Document:

Forms of Exhibits to the Loan and Security Agreement

 Exhibit 4.8 

EXHIBIT A 
 to

 LOAN AND SECURITY AGREEMENT 

ASSIGNMENT AND ACCEPTANCE AGREEMENT 

This ASSIGNMENT AND ACCEPTANCE AGREEMENT (this “Assignment and Acceptance”) dated as of
                    , 20__ is made between
                     (the “Assignor”) and
                     (the “Assignee”). 

W I T N E S S E T H: 

WHEREAS, Wachovia Bank, National Association, in its capacity as agent pursuant to the Loan Agreement (as hereinafter defined) acting for
and on behalf of the financial institutions which are parties thereto as lenders (in such capacity, “Agent”), and the financial institutions which are parties to the Loan Agreement as lenders (individually, each a “Lender” and
collectively, “Lenders”) have entered or are about to enter into financing arrangements pursuant to which Agent and Lenders may make loans and advances and provide other financial accommodations to Innophos, Inc. and Innophos Canada, Inc.
(individually each, a “Borrower” and collectively, “Borrowers”), as set forth in the Loan and Security Agreement, dated
                    , 2009, by and among Borrowers, Agent and Lenders (as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced, the “Loan Agreement”), and the other agreements, documents and instruments referred to therein or at any time executed and/or delivered in connection therewith or related thereto (all
of the foregoing, together with the Loan Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, being collectively referred to herein as the “Loan Documents”);

 WHEREAS, as provided under the Loan Agreement, Assignor committed to making Loans (the “Committed Loans”) to
Borrowers in an aggregate amount not to exceed $             (the “Commitment”); 

WHEREAS, Assignor wishes to assign to Assignee [part of the] [all] rights and obligations of Assignor under the Loan
Agreement in respect of its Commitment in an amount equal to $             (the “Assigned Commitment Amount”) on the terms and subject to the conditions set forth herein
and Assignee wishes to accept assignment of such rights and to assume such obligations from Assignor on such terms and subject to such conditions; 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, the parties hereto agree as follows:

 1. Assignment and Acceptance. 

(a) Subject to the terms and conditions of this Assignment and Acceptance, Assignor hereby sells, transfers and assigns to Assignee, and
Assignee hereby purchases, assumes and undertakes from Assignor, without recourse and without representation or warranty (except as provided in this Assignment and Acceptance) an interest in (i) the Commitment and each of the Committed Loans of
Assignor and (ii) all related rights, benefits, obligations, liabilities and indemnities of the Assignor under and in connection with the Loan Agreement and the other Loan Documents, so that after giving effect thereto, the Commitment of
Assignee shall be as set forth below and the Pro Rata Share of Assignee shall be              (__%) percent. 

 

 A-1 

 (b) With effect on and after the Effective Date (as defined in Section 5 hereof),
Assignee shall be a party to the Loan Agreement and succeed to all of the rights and be obligated to perform all of the obligations of a Lender under the Loan Agreement, including the requirements concerning confidentiality and the payment of
indemnification, with a Commitment in an amount equal to the Assigned Commitment Amount. Assignee agrees that it will perform in accordance with their terms all of the obligations which by the terms of the Loan Agreement are required to be performed
by it as a Lender. It is the intent of the parties hereto that the Commitment of Assignor shall, as of the Effective Date, be reduced by an amount equal to the Assigned Commitment Amount and Assignor shall relinquish its rights and be released from
its obligations under the Loan Agreement to the extent such obligations have been assumed by Assignee; provided, that, Assignor shall not relinquish its rights under Sections 2.2, 6.4, 6.9, 13.5 and 14.5 of the Loan Agreement to the
extent such rights relate to the time prior to the Effective Date. 
 (c) After giving effect to the assignment and assumption
set forth herein, on the Effective Date Assignee’s Commitment will be $            . 

(d) After giving effect to the assignment and assumption set forth herein, on the Effective Date Assignor’s Commitment will be
$             (as such amount may be further reduced by any other assignments by Assignor on or after the date hereof). 

2. Payments. 

(a) As consideration for the sale, assignment and transfer contemplated in Section 1 hereof, Assignee shall pay to Assignor on the
Effective Date in immediately available funds an amount equal to $            , representing Assignee’s Pro Rata Share of the principal amount of all Committed Loans.

 (b) Assignee shall pay to Agent the processing fee in the amount specified in Section 15.7(a) of the Loan Agreement.

 3. Reallocation of Payments. Any interest, fees and other payments accrued to the Effective Date with respect to the
Commitment, Committed Loans and outstanding Letters of Credit shall be for the account of Assignor. Any interest, fees and other payments accrued on and after the Effective Date with respect to the Assigned Commitment Amount shall be for the account
of Assignee. Each of Assignor and Assignee agrees that it will hold in trust for the other party any interest, fees and other amounts which it may receive to which the other party is entitled pursuant to the preceding sentence and pay to the other
party any such amounts which it may receive promptly upon receipt. 
 4. Independent Credit Decision. Assignee
acknowledges that it has received a copy of the Loan Agreement and the Schedules and Exhibits thereto, together with copies of the most recent financial statements of
                         and its Subsidiaries, and such other documents and information as it has deemed appropriate to
make its own credit and legal analysis and decision to enter into this Assignment and Acceptance and agrees that it will, independently and without reliance upon Assignor, Agent or any Lender and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit and legal decisions in taking or not taking action under the Loan Agreement. 

5. Effective Date; Notices. 

(a) As between Assignor and Assignee, the effective date for this Assignment and Acceptance shall be
                    , 200_ (the “Effective Date”); provided, that, the following conditions precedent have been
satisfied on or before the Effective Date: 
 (i) this Assignment and Acceptance shall be executed and delivered
by Assignor and Assignee; 
  

 A-2 

 (ii) the consent of Agent as required for an effective assignment of the
Assigned Commitment Amount by Assignor to Assignee shall have been duly obtained and shall be in full force and effect as of the Effective Date; 

(iii) written notice of such assignment, together with payment instructions, addresses and related information with
respect to Assignee, shall have been given to Administrative Borrower and Agent; 
 (iv) Assignee shall pay to
Assignor all amounts due to Assignor under this Assignment and Acceptance; and 
 (v) the processing fee referred
to in Section 2(b) hereof shall have been paid to Agent. 
 (b) Promptly following the execution of this Assignment and
Acceptance, Assignor shall deliver to Administrative Borrower and Agent for acknowledgment by Agent, a Notice of Assignment in the form attached hereto as Schedule 1. 

