Document:

Document

Exhibit 4.4
Form of Subordinated Note
(FACE OF SECURITY)
[Each Global Security shall bear substantially the following legend:
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
[If the Security has original issue discount for U.S. federal income tax purposes, insert tax legend:
[FOR PURPOSES OF SECTIONS  1272 , 1273, and 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (“THE CODE”),THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT.  THE AMOUNT OF ORIGINAL ISSUE DISCOUNT (AS DEFINED IN SECTION 1273(A)(1) OF THE CODE AND TREASURY REGULATION SECTION 1.1273-1(A)) WITH RESPECT TO THIS SECURITY IS ______, THE ISSUE DATE (AS DEFINED IN SECTION 1275(A)(2) OF THE CODE AND TREASURY REGULATION SECTION 1.1273-2(A)(2)) OF THIS SECURITY IS _______, THE ISSUE PRICE (AS DEFINED IN SECTION 1273(B) OF THE CODE AND TREASURY REGULATION SECTION 1.1273-2(A)) OF THIS SECURITY IS _______, AND THE YIELD TO MATURITY (AS DEFINED IN TREASURY REGULATION SECTION 1.1272-1(B)) OF THIS SECURITY IS _______.] ]

ACTIVE 65770231v2

CYREN Ltd.
[ Title of Security ]
						
	No. []	CUSIP No.:[M26895 108]
		[Common Code][ISIN]:[]
		[$]

CYREN Ltd., a public company registered under the Israel Companies Law (“Issuer”, which term includes any successor corporation), for value received promises to pay to [If the Security is a Global Security -- CEDE & CO.][If the Security is not a Global Security -- __________] or registered assigns, the principal sum of __________ on __________,____ (the “Maturity Date”) [If the Security is to bear interest prior to maturity, insert--, and to pay interest thereon from _____________ or from the most recent interest payment date to which interest has been paid or duly provided for, [semiannually in arrears on ______ and ______ in each year], commencing _________, ____ (each, an “Interest Payment Date”) at the rate of [___% per annum], until the principal hereof is paid or made available for payment [If applicable insert--, and (to the extent that the payment of such interest shall be legally enforceable) at the rate of ___% per annum on any overdue principal and on any overdue installment of interest].The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture (as defined below), be paid to the Holder in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the record date for such interest, which shall be the _______ or ________(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date (each, an “Interest Record Date”).Interest will be computed on the basis of [a 360-day year of twelve 30-day months].]
[If the Security is not to bear interest prior to maturity, insert--The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at maturity and, in each such case, the overdue principal of this Security shall bear interest at the rate of___% per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for.  Interest on any overdue principal shall be payable on demand.]
Reference is made to the further provisions set forth on the reverse of this Security contained herein, which will for all purposes have the same effect as if set forth at this place.
IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by facsimile by its duly authorized officer under its corporate seal.
						
		CYREN LTD.
By:        
Name:        
Title:        

	Attest:
By:        
Name:        
Title:        
	

2

This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture.
						
	Dated:[]	
		____________, as Trustee
By:
Title:

3

(REVERSE OF SECURITY)
CYREN LTD.
[Title of Security]
1.Indenture
This Security is one of a duly authorized issue of debentures, notes or other evidence of indebtedness (hereinafter called the “Securities”) of the Issuer of the series hereinafter specified, which series is initially limited in aggregate principal amount to [$]____________, all of such Securities issued and to be issued under an Indenture dated as of ________, _____ (the “Indenture”) between the Issuer and __________________________ as trustee (the “Trustee”).Capitalized terms herein are used as defined in the Indenture unless otherwise indicated.  The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture.  The Securities are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms.  To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Security and the terms of the Indenture, the terms of the Indenture shall control.
This Security is one of a series of Securities designated pursuant to the Indenture [and an [Supplemental Indenture] dated _____, _____, issued pursuant to Section 2.01 and Section 2.03 thereof (the “Supplement”)] as ________________.The Securities are general unsecured obligations of the Issuer.  The Issuer may, subject to the provisions of the Indenture and applicable law, issue additional Securities of any series under the Indenture.
2.Method of Payment.
The Issuer shall pay interest on the Securities (except defaulted interest) to the persons who are the registered Holders at the close of business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date and prior to such Interest Payment Date.  Holders must surrender Securities to the Trustee to collect principal payments.  The Issuer shall pay Principal and interest in money of [the United States] that at the time of payment is legal tender for payment of public and private debts.  [However, the payments of interest, and any portion of the Principal (other than interest payable at maturity or on any redemption or repayment date or the final payment of Principal) shall be made by the Paying Agent, upon receipt from the Issuer of immediately available funds by __________ [a.m./p.m.], New York City time (or such other time as may be agreed to between the Issuer and the Paying Agent or the Issuer), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank account to which such payments shall be so made and in the case of payments of Principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount as the unredeemed principal amount of the Securities surrendered.]
3.Redemption.
[The Securities of this series may be redeemed at any time [on or after ______, ______], as a whole or in part, at the option of the Issuer, upon mailing notice of such redemption not less than 30 and not more than 60 days to the Holders of such Securities, at a redemption price equal to ___________.]
4.Paying Agent and Security Registrar
Initially, the Trustee will act as Paying Agent and Security Registrar.  The Issuer may change any Paying Agent or Security Registrar without notice to the Holders.
4

