EXHIBIT 10.3







 





NOTE


 


FOR VALUE RECEIVED,
the undersigned (“Borrower”), hereby promises to pay to Wells Fargo 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 Term Loan Agreement, dated as
of April 16, 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	 


 


 


 


 


 


 


 


 





Note








    	 



    	 



    

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
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           
	           	           	           	           	           	           	           


 


 


 


 


 


 


 


Note