6. Agent. [INCLUDE ONLY IF ASSIGNOR IS AN AGENT] 

(a) Assignee hereby appoints and authorizes Assignor in its capacity as Agent to take such action as agent on its behalf to exercise such
powers under the Loan Agreement as are delegated to Agent by Lenders pursuant to the terms of the Loan Agreement. 
 (b)
Assignee shall assume no duties or obligations held by Assignor in its capacity as Agent under the Loan Agreement.] 
 7.
Withholding Tax. Assignee (a) represents and warrants to Assignor, Agent and Borrowers that under applicable law and treaties no tax will be required to be withheld by Assignee, Agent or Borrowers with respect to any payments to be made
to Assignee hereunder or under any of the Loan Documents, (b) agrees to furnish (if it is organized under the laws of any jurisdiction other than the United States or any State thereof) to Agent and Borrowers prior to the time that Agent or
Borrowers are required to make any payment of principal, interest or fees hereunder, duplicate executed originals of either U.S. Internal Revenue Service Form W-8BEN or W-8ECI, as applicable (wherein Assignee claims entitlement to the benefits of a
tax treaty that provides for a complete exemption from U.S. federal income withholding tax on all payments hereunder) and agrees to provide new such forms upon the expiration of any previously delivered form or comparable statements in accordance
with applicable U.S. law and regulations and amendments thereto, duly executed and completed by Assignee, and (c) agrees to comply with all applicable U.S. laws and regulations with regard to such withholding tax exemption. 

8. Representations and Warranties. 

(a) Assignor represents and warrants that (i) it is the legal and beneficial owner of the interest being assigned by it hereunder
and that such interest is free and clear of any security interest, lien, encumbrance or other adverse claim, (ii) it is duly organized and existing and it has the full power and authority to take, and has taken, all action necessary to execute
and deliver this Assignment and Acceptance and any other documents required or permitted to be executed or delivered by it in connection with this Assignment and Acceptance and to fulfill its obligations hereunder, (iii) no notices to, or

  

 A-3 

 
consents, authorizations or approvals of, any Person are required (other than any already given or obtained) for its due execution, delivery and performance of this Assignment and Acceptance, and
apart from any agreements or undertakings or filings required by the Loan Agreement, no further action by, or notice to, or filing with, any Person is required of it for such execution, delivery or performance, and (iv) this Assignment and
Acceptance has been duly executed and delivered by it and constitutes the legal, valid and binding obligation of Assignor, enforceable against Assignor in accordance with the terms hereof, subject, as to enforcement, to bankruptcy, insolvency,
moratorium, reorganization and other laws of general application relating to or affecting creditors’ rights and to general equitable principles. 

(b) Assignor makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with the Loan Agreement or any of the other Loan Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Agreement or any other instrument or document
furnished pursuant thereto. Assignor makes no representation or warranty in connection with, and assumes no responsibility with respect to, the solvency, financial condition or statements of Borrowers, Guarantors or any of their respective
Affiliates, or the performance or observance by Borrowers, Guarantors or any other Person, of any of its respective obligations under the Loan Agreement or any other instrument or document furnished in connection therewith. 

(c) Assignee represents and warrants that (i) it is duly organized and existing and it has full power and authority to take, and has
taken, all action necessary to execute and deliver this Assignment and Acceptance and any other documents required or permitted to be executed or delivered by it in connection with this Assignment and Acceptance, and to fulfill its obligations
hereunder, (ii) no notices to, or consents, authorizations or approvals of, any Person are required (other than any already given or obtained) for its due execution, delivery and performance of this Assignment and Acceptance, and apart from any
agreements or undertakings or filings required by the Loan Agreement, no further action by, or notice to, or filing with, any Person is required of it for such execution, delivery or performance; and (iii) this Assignment and Acceptance has
been duly executed and delivered by it and constitutes the legal, valid and binding obligation of Assignee, enforceable against Assignee in accordance with the terms hereof, subject, as to enforcement, to bankruptcy, insolvency, moratorium,
reorganization and other laws of general application relating to or affecting creditors’ rights to general equitable principles. 

9. Further Assurances. Assignor and Assignee each hereby agree to execute and deliver such other instruments, and take such other
action, as either party may reasonably request in connection with the transactions contemplated by this Assignment and Acceptance, including the delivery of any notices or other documents or instruments to Borrowers or Agent, which may be required
in connection with the assignment and assumption contemplated hereby. 
 10. Miscellaneous. 

(a) Any amendment or waiver of any provision of this Assignment and Acceptance shall be in writing and signed by the parties hereto. No
failure or delay by either party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof and any waiver of any breach of the provisions of this Assignment and Acceptance shall be without prejudice to any rights
with respect to any other for further breach thereof. 
 (b) All payments made hereunder shall be made without any set-off or
counterclaim. 
 (c) Assignor and Assignee shall each pay its own costs and expenses incurred in connection with the
negotiation, preparation, execution and performance of this Assignment and Acceptance. 
  

 A-4 

 (d) This Assignment and Acceptance may be executed in any number of counterparts and all of
such counterparts taken together shall be deemed to constitute one and the same instrument. 
 (e) THIS ASSIGNMENT AND
ACCEPTANCE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. Assignor and Assignee each irrevocably submits to the non-exclusive jurisdiction of any State or Federal court sitting in New York County, New
York over any suit, action or proceeding arising out of or relating to this Assignment and Acceptance and irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State or Federal
court. Each party to this Assignment and Acceptance hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. 

(f) ASSIGNOR AND ASSIGNEE EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS ASSIGNMENT AND ACCEPTANCE, THE LOAN AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS OR ANY RELATED DOCUMENTS AND AGREEMENTS OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, OR STATEMENTS (WHETHER ORAL OR WRITTEN). 
 IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment and
Acceptance to be executed and delivered by their duly authorized officers as of the date first above written. 
  

			
	[ASSIGNOR]
		
	By:	 	 

			
		
	Title:	 	 

			
	
	[ASSIGNEE]

			
		
	By:	 	 

			
		
	Title:	 	 

  

 A-5 

 SCHEDULE 1 

NOTICE OF ASSIGNMENT AND ACCEPTANCE 

                    , 20__

  

			
	  	 	  
	  	 	  
	  	 	  
	Attn.: 	 	 

Re:                      
                                       

Ladies and Gentlemen: 

Wachovia Bank, National Association, in its capacity as agent pursuant to the Loan Agreement (as hereinafter defined) acting for and on
behalf of the financial institutions which are parties thereto as lenders (in such capacity, “Agent”), and the financial institutions which are parties to the Loan Agreement as lenders (individually, each a “Lender” and
collectively, “Lenders”) have entered or are about to enter into financing arrangements pursuant to which Agent and Lenders may make loans and advances and provide other financial accommodations to Innophos, Inc. and Innophos Canada, Inc.
(individually each, a “Borrower” and collectively, “Borrowers”), as set forth in the Loan and Security Agreement, dated
                    , 2008, by and among Borrowers, Agent and Lenders (as the same now exists or may hereafter be amended, modified,
supplemented, extended, renewed, restated or replaced, the “Loan Agreement”), and the other agreements, documents and instruments referred to therein or at any time executed and/or delivered in connection therewith or related thereto (all
of the foregoing, together with the Loan Agreement, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, being collectively referred to herein as the “Loan
Documents”). Capitalized terms not otherwise defined herein shall have the respective meanings ascribed thereto in the Loan Agreement. 

1. We hereby give you notice of, and request your consent to, the assignment by
                                         
            (the “Assignor”) to
                                         
                (the “Assignee”) such that after giving effect to the assignment Assignee shall have an interest equal to
                     (__%) percent of the total Commitments pursuant to the Assignment and Acceptance Agreement attached hereto (the
“Assignment and Acceptance”). We understand that the Assignor’s Commitment shall be reduced by $            , as the same may be further reduced by other assignments
on or after the date hereof. 
 2. Assignee agrees that, upon receiving the consent of Agent to such assignment, Assignee will
be bound by the terms of the Loan Agreement as fully and to the same extent as if the Assignee were the Lender originally holding such interest under the Loan Agreement. 