5.Denominations; Transfer; Exchange.
The Securities are in registered form, without coupons, in denominations of [$1,000] and multiples of [$1,000].  A Holder shall register the transfer of or exchange Securities in accordance with the Indenture.  The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture.  [The Issuer need not register the transfer of or exchange (a) any Securities for a period of fifteen (15) days preceding the first mailing of notice that such Securities are to be redeemed, or (b) any Securities selected, called or being called for redemption in whole or in part, except, in the case of any Security to be redeemed in part, the portion thereof not to be so redeemed.]
6.Persons Deemed Owners.
The registered Holder of a Security shall be treated as the owner of it for all purposes.
7.Unclaimed Funds.
If funds for the payment of principal or interest remain unclaimed for two years, the Trustee and the Paying Agent will repay the funds to the Issuer.  After that, all liability of the Trustee and such Paying Agent with respect to such funds shall cease.
8.Defeasance.
The Indenture [as amended by the Supplement] contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer on this Security and (b) certain restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain conditions set forth therein, which provisions [apply] to this Security.
9.Amendment; Supplement; Waiver.
Subject to certain exceptions, the Securities of this series, [the Supplement] and the provisions of the Indenture relating to the Securities of this series may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities of this series then outstanding, and any existing Default or Event of Default, other than the non-payment of the principal amount of or interest on the Securities of this series, or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate principal amount of all the Securities of this series, then outstanding.  Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Securities to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Securities in addition to or in place of certificated Securities, or make any other change that does not adversely affect the rights of any Holder of a Security.
10.Defaults and Remedies.
If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Securities of this series then outstanding (voting as a separate class) by notice in writing to the Issuer (and also to the Trustee if such notice is given by the Holders) may declare [the entire principal] of the Securities of this series and the interest accrued thereon, if any, to be due and payable immediately in the manner and with the effect provided in the Indenture.  If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then [the entire principal] of the Securities then outstanding and interest accrued thereon, if any, shall become due and payable immediately in the manner and with the effect provided in the Indenture.  Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture.  The Trustee is not obligated to enforce the Indenture 
5

or the Securities unless it has received indemnity satisfactory to it.  The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power.  The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default if it determines that withholding notice is in their interest.
11.Subordination.
Reference is made to the Indenture, including, without limitation, provisions subordinating the payment of principal of and premium, if any, and interest on the Securities to the prior payment in full of all Senior Indebtedness as defined in the Indenture.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.
12.Trustee Dealings with Issuer.
The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer as if it were not the Trustee.
13.No Recourse Against Others.
No stockholder, director, officer, employee or incorporator, past, present or future as such, of the Issuer or any predecessor or successor corporation thereof shall have any liability for any obligation under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation.  Each Holder of a Security by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issuance of the Securities.
14.Authentication.
This Security shall not be valid until the Trustee manually signs the certificate of authentication on this Security.
15.Abbreviations and Defined Terms.
Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such as:  TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).
16.CUSIP Numbers.
Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities.  No representation is made as to the accuracy of such numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon.
17.Governing Law.
The laws of the State of New York shall govern the Indenture and this Security thereof, and for all purposes this Security shall be governed by and construed in accordance with the laws of such State without regard to any principle of conflict of laws that would require or permit the application of the laws of any other jurisdiction, except as may otherwise be required by mandatory provisions of law.

