investor was not in the United States, engaged in, and prior to the expiration of the Restricted Period will not engage in, any short selling of or any hedging transaction with respect to the Shares, including without limitation, any put, call or other option transaction, option writing or equity swap.

(m)          Neither the Investor nor or any person acting on its behalf has engaged, nor will engage, in any directed selling efforts to a U.S. Person with respect to the Shares and the Investor and any person acting on his behalf have complied and will comply with the “offering restrictions” requirements of Regulation S under the Securities Act.

(n)           The transactions contemplated by this Agreement have not been pre-arranged with a buyer located in the United States or with a U.S. Person, and are not part of a plan or scheme to evade the registration requirements of the Securities Act.

(o)           Neither the Investor nor any person acting on its behalf has undertaken or carried out any activity for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States, its territories or possessions, for any of the Shares.  The Investor agrees not to cause any advertisement of the Shares to be published in any newspaper or periodical or posted in any public place and not to issue any circular relating to the Shares, except such advertisements that include the statements required by Regulation S under the Securities Act, and only offshore and not in the U.S. or its territories, and only in compliance with any local applicable securities laws.

 

  

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(p)           Each certificate representing the Shares shall be endorsed with the following legends, in addition to any other legend required to be placed thereon by applicable federal or state securities laws:

(A)           “THE SECURITIES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED UNDER THE SECURITIES ACT.”

(B)           “TRANSFER OF THESE SECURITIES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AVAILABLE EXEMPTION FROM REGISTRATION.  HEDGING TRANSACTIONS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

(C)           “TRANSFER OF THESE SECURITIES PRIOR TO EIGHTEEN MONTHS FROM THE DATE OF THIS CERTIFICATE IS PROHIBITED.  THEREAFTER, THESE SECURITIES MAY NOT BE SOLD OR OTHERWISE TRANSFERRED FOR A PRICE OF LES THAN $1.16 PER SHARES OR UPON THE DEATH OF THE HOLDER HEREOF.  IN THE EVENT OF THE TRANSFER OF THESE SECURITIES UPON THE DEATH OG THE HOLDER, THE TRANSFER OF THESE SECURITIES BY THE TRASFEREE WILL BE SUBJECT TO THE FOREGOING RESTRICTIONS.”

(q)           The Investor consents to the Company making a notation on its records or giving instructions to any transfer agent of the Company, if any, in order to implement the restrictions on transfer of the Shares set forth in this Section.

(r)           Receipt of Information.  The Investor has received all documents, records, books and other information pertaining to the Investor’s investment in the Company that has been requested by the Investor.

(s)           No Reliance.  Other than as set forth herein, the Investor is not relying upon any other information, representation or warranty by the Company or any officer, director, stockholder, agent or representative of the Company in determining to invest in the Shares.  The Investor has consulted, to the extent deemed appropriate by the Investor, with the Investor’s own advisers as to the financial, tax, legal and related matters concerning an investment in the Shares and on that basis believes that her investment in the Shares is suitable and appropriate for the Investor.

(t)           No Governmental Review.  The Investor is aware that no federal or state agency has (i) made any finding or determination as to the fairness of this investment, (ii) made any recommendation or endorsement of the Shares or the Company, or (iii) guaranteed or insured any investment in the Shares or any investment made by the Company.

 

  

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SECTION 4

4.1           The Investor’s Covenants.  The Investor covenants and agrees with the Company that he will not or otherwise transfer, other than in accordance with the law upon his death, all or any portion of the Shares for a period of 18 months commencing on the date of the Closing or thereafter at a price of less than $1.16 per share (subject to adjustment in the event of any stock splits).  In the event of the transfer of the Shares upon the death of the Investor, the transfer of the Shares by the transferee will be subject to the foregoing restrictions.

4.2           Company Covenants.

(a)           Appointment as Director.        The Company covenants and agrees with the Investor that within a reasonable period of time following the Closing it will use its best efforts to cause its Board of Directors to take whatever actions are necessary or desirable to cause the nomination and election of the Investor as a director of the Company.

(b)           Satisfaction of Conditions.      The Company covenants and agrees with Investor that it will exercise commercially reasonable efforts to achieve the satisfaction of one of the conditions set forth in Section 1.1(i) and 1.1(ii) as soon as reasonably practical after the date hereof.