3. The following administrative details apply to Assignee: 

 

	 	(A)	Notice address: 

  

							
	 Assignee name:    
	  	 	  		  	
	 Address:
	  	 	  		  	
	 Attention:
	  	 	  		  	
	 Telephone:
	  	 	  		  	
	 Telecopier:
	  	 	  		  	

  

 A-6 

	 	(B)	Payment instructions: 

  

							
	 Account No.:    
	  	 	  		  	
	 At:
	  	 	  		  	
	 Reference:
	  	 	  		  	
	 Attention:
	  	 	  		  	

 4. You are entitled to rely upon the representations, warranties and covenants of each of Assignor
and Assignee contained in the Assignment and Acceptance. 
  

 A-7 

 IN WITNESS WHEREOF, Assignor and Assignee have caused this Notice of Assignment and
Acceptance to be executed by their respective duly authorized officials, officers or agents as of the date first above mentioned. 
  

			
	Very truly yours,
	
	[NAME OF ASSIGNOR]

			
		
	By:	 	 

			
		
	Title:	 	 

			
	
	[NAME OF ASSIGNEE]

			
		
	By:	 	 

			
		
	Title:	 	 

 ACKNOWLEDGED AND ASSIGNMENT 

CONSENTED TO: 
 WACHOVIA BANK, NATIONAL
ASSOCIATION, as Agent 

			
		
	By:	 	 
		
	Title:	 	 

  

 A-8 

 EXHIBIT B 

to 
 LOAN AND
SECURITY AGREEMENT 
 FORM OF BORROWING BASE CERTIFICATE 

 

 B-1 

			
	Wachovia Bank, National Association	  	      Date:
                    
	AVAILABILITY REPORT - US DOMESTIC	  	Number:                     

BORROWER    ________________________________________________ 

ADDRESS         ________________________________________________ 

 

							
	 BBC As of Date:
	  	Date	  	Date	  	Date
	 	  	US	  	Canada	  	Total
	 A      Accounts Receivable Outstanding Assigned To Wachovia Capital Finance (Previous
Report)
	  		  		  	
	 Additions To Accounts Receivable:

B              Total Net Additions To A/R:

	  		  		  	
	 Deductions To Accounts Receivable:

C              Total Net Deductions To A/R:

	  		  		  	
	 D      Accounts Receivable Outstanding Assigned

         To Wachovia Capital Finance (A + B - C = D)
	  		  		  	
	 Less: Ineligible A/R:

E               Total Ineligible A/R
(see attached Schedules):
	  		  		  	
	 F       Eligible Accounts Receivable (D - E = F) Advance Rate
	  		  		  	
	 G      Availability From Accounts Receivable @ 85.00%
	  		  		  	
	 H      Availability From Inventory (see attached Schedules) - CAPPED AT $32,500,00

	  		  		  	
	 I        Total Availability Before Loans. Reserves and UCs (G + H = I)
	  		  		  	
	 J        Total Line of Credit Limit
                                    $ 
65.000,000
	  		  		  	
	 K      Lesser of Line of Credit Limit or Total Borrowing Base Availability Before
Loans,
Reserves and L/Cs (Lesser of I or J)
	  		  		  	
	 L       Other Reserves (see attached Schedules)
	  		  		  	
	 M     Availability Before Loans and UCs (K - L = M)
	  		  		  	
	 Sub Limit

N      Standby L/Cs
                                         
                           $ 20,000,000
	  		  		  	
	 M     Availability Before Loans and After L/Cs (M - N = 0) $
	  		  		  	
	          Loan Balance Previous Report $
            0   
	  		  		  	
	          Less: Cash Remitted
               $             0   
	  		  		  	
	          Additional Borrowing This Report $
            0   
	  		  		  	
	 P       Loan Balance
	  		  		  	
	 Q      Excess Availability After Loans, UCs, and Reserves (O - P = Q)
	  		  		  	
	 R      Minimum Excess Availability Requirement
	  		  		  	
	 S       Excess Availability After Minimum Excess Availability Requirement (Q - R =
S)
	  		  		  	

  

 B-2 

 Pursuant to the provisions of the Loan and Security Agreement and other financing documents
dated as of                      (collectively the “Loan Agreement’) among Innophos, Inc. and Innophos Canada, Inc (the
“Borrower), Wachovia Bank, National Association (‘Wachovia”), as the Administrative Agent, the Collateral Agent and LC Issuer and Lenders, the Borrower hereby delivers this Borrowing Base and Loan Report to Wachovia, as the
Administrative Agent. The undersigned Borrower certifies that: (a) this report, including all other reports and other schedules referred to herein, is true and correct in all respects, is in accordance with the books and records of the
undersigned and is prepared in accordance with the terms of the Loan Agreement, (b) as of the date hereof, all representations and warranties of the undersigned contained In the Loan Agreement are true and correct; and (c) no default or
event of default or any event or condition, which with the giving notice or the passage of time or both would constitute a default or event of default under the Loan Agreement, exists. 

 

					
	Wachovia Bank, National Association	 	CLIENT: INNOPHOS INC. AND INNOPHOS CANADA INC.
			
	One South Broad Street - PA4812	 	BY:	  	 
			
	Philadelphia, PA 19107	 	Name/Title:	  	 

  

 B-3 

 INNOPHOS INC. AND INNOPHOS CANADA INC. - CONSOLIDATED INVENTORY REPORT 

Date:                     
 
 WACHOVIA BANK, NATIONAL ASSOCIATION 

One South Broad Street 
 Mail Code:
PA4312 
 Philadelphia, PA 19107 
  

															
	 	 	 Inventory Type
	 	Inventory
Value	 	Less:
Ineligible	 	 Net Eligible
Inventory
	 	 Adv.
Rate1
	 	Inventory
Availability	 	 
	1	 	RAW MATERIAL	 		 		 		 	see note 1	 		 	
	2	 	FINISHED GOODS	 		 		 		 	see note 1	 		 	
	3	 	PACKAGING	 		 		 		 	see note 1	 		 	
	4	 	DOMESTIC INTRANSIT (RAW/MATERIALS)	 		 		 		 	see note 1	 		 	
	5	 	DOMESTIC INTRANSIT (FINISHED GOODS)	 		 		 		 	see note 1	 		 	
	6	 	TOTAL INVENTORY	 		 		 		 	 TOTAL

AVAILABILITY
	 		 	NOT TO EXCEED $32,500,500 INCLUDING CANADIAN INVENTORY LIMIT
							
	Less:	 	INELIGIBLE RAW MATERIAL	 		 		 		 		 	
	7	 		 		 		 		 		 		 	
	8	 	Slow Moving	 		 		 	
                    Notes    
                

1. Inventory advance rate is the lesser of 60%, or 85% of the Net Recovery Percentage as reported on the
most repent appraisal dated February 10, 2009.
	 	
