NOTE


 


FOR VALUE RECEIVED,
the undersigned (“Borrower”), hereby promises to pay to the order of U.S. Bank National Association or
registered assigns (“Lender”), in accordance with the provisions of the Agreement (as hereinafter defined),
the principal amount of each Loan from time to time made by the Lender to Borrower under that certain Amended and Restated Term
Loan Agreement, dated as of July 2, 2012 (as amended, restated, extended, supplemented, or otherwise modified in writing from time
to time, the “Agreement;” the terms defined therein being used herein as therein defined), among AMERICAN
REALTY CAPITAL OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Borrower”), AMERICAN REALTY
CAPITAL TRUST, INC., a Maryland corporation and the sole member of the sole general partner of Borrower (“Parent”),
the Lenders from time to time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent.


 


Borrower promises to
pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full,
at such interest rates and at such times as provided in the Agreement. All payments of principal and interest shall be made to
Administrative Agent for the account of Lender in Dollars in immediately available funds at Administrative Agent’s Office.
If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the
due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth
in the Agreement.


 


This Note is one of
the Notes referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the
terms and conditions provided therein. This Note is also entitled to the benefits of the Guaranties and is secured by the Collateral.
Upon the occurrence and continuation of one or more of the Events of Default specified in the Agreement, all amounts then remaining
unpaid on this Note shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. Loans
made by Lender shall be evidenced by one or more loan accounts or records maintained by Lender in the ordinary course of business.
Lender may also attach schedules to this Note and endorse thereon the date, amount and maturity of its Loans and payments with
respect thereto.


 


Borrower, for itself,
its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and
non-payment of this Note.




 






    	 



    	 



    



 








THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.


 


	 	BORROWER:
	 	 
	 	AMERICAN REALTY CAPITAL OPERATING 

PARTNERSHIP, L.P., a Delaware limited partnership
	 	 	 
	 	By:	/s/ Jesse C. Galloway
	 	 	Name: Jesse C. Galloway
	 	 	Title:  Authorized Signatory


 



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LOANS AND
PAYMENTS WITH RESPECT THERETO 


 


	Date	 	
        Type of

        Loan Made
	 	
        Amount of

        Loan Made
	 	
        End of

        Interest

        Period
	 	
        Amount of

        Principal or

        Interest

        Paid This

        Date
	 	
        Outstanding

        Principal

        Balance

        This Date
	 	
        Notation

        Made By

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 


 



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