SECTION 5

5.1           Company’s Representations and Warranties.  The Company represents and warrants to the Investor as follows:

(a)            Organization of the Company.  The Company is a corporation duly organized and validly existing and in good standing under the laws of the British Virgin Islands.

(b)           Authority.   (a)  The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement; (b) the execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action and no further consent or authorization of the Company or its Board of Directors or stockholders is required; and (c) this Agreement has been duly executed and delivered by the Company and constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such  enforceability  may be limited by applicable bankruptcy, insolvency, or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies or by other equitable principles of general application.

 

  

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(c)           Exemption from Registration; Valid Issuances.  The Shares, in accordance with the terms and on the bases of the representations and warranties of the Investor set forth herein, may and shall be properly issued by the Company to the Investor pursuant to any applicable federal or state law. When issued and paid for as herein provided the Shares shall be duly and validly issued, fully paid, and non-assessable. Neither the sales of the Shares pursuant to, nor the Company's performance of its obligations under, this Agreement shall (i) result in the creation or imposition of any liens, charges, claims or other encumbrances upon the Shares or any of the assets of the Company. The Shares shall not subject the Investor to personal liability by reason of the ownership thereof.

(d)           No General Solicitation or Advertising in Regard to this Transaction.  Neither the Company nor any of its affiliates nor any person acting on its or their behalf (a) has conducted or will conduct any general solicitation (as that term is used in Rule 502(c) of Regulation D) or general advertising with respect to any of the Shares, or (b) made any offers or sales of any security or solicited any offers to buy any security under any circumstances that would require registration of the Common Stock under the Securities Act.

SECTION 6

6.1           Indemnity.  The Investor agrees to indemnify and hold harmless the Company, its officers and directors, employees and its affiliates and their respective successors and assigns and each other person, if any, who controls any thereof, against any loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation or warranty or breach or failure by the Investor to comply with any covenant or agreement made by the Investor herein or in any other document furnished by the Investor to any of the foregoing in connection with this transaction.

6.2           Modification.  Neither this Agreement nor any provisions hereof shall be modified, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

6.3           Notices.  Any notice, demand or other communication which any party hereto may be required, or may elect, to give to anyone interested hereunder shall be sufficiently given if (a) deposited, prepaid, with a recognized international courier service,  (b) delivered personally at such address, (c) upon the expiration of twenty four (24) hours after transmission, if sent by facsimile if a confirmation of transmission is produced by the sending machine (and a copy of each facsimile promptly shall be sent as provided in clause (a), (in each case to the parties at their respective addresses set forth below their signatures to this Agreement (or at such other address for a party as shall be specified by like notice; provided that the notices of a change of address shall be effective only upon receipt thereof).

 

  

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6.4           Counterparts.  This Agreement may be executed through the use of separate signature pages or in any number of counterparts and by facsimile, and each of such counterparts shall, for all purposes, constitute one agreement binding on all parties, notwithstanding that all parties are not signatories to the same counterpart. Signatures may be facsimiles.

6.5           Binding Effect.  Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and assigns.

6.6           Entire Agreement.  This Agreement and the documents referenced herein contain the entire agreement of the parties and there are no representations, covenants or other agreements except as stated or referred to herein and therein.

6.7           Assignability.  This Agreement is not transferable or assignable by the Investor.

6.8           Further Assurances.  Upon request from time to time, the Investor shall execute and deliver all documents and do all other acts that may be necessary or desirable, in the reasonable opinion of the Company or its counsel, to effect the subscription for the Shares in accordance herewith.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year this subscription has been accepted by the Company as set forth below.

 

	 	

/s/ Wei Gong

      Wei Gong

Address:

No. 6, Floor 4,

No.24-1 Hangkongxiaolu, Jianghan District, Wuhan City, Hubei Province, China    430000

 Identification Number:

 

China: 420104195404270018

 

US: N/A

 

ACCEPTANCE OF SUBSCRIPTION

 

ACCEPTED BY:

Tianli Agritech, Inc.

 

By:      /s/ Hanying Li

            Hanying Li

            Chairwoman and CEO

Address:

Suite K, 12th Floor, Building A, Jiangjing Mansion

228 Yanjiang Ave., Jiangan District, Wuhan City

Hubei Province, China 430010

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