	9	 	Damage / Rework / Offgrade	 		 		 	 2. Total availability for Domestic Intransit (Raw Material) and Domestic Intransit (Finished Goods) is limited
$15,000,000.
	 	
	10	 	Consigned	 		 		 	 3. Inventory to be valued at the lower of cost (computed on a FIFO basis) or market.
	 	
	11	 	Distressed Sale	 		 		 		 		 		 	
	12	 	Returned	 		 		 		 		 		 	
	13	 	Supplies	 		 		 		 		 		 	
	14	 	Other	 		 		 		 		 		 	
	15	 	Other	 		 		 		 		 		 	
		 	Total	 		 		 		 		 		 	
							
	Less:	 	INELIGIBLE FINISHED GOODS	 		 		 		 		 	
	16	 	Slow Moving	 		 		 		 		 		 	
	17	 	Damage / Rework / Offgrade	 		 		 		 		 		 	
	18	 	Consigned	 		 		 		 		 		 	
	19	 	Outside Processor	 		 		 		 		 		 	
	20	 	Distressed Sale	 		 		 		 		 		 	
	21	 	Returned	 		 		 		 		 		 	
	22	 	Used in Production of Other Products	 		 		 		 		 	
	23	 	Intransit	 		 		 		 		 		 	
	24	 	Phosphoric Acid Reserve	 		 		 		 		 		 	
	25	 	Bill and Hold	 		 		 		 		 		 	
	26	 	LCM Reserve	 		 		 		 		 		 	
	27	 	Unfavorable Capitalized Variances	 		 		 		 		 		 	
	28	 	Locations less than $250k	 		 		 		 		 		 	
		 	Total	 		 		 		 		 		 	

  

 B-4 

															
	Less:	  	INELIGIBLE PACKAGING	  		  		  		  		  	
	29	  	Packaging	  		  		  		  		  		  	
	30	  	Shipping Materials	  		  		  		  		  		  	
	31	  	Supplies	  		  		  		  		  		  	
	32	  	Other	  		  		  		  		  		  	
	33	  	Other	  		  		  		  		  		  	
		  	Total	  		  		  		  		  		  	
							
	Less:	  	INELIGIBLE DOMESTIC INTRANSIT (RAW MATERIALS)	  		  		  		  		  	
	34	  	Shipments over 16 days	  		  		  		  		  		  	
	35	  		  		  		  		  		  		  	
	36	  		  		  		  		  		  		  	
		  	Total	  		  		  		  		  		  	
							
	Less:	  	INELIGIBLE DOMESTIC INTRANSIT (RAW MATERIALS)	  		  		  		  		  	
	37	  	Shipments over 16 days	  		  		  		  		  		  	
	38	  		  		  		  		  		  		  	
	39	  		  		  		  		  		  		  	
		  	Total	  		  		  		  		  		  	
	40	  	TOTAL INELIGIBLE INVENTORY	  		  		  		  		  		  	

  

	*	Inventory amounts include Capitalized Variance of: 

Pursuant to the provisions of the Loan and Security Agreement and other financing documents dated as of
                     (collectively the “Loan Agreement’) among Innophos, Inc. and Innophos Canada, Inc (the “Borrower),
Wachovia Bank, National Association (‘Wachovia”), as the Administrative Agent, the Collateral Agent and LC Issuer and Lenders, the Borrower hereby delivers this Borrowing Base and Loan Report to Wachovia, as the Administrative Agent. The
undersigned Borrower certifies that: (a) this report, including all other reports and other schedules referred to herein, is true and correct in all respects, is in accordance with the books and records of the undersigned and is prepared in
accordance with the terms of the Loan Agreement, (b) as of the date hereof, all representations and warranties of the undersigned contained In the Loan Agreement are true and correct; and (c) no default or event of default or any event or
condition, which with the giving notice or the passage of time or both would constitute a default or event of default under the Loan Agreement, exists. 

 

	
	  
	Signature
	Name:
	Title:

  

 B-5 

 EXHIBIT C 

to 
 LOAN AND
SECURITY AGREEMENT 
 FORM OF INFORMATION CERTIFICATE 

Wachovia Bank, National Association, 

  as Agent 
 One South Broad Street
PA4812 
 Philadelphia, Pennsylvania 19107 

In connection with certain financing (the “Loan Facility”) provided or to be provided or arranged by Wachovia Bank, National Association
(“Wachovia”) and certain other lenders (together with Wachovia in its individual capacity, collectively, “Lenders”) and for whom Wachovia will be acting as agent (in such capacity, “Agent”), each of the undersigned
(individually, a “Company” and, collectively, the “Companies”) jointly and severally represents and warrants, as of the date hereof, to Agent and Lenders the information about it set forth below, its organizational structure and
other matters of interest to Agent and Lenders. Capitalized terms used herein and not otherwise defined have the meaning ascribed to such term in the Loan and Security Agreement (the “Loan and Security Agreement”) dated as of the date
hereof by and among Innophos, Inc. and Innophos Canada, Inc., as Borrowers, the Lenders and Agent. 
  

	1.	The full and exact name of each Company as set forth in its certificate of incorporation (or its certificate of formation or other organizational document filed with
the applicable state governmental authority, as the case may be) is as follows: 

  

	2.	Each Company uses no names other than the names referred to in 1 in the operation of its respective business. 

 

	3.	Each Company is a registered organization of the following type: 

  

					
	 Company
	  	 Date of

Organization
	  	 Jurisdiction of

Organization

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

  

 C-1 

	4.	The organizational identification number of each Company issued by its jurisdiction of organization is as set forth below: 

 

			
	 Company
	  	 ID No.

		  	
		  	

  

	5.	The Federal Employer Identification Number of each Company is as follows: 

 

			
	 Company
	  	 FEIN

		  	
		  	

  

	6.	As of the date hereof, each Company is duly qualified and authorized to transact business as a foreign organization in the following jurisdictions under the stated
organizational identification numbers, and is in good standing in such jurisdictions: 

  

					
	 Company
	  	 Jurisdiction
	  	 ID No.

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

  

	7.	Since the date of its organization, the name of each Company as set forth in its organizational documentation as filed of record with the applicable state authority has
been changed as follows: 

  

					
	 Company
	  	 Date of Change
	  	 Prior Name

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

  

 C-2 

	8.	Since the date of its respective organization set forth in 3, each Company has made or entered into the following mergers or acquisitions: 

 

					
	 Company
	  	 Merger/Acquisition
	  	 Date

		  		  	
		  		  	
		  		  	
		  		  	
		  		  	
		  		  	

  

	9.	The executive office and mailing address of each Company is located at the address indicated for such Company on Schedule 8.2 hereto. 

 

	10.	The books and records of each Company pertaining to accounts, contract rights, inventory, and other assets are located at the addresses indicated for such Company on
Schedule 8.2 hereto. 

  

	11.	Each Company has other places of business and/or maintains inventory only at the addresses indicated for such Company on Schedule 8.2 hereto. 

 

	12.	Except as otherwise permitted under the Loan and Security Agreement, each Company’s assets are owned and held free and clear of any liens, mortgages, pledges,
security interests, encumbrances or charges as of the date hereof, except as set forth on Schedule 8.4 hereto. 

  

	13.	As of the date hereof (i) there is no investigation by any Governmental Authority, or action, suit, proceedings or claim by any Person, pending, or the best of any
Borrower’s or Guarantor’s knowledge, threatened in writing, against or affecting any Borrower or Guarantor, its or their assets or business which if adversely determined against such Borrower or Guarantor, individually or in the aggregate,
has or could reasonably be expected to have a Material Adverse Effect and (ii) there is no action, suit, proceeding or claim by any Person pending or threatened in writing, that involves the Loan and Security Agreement or any transactions
contemplated by the Loan and Security Agreement, except, in either case, as set forth on Schedule 8.6 hereto. 

  

	14.	Each Company is in compliance in all material respects as of the date hereof with all Environmental Laws applicable to its business or operations, where the violation
or failure to comply, individually or in the aggregate, has or could reasonably be expected to have a Material Adverse Effect, except as set forth on Schedule 8.8 hereto. 

 

	15.	No Company has any deposit accounts, investment accounts, securities account or similar accounts with any bank, savings and loan or other financial institution as of
the date hereof, except as set forth on Schedule 8.10 hereto for the purposes and of the types indicated therein. 

  

 C-3 

	16.	As of the date hereof, no Company owns or licenses any material trademarks, patents, copyrights or other intellectual property registered or subject to pending
applications in the United States Patent and Trademark Office or any similar office or agency in the United States (other than internet domain name registrations), any State thereof, any political subdivision thereof, and has not granted any
licenses with respect thereto, except as set forth on Schedule 8.11 hereto. 

  

	17.	Each Company is affiliated with, or has ownership in, the entities set forth on Schedule 8.12 hereto as of the date hereof. 

 

	18.	The names of the stockholders of each Company and their holdings as of the date hereof are as set forth on Schedule 8.12 hereto. 

 

	19.	No Company is a party to or bound by a collective bargaining or similar agreement with any union, labor organization or other bargaining agent as of the date hereof,
except as set forth on Schedule 8.13 hereto. 

  

	20.	No Company is a party to or bound by any Material Contract as of the date hereof, except as set forth on Schedule 8.15 hereto. 

 

	21.	Except as otherwise permitted under the Loan and Security Agreement, no Company has any outstanding Indebtedness as of the date hereof, except as set forth on Schedule
9.9 hereto. 

  

	22.	No Company has any outstanding loans or advances to any other Person as of the date hereof, except as set forth on Schedule 9.10 hereto. 

 

	23.	No Company has any chattel paper (whether tangible or electronic) or instruments as of the date hereof. 

 

	24.	No Company has any commercial tort claims as of the date hereof. 

  

	25.	There is no provision in the certificate of incorporation, by-laws or other organizational documents of any Company, or in the laws of the jurisdiction of its
organization, requiring any vote or consent of its stockholders to borrow or to authorize the mortgage or pledge of or creation of a security interest in any assets of such Company; such power is vested exclusively in its Board of Directors.

  

 C-4 

	26.	The officers of each Company and their respective titles as of the date hereof are as follows: 

 

					
	 Company
	  	 Title
	  	 Name

		  		  	
		  		  	
		  		  	

 The following will have signatory powers as to all transactions of each Company with Agent and
Lenders: 
 (i) 

(ii) 
 (iii)

 The members of the Board of Directors of each Company as of the date hereof are: 

 

			
	 Company
	  	 Directors

		  	
		  	
		  	
		  	
		  	
		  	
		  	
		  	

  

	27.	Each Company has paid or caused to be paid all material taxes due and payable by it. 

 

	28.	Certified Public Accountants for each Company is the firm of: 

Name: 
 Address:

 Partner Handling Relationship: 

Were statements uncertified for any fiscal year? 
  

 C-5 

 Agent and Lenders shall be entitled to rely upon the foregoing in all respects and each of
the undersigned is duly authorized to execute and deliver this Information Certificate on behalf of the Company for which he or she is signing. 
  

			
	 Very truly yours,
  

INNOPHOS, INC.

		
	By:	 	
		
	Title:	 	
	
	INNOPHOS CANADA, INC.
		
	By:	 	
		
	Title:	 	

  

 C-6 

 EXHIBIT D 

to 
 LOAN
AND SECURITY AGREEMENT 
 FORM OF OFFICER’S CERTIFICATE 

(Solvency) 

This Certificate is furnished pursuant to Section 4.1(i) of the Loan and Security Agreement, dated of even date herewith (the
“Loan Agreement”), by and among the parties thereto as lenders (collectively, “Lenders”), Wachovia Bank, National Association, a national banking association, in its capacity as agent acting for and on behalf of Lenders
(“Agent”), Innophos, Inc., a Delaware corporation (“Innophos”) and Innophos Canada, Inc., an Ontario, Canada corporation (“Innophos Canada” and, together with Innophos, each individually a “Borrower” and
collectively, “Borrowers”). Capitalized terms used but not defined herein have the meanings given such terms in the Loan Agreement. 

I, the undersigned, the
                     of each Borrower, do hereby certify, solely in my capacity as an authorized officer of each Borrower and not in my
individual capacity, to Agent and Lenders that: 
 1. I am the
                     of each Borrower, with the primary responsibility for the management of the financial affairs and accounting practices of
each Borrower and have acted on behalf of each Borrower in connection with the financing arrangements provided for under the Loan Agreement, including meeting and conferring with Borrowers’ independent auditors as well as counsel to Borrowers.

 2. For purposes of this Certificate, I, or officers of each Borrower under my direction and supervision, have performed the
following procedures as of and for the periods set forth below: 
 (a) reviewed the unaudited financial
statements of each Borrower at                      , 200_ and at
                     , 200_ and the related consolidated statements of income and cash flow and statements of shareholder’s equity
of each Borrower for the fiscal year ended on                      , 200_; 

(b) reviewed the pro forma balance sheets of each Borrower constituting Exhibit A to this Certificate, which were prepared
in accordance with GAAP consistently applied on a pro forma basis on or before the date hereof, the extensions of credit made or to be made on the date hereof under the Loan Agreement and the other Financing Agreements (collectively, the
“Transactions”); 
 (c) to the extent I deemed necessary, made inquiries of certain other officers of
each Borrower for purposes of delivery of this certificate; 
 (d) read and reviewed the Financing Agreements;
and 
 (e) made such other investigations and inquiries as I deemed necessary or prudent. 

3. Based on and subject to the foregoing, I hereby certify on behalf of each Borrower, in my capacity as
                     of each Borrower and not in my individual capacity, that, immediately after giving effect to the Transactions, each
Borrower is Solvent. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 

 D-1 

 IN WITNESS WHEREOF, each Borrower has caused its
                     to execute and deliver this Certificate as of the date first set forth above, solely in her capacity as an authorized
officer of each Borrower. 
  

			
	 BORROWERS
  

INNOPHOS, INC.

		
	By:	 	 

			
		
	Title:	 	 

			
	
	INNOPHOS CANADA, INC.

			
		
	By:	 	 

			
		
	Title:	 	 

  

 D-2 

 EXHIBIT E 

TO 
 LOAN AND
SECURITY AGREEMENT 
 Compliance Certificate 

 

	To:	Wachovia Bank, National Association, as Agent 

	 	1133 Avenue of the Americas 

	 	New York, New York 10036 

 Ladies and Gentlemen:

 I hereby certify to you pursuant to Section 9.6(d)(ii) of the Loan Agreement (as defined below) as follows: 

1. I am the duly elected Chief Financial Officer of
                    , a
                     corporation,
                    , a
                     corporation and
                    , a
                     corporation (collectively, “Borrowers”). Capitalized terms used herein without definition shall have the
meanings given to such terms in the Loan and Security Agreement, dated                     , 20__, by and among Wachovia Bank, National
Association, as agent for the financial institutions party thereto as lenders (in such capacity, “Agent”) and the financial institutions party thereto as lenders (collectively, “Lenders”), Borrowers and certain of their
affiliates (as such Loan and Security Agreement is amended, modified or supplemented, from time to time, the “Loan Agreement”). 

2. After due inquiry, to my knowledge no Default or Event of Default has occurred, except as set forth on Schedule I attached
hereto. Described on Schedule I attached hereto are the exceptions, if any, to this Section 2 listing, in detail, the nature of the condition or event and the period during which it existed or has existed. 

4. Attached hereto as Schedule II are the calculations used in determining, as of the end of such fiscal month whether Borrowers and
Guarantors are in compliance (a) if a Compliance Period is then in effect, with the covenant set forth in Section 11.1 of the Loan Agreement for such fiscal month and (b) with the covenant set forth in Section 11.2 of the Loan
Agreement for such fiscal month. 
 The foregoing certifications are made and delivered this day of
                    , 20__. 
  

			
	Very truly yours,
	
	 
		
	By:	 	 

			
		
	Title:	 	 

  

 E-1Share Redemption Program

 Exhibit 4.4 

SHARE REDEMPTION PROGRAM 

The board of directors of Resource Real Estate Opportunity REIT, Inc., a Maryland corporation (the “Company”), has
adopted a Share Redemption Program (the “SRP”), the terms and conditions of which are set forth below. Capitalized terms shall have the same meaning as set forth in the Company’s charter unless otherwise defined herein.

 1. Qualifying Stockholders. “Qualifying Stockholders” are (a) holders of the Company’s shares of
Common Stock (the “Shares”) who have held their Shares for at least one year, provided that (i) if the Company is redeeming all of a stockholder’s Shares, any Shares purchased pursuant to the Company’s distribution
reinvestment plan may be excluded from the foregoing one-year holding period requirement in the sole discretion of the board of directors, and (ii) the limited partners of Resource Real Estate Opportunity OP, LP, the Company’s operating
partnership (the “Operating Partnership”), who exchange their limited partnership units for Shares will be deemed to have owned such Shares as of the date such limited partners were issued their limited partnership units in the
Operating Partnership, and (b) stockholders or authorized representatives of stockholders qualifying for the special redemption provisions set forth in paragraphs 6, 7 and 8 below. The board of directors reserves the right in its sole
discretion at any time to (1) waive the one-year holding period in the event of other exigent circumstances affecting a stockholder such as bankruptcy or a mandatory distribution requirement under a stockholder’s IRA, (2) reject any
request for redemption, (3) change the purchase price for redemptions, or (4) otherwise amend the term of the Company’s SRP. 

2. Share Redemption. Subject to the terms and conditions of this SRP, including the limitations on redemptions set forth in
paragraph 4 and the procedures for redemption set forth in paragraph 5, the Company will redeem such number of Shares as requested by a Qualifying Stockholder on a quarterly basis. 

3. Redemption Price. 

(a) Unless the Shares are being redeemed in connection with a stockholder’s death, Qualifying Disability (as defined in paragraph 7
below) or confinement to a long-term care facility (subject to the limitations set forth in paragraph 8), the purchase price at which the Company will redeem the Shares of a Qualifying Stockholder is as follows: 

(i) Prior to the time the Company establishes an estimated value per Share, the amount by which (a) the lesser of (1) 90% of
the average gross price per Share the original purchaser or purchasers paid to acquire the Shares from the Company (the “issue price”) for all of such purchaser’s Shares (as adjusted for any stock combinations, splits,
recapitalizations and the like with respect to the Common Stock), or (2) 90% of the offering price of the Shares in the Company’s most recent public primary offering, exceeds (b) the aggregate amount of net sale proceeds per Share, if
any, distributed to investors prior to the redemption date as a result of the sale of one or more of the Company’s investments, or 

 (ii) after the Company establishes an estimated value per Share, the lesser of
(a) 100% of the average issue price per Share for all of the Qualifying Stockholder’s Shares (as adjusted for any stock combinations, splits, recapitalizations and the like with respect to the Common Stock) or (b) 90% of the estimated
value per Share, as determined by the Company’s advisor or another firm chosen for that purpose. The Company expects to establish an estimated value per Share after completion of its offering stage; however, the time frame before which the
Company establishes an estimated value per share may be different depending on regulatory requirements or if necessary to assist broker-dealers who sell shares in this offering. The Company will consider its offering stage complete when 18 months
have passed without the Company having sold shares in a public offering or equity securities, whether that last sale was in the Company’s initial public offering or a public follow-on offering. The Company will report the redemption price in
its annual report and three quarterly reports publicly filed with the Securities and Exchange Commission. For the purpose of determining when the Company’s offering stage is complete, public equity offerings do not include offerings on behalf
of selling stockholders or offerings related to any distribution reinvestment plan, employee benefit plan or the redemption of interests in the Operating Partnership. 

(b) Until the Company establishes an estimated value per Share, the purchase price per Share for redemptions sought upon a Qualifying
Stockholder’s death or qualifying disability or confinement to a long-term care facility (provided that the condition causing such qualifying disability was not preexisting on the date that such person became a stockholder or that the
stockholder was not confined to a longterm care facility on the date the person became a stockholder), will be equal to the amount by which (a) the average issue price per Share for such Qualifying Stockholder’s Shares (as adjusted for any
stock combinations, splits, recapitalizations and the like with respect to the Common Stock) exceeds (b) the aggregate amount of net sale proceeds per Share, if any, distributed to investors prior to the redemption date as a result of the sale
of one or more of the Company’s investments. Thereafter, the purchase price will be the estimated value per Share, as determined by the advisor or another firm chosen for that purpose. 

4. Limitations on Redemption. Notwithstanding anything contained in this SRP to the contrary, the Company’s obligation to
redeem Shares pursuant to paragraphs 2 and 6 hereof is limited as follows: 
 (a) Unless the Shares are being redeemed in
connection with a Qualifying Stockholder’s death, Qualifying Disability (as defined in paragraph 7) or confinement to a long-term care facility, the Company will not redeem Shares unless the stockholder has held the Shares for one year.

 (b) The Company has no obligation to redeem Shares if the redemption would violate the restrictions on distributions under
Maryland General Corporation Law, as amended from time to time, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency. 

(c) The SRP is available only for Qualifying Stockholders who purchase their Shares directly from the Company or the transferees
mentioned below, and 
  

 2 

 
is not intended to provide liquidity to any stockholder who acquired his or her Shares by purchase from another stockholder. In connection with a request for redemption, the stockholder or his or
her estate, heir or beneficiary will be required to certify to the Company that the stockholder acquired the Shares to be repurchased either (1) directly from the Company or (2) from the original investor by way of (i) a bona fide
gift not for value to, or for the benefit of, a member of the investor’s immediate or extended family (including the investor’s spouse, parents, siblings, children or grandchildren and including relatives by marriage), (ii) through a
transfer to a custodian, trustee or other fiduciary for the account of the investor or members of the investor’s immediate or extended family in connection with an estate planning transaction, including by bequest or inheritance upon death or
(iii) operation of law. 
 (d) The Company will generally engage a third party to conduct a Uniform Commercial Code
(“UCC”) search to ensure that no liens or encumbrances are held against the Shares presented for redemption. The Company will cover the cost for these searches. Shares that are not subject to liens or encumbrances will be eligible
for redemption following the completion of the UCC search. The Company will not redeem Shares that are subject to liens or other encumbrances until the stockholder presents evidence that such liens or encumbrances have been removed. 

(e) The Company will not redeem in excess of 5% of the weighted-average number of Shares outstanding during the 12-month period
immediately prior to the effective date of redemption. The board of directors will determine at least quarterly whether the Company has sufficient excess cash to repurchase Shares. Generally, the cash available for redemption will be limited to
proceeds from the distribution reinvestment plan plus, if the Company had positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous fiscal year. 

5. Procedures for Redemption. 

(a) A Qualifying Stockholder who wishes to have Shares redeemed must mail or deliver to the Company a written request on a form provided
by the Company and executed by the stockholder, its trustee or authorized agent. An estate, heir or beneficiary that wishes to have Shares redeemed following the death of a stockholder must mail or deliver to the Company a written request on a form
provided by the Company, including evidence acceptable to the board of directors of the death of the stockholder, and executed by the executor or executrix of the estate, the heir or beneficiary, or their trustee or authorized agent. A stockholder
requesting the redemption of his or her Shares due to a qualifying disability or confinement to a longterm care facility must mail or deliver to the Company a written request on a form provided by the Company, including the evidence and
documentation described above, or evidence acceptable to the board of directors of the stockholder’s disability or confinement to a long-term care facility. If the Shares are to be redeemed under the conditions outlined herein, the Company will
forward the documents necessary to affect the redemption, including any signature guaranty the Company may require. A request for redemption may be withdrawn in whole or in part by a stockholder in writing at any time prior to redemption.

  

 3 

 (b) The effective date of any redemption will be the last day of the calendar month
preceding the quarterly determination by the board of directors of the availability of funds for redemption. The Shares approved for redemption will accrue no distributions after the effective date of redemption. In making the determination of the
availability of funds for redemption, the board of directors will consider only properly completed redemption requests that the Company received on or before the last day of the calendar month preceding the determination of the availability of funds
for redemption. Payment for the Shares so approved for redemption, assuming sufficient funds for redemption and the satisfaction of all necessary conditions, will be made no later than 15 days after the date of the directors’ action to
determine the Shares approved for redemption. 
 (c) If the Company cannot accommodate a redemption request, the stockholder or
his or her estate, heir or beneficiary can (1) withdraw the request for redemption, or (2) ask that the Company honor the request at such time, if any, when the limitations no longer prevent redemption. Such pending requests will be
honored among all requests for redemptions in any given redemption period, as follows: first, pro rata as to redemptions sought upon a stockholder’s death or disability or sought upon a stockholder’s confinement to a long-term care
facility; next, pro rata as to redemptions to stockholders who demonstrate, in the discretion of the board of directors, another involuntary, exigent circumstance, such as bankruptcy; next, pro rata as to redemptions to stockholders subject to a
mandatory distribution requirement under their IRAs; and, finally, pro rata as to other redemption requests. The advisor and its affiliates will defer their own redemption requests, if any, until all other requests for redemption have been met.

 (d) Subject to the limitations set forth herein, a Qualifying Stockholder or his estate, heir or beneficiary may present to
the Company fewer than all of the Shares then owned for redemption, except that the minimum number of Shares that must be presented for redemption shall be at least 25% of the holder’s Shares. However, as little as 10% of a Qualifying
Stockholder’s Shares may be presented for redemption if such stockholder’s redemption request is made within 270 days of the event giving rise to the special circumstances described in this sentence, where redemption is being requested
(1) on behalf of a deceased stockholder; (2) by a stockholder with a qualifying disability, who is deemed by the board of directors to be permanently disabled or who is seeking redemption upon confinement to a long-term care facility;
(3) by a stockholder due to other involuntary, exigent circumstances, such as bankruptcy; or (4) by a stockholder due to a mandatory distribution under such stockholder’s IRA; provided, however, that any future redemption request by
such stockholder must present for redemption at least 25% of such stockholder’s remaining Shares. 
 (e) Except in the case
of redemptions due to a mandatory distribution under a stockholder’s IRA, the Company will treat a redemption request that would cause the stockholder to own fewer than 200 Shares as a request to redeem all of such stockholder’s Shares,
and the Company will vary from pro rata treatment of redemptions as necessary to avoid having stockholders holding fewer than 200 Shares. In the case of stockholders who undertake a series of partial redemptions, appropriate adjustments in

  

 4 

 
the purchase price for the redeemed Shares will be made so that the blended price per Share for all redeemed Shares is reflective of the issue price per Share of all Shares owned by such
stockholder through the dates of each redemption. 
 (f) Subject to the restrictions in the Operating Partnership’s limited
partnership agreement and any other applicable agreement, the Company may cause the Operating Partnership to offer to its limited partners (other than the Company’s subsidiaries) a partnership unit redemption program equivalent to the SRP. Any
units redeemed under the partnership unit redemption program will be redeemed upon terms substantially equivalent to the redemption terms of the SRP and will be treated as Shares for purposes of calculating the annual limitation on the number of
Shares that may be redeemed under the SRP. 
 (g) Any Shares purchased by the Company pursuant to the SRP will be cancelled.
Neither the Company’s advisor, nor any member of the board of directors of the Company nor any of their affiliates will receive any fee on the repurchase of Shares by the Company pursuant to the SRP. The foregoing provisions regarding the SRP
in no way limit the Company’s ability to repurchase Shares from stockholders by any other legally available means. 
 6.
Special Provisions upon a Stockholder’s Death, Qualifying Disability or Confinement to a Long-term Care Facility. The Company will treat redemption requests made upon a stockholder’s death, Qualifying Disability (as defined in
paragraph 7) or confinement to a long-term care facility differently, as follows: 
 (a) Provided that the redemption request is
made within 270 days of the event giving rise to the following special circumstances, the Company will waive the one-year holding requirement (a) upon the request of the estate, heir or beneficiary of a deceased stockholder or (b) upon the
qualifying disability of a stockholder or upon a stockholder’s confinement to a long-term care facility, provided that the condition causing such disability or need for long-term care was not preexisting on the date that such person became a
stockholder. 
 (b) Except as specifically set forth in this paragraph 6, redemptions upon a stockholder’s death,
Qualifying Disability (as defined in paragraph 7) or confinement to a long-term care facility are subject to the same limitations and terms and conditions as other redemptions, including the limitations on redemptions set forth in paragraph 4 and
the redemption request procedures set forth in paragraph 5. 
 (c) Subject to the conditions and limitations described herein,
the Company will redeem Shares at the prices described in paragraph 3(b) upon the death of a Qualifying Stockholder who is a natural person, including Shares held by such stockholder through a revocable grantor trust or an IRA or other retirement or
profit-sharing plan, after receiving written notice from the estate of the stockholder, the recipient of the Shares through bequest or inheritance, or, in the case of a revocable grantor trust, the trustee of such trust, who shall have the sole
ability to request redemption on behalf of the trust. The Company must receive the written notice within 
  

 5 

 
270 days after the death of the Qualifying Stockholder. If spouses are joint registered holders of Shares, the request to redeem the Shares may be made if either of the registered holders dies.
If the Qualifying Stockholder is not a natural person, such as a trust other than a revocable grantor trust, partnership, corporation or other similar entity, these special redemption rights upon death do not apply. 

(d) Subject to the conditions and limitations described herein, the Company will redeem Shares at the prices described in paragraph 3(b)
held by a Qualifying Stockholder who is a natural person, including Shares held by such stockholder through a revocable grantor trust or an IRA or other retirement or profit-sharing plan, with a qualifying disability or upon confinement to a
long-term care facility, after receiving written notice from such stockholder, provided that the condition causing the qualifying disability was not preexisting on the date that the person became a stockholder or that the stockholder seeking
redemption was not confined to a long-term care facility on the date the person became a stockholder. The Company must receive written notice within 270 days after the determination of such stockholder’s qualifying disability or, with respect
to redemptions sought upon a stockholder’s confinement to a long-term care facility, within 270 days of the earlier of (1) the one-year anniversary of the stockholder’s admittance to the longterm care facility or (2) the date of
the determination of the stockholder’s indefinite confinement to the long-term care facility by a licensed physician. If the stockholder is not a natural person, such as a trust (other than a revocable grantor trust), partnership, corporation
or other similar entity, these special redemption rights do not apply. 
 7. Qualifying Disability Determinations. In
order for a disability to entitle a stockholder to the special redemption terms described in paragraph 6 (a “Qualifying Disability”), (1) the stockholder would have to receive a determination of disability based upon a physical
or mental condition or impairment arising after the date the stockholder acquired the Shares to be redeemed, and (2) such determination of disability would have to be made by the governmental agency responsible for reviewing the disability
retirement benefits that the stockholder could be eligible to receive (the “Applicable Government Agency”). The Applicable Government Agencies are limited to the following: (i) if the stockholder paid Social Security taxes and,
therefore, could be eligible to receive Social Security disability benefits, then the applicable governmental agency would be the Social Security Administration or the agency charged with responsibility for administering Social Security disability
benefits at that time if other than the Social Security Administration; (ii) if the stockholder did not pay Social Security taxes and, therefore, could not be eligible to receive Social Security disability benefits, but the stockholder could be
eligible to receive disability benefits under the Civil Service Retirement System (“CSRS”), then the applicable governmental agency would be the U.S. Office of Personnel Management or the agency charged with responsibility for
administering CSRS benefits at that time if other than the Office of Personnel Management; or (iii) if the stockholder did not pay Social Security taxes and therefore could not be eligible to receive Social Security benefits but suffered a
disability that resulted in the stockholder’s discharge from military service under conditions that were other than dishonorable and, therefore, could be eligible to receive military disability benefits, then the applicable governmental agency
would be the Department of Veterans Affairs or the agency charged with the responsibility for administering military disability benefits at that time if other than the Department of Veterans Affairs. 

 

 6 

 Disability determinations by governmental agencies for purposes other than those listed
above, including but not limited to worker’s compensation insurance, administration or enforcement of the Rehabilitation Act or Americans with Disabilities Act, or waiver of insurance premiums would not entitle a stockholder to the special
redemption terms described above. Redemption requests following an award by the applicable governmental agency of disability benefits would have to be accompanied by (1) the investor’s initial application for disability benefits and
(2) a Social Security Administration Notice of Award, a U.S. Office of Personnel Management determination of disability under CSRS, a Department of Veterans Affairs Administration record of disability related discharge or such other
documentation issued by the applicable governmental agency that the Company would deem acceptable and would demonstrate an award of the disability benefits. 

We understand that the following disabilities do not entitle a worker to Social Security disability benefits: (i) disabilities
occurring after the legal retirement age; (ii) temporary disabilities; and (iii) disabilities that do not render a worker incapable of performing substantial gainful activity. 

Therefore, such disabilities would not qualify for the special redemption terms, except in the limited circumstances when the investor
would be awarded disability benefits by the other “applicable governmental agencies” described above. However, where a stockholder requests the redemption of his or her Share due to a disability, and such stockholder does not have a
“qualifying disability” under the terms described above, the board of directors may redeem the stockholder’s Shares in its sole discretion on the special terms available for a qualifying disability. 

8. Stockholder Confinement to Long-term Care Facility. With respect to redemptions sought upon a Qualifying Stockholder’s
confinement to a long-term care facility, a “longterm care facility” shall mean an institution that: (1) either (a) is approved by Medicare as a provider of skilled nursing care or (b) is licensed as a skilled nursing home
by the state or territory in which it is located (it must be within the United States, Puerto Rico, or U.S. Virgin Islands) and (2) meets all of the following requirements: (a) its main function is to provide skilled, intermediate or
custodial nursing care; (b) it provides continuous room and board to three or more persons; (c) it is supervised by a registered nurse or licensed practical nurse; (d) it keeps daily medical records of all medication dispensed; and
(e) its primary service is other than to provide housing for residents. Where a stockholder seeks redemption of his or her Shares due to confinement to a long-term care facility, the stockholder must submit a written statement from a licensed
physician certifying either (1) the stockholder’s continuous and continuing confinement to a long-term care facility over the course of the last year or (2) that the licensed physician has determined that the stockholder will be
indefinitely confined to a long-term care facility. Notwithstanding the above, where a stockholder requests redemption of his or her Shares due to confinement to a long-term care facility, and such stockholder does not meet the definition set forth
above, the board of directors may redeem the stockholder’s Shares in its sole discretion on the special terms available for confinement to a long-term care facility. 
  

 7 

 9. Termination, Suspension or Amendment of the SRP by the Company. The board of
directors, in its sole discretion, may suspend, terminate or amend the SRP upon 30 days’ notice if it determines that such suspension, termination or amendment is in the Company’s best interest. The board of directors may also reduce the
number of Shares purchased under the SRP if it determines the funds otherwise available to fund the SRP are needed for other purposes. These limitations apply to all redemptions, including redemptions sought upon a stockholder’s death,
qualifying disability or confinement to a long-term care facility. The SRP is intended to provide interim liquidity for Qualifying Stockholders until a secondary market develops for the Shares. The SRP will terminate if the Shares are listed for
trading on a national securities exchange. 
 10. Address for Notice of Redemption Requests. Qualifying Stockholders who
desire to redeem their Shares must provide written notice to the Company on the form provided by the Company. 
 11.
Liability of the Company. The Company shall not be liable for any act done in good faith or for any good faith omission to act. 
  

 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00173-of-00352.parquet"}]]