6

ASSIGNMENT FORM
I or we assign and transfer this Security to
						
	    
(Print or type name, address and zip code of assignee or transferee)

	    
(Insert Social Security or other identifying number of assignee or transferee)

	and irrevocably appoint ______________________________________________ agent to transfer this Security on the books of the Issuer.  The agent may substitute another to act for him.
	Date:	Signed:          
(Signed exactly as name appears on the other side of this Security)

	Signature Guarantee:
Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

7Exhibit 10.1

 

FIRST
AMENDMENT TO sECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) made as of the 26th day
of July, 2022, by and among GLOBAL NET LEASE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Borrower”),
GLOBAL NET LEASE, INC., a Maryland corporation (“REIT”), ARC GLOBAL HOLDCO, LLC, a Delaware limited liability
company (“International Holdco”), ARC GLOBAL II HOLDCO, LLC, a Delaware limited liability company (“Global
II Holdco”), THE PARTIES EXECUTING BELOW AS SUBSIDIARY GUARANTORS (the “Subsidiary Guarantors”; REIT,
International Holdco, Global II Holdco and the Subsidiary Guarantors, collectively the “Guarantors”), KEYBANK NATIONAL
ASSOCIATION (“KeyBank”), individually and as Agent for itself and the other Lenders from time to time a party to
the Credit Agreement (as hereinafter defined) (KeyBank, in its capacity as Agent, is hereinafter referred to as “Agent”),
and THE OTHER “LENDERS” WHICH ARE SIGNATORIES HERETO (KeyBank and such Lenders hereinafter referred to collectively
as the “Lenders”).

 

W I T N E S S E T H:

 

WHEREAS,
Borrower, Agent and certain of the Lenders entered into that certain Second Amended and Restated Credit Agreement dated as of April 8,
2022 (the “Credit Agreement”); and

 

WHEREAS,
Borrower, the Agent and the Lenders have agreed to make certain modifications to the terms of the Credit Agreement subject to the execution
and delivery by the parties of this Amendment.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
do hereby covenant and agree as follows:

 

1.             Definitions. All the terms used herein which are not otherwise defined herein shall have the meanings set forth in the Credit
Agreement (as modified and amended by this Amendment).

 

2.             Modification of the Credit Agreement. Borrower, the Lenders and Agent do hereby modify and amend the Credit Agreement as
follows:

 

(a)           By modifying the definition of “Approved Foreign Country” appearing in §1.1 of the Credit Agreement by deleting
the word “Agent” from said definition and inserting in lieu thereof the words “Majority Lenders”; and

 

(b)           By modifying §7.20(a)(xii) of the Credit Agreement by deleting the words and figures “twenty percent (20.0%)”
appearing in said §7.20(a)(xii) and inserting in lieu thereof the following words and figures: “fifty percent (50.0%)”.

 

3.             References to Loan Documents. All references in the Loan Documents to the Credit Agreement shall be deemed a reference to
the Credit Agreement as modified and amended herein.

 

     

     

    

 

4.             Consent and Acknowledgment of Borrower and Guarantors. By execution of this Amendment, the Guarantors hereby expressly consent
to the modifications and amendments relating to the Credit Agreement as set forth herein and any other agreements or instruments executed
in connection herewith, and Borrower and Guarantors hereby acknowledge, represent and agree that (a) the Credit Agreement, as modified
and amended herein, and the other Loan Documents remains in full force and effect and constitutes the valid and legally binding obligation
of Borrower and Guarantors, as applicable, enforceable against such Persons in accordance with their respective terms, (b) that the Guaranty
extends to and applies to the Credit Agreement as modified and amended herein, and (c) that the execution and delivery of this Amendment
and any other agreements or instruments executed in connection herewith does not constitute, and shall not be deemed to constitute, a
release, waiver or satisfaction of Borrower’s or any Guarantor’s obligations under the Loan Documents.

 

5.             Representations and Warranties. Borrower and Guarantors represent and warrant to Agent and the Lenders as follows:

 

(a)           Authorization. The execution, delivery and performance of this Amendment and any other agreements or instruments executed
in connection herewith and the transactions contemplated hereby and thereby (i) are within the authority of Borrower and Guarantors, (ii)
have been duly authorized by all necessary proceedings on the part of the Borrower and Guarantors, (iii) do not and will not conflict
with or result in any breach or contravention of any provision of law, statute, rule or regulation to which Borrower or any Guarantor
is subject or any judgment, order, writ, injunction, license or permit applicable to Borrower or any Guarantor, (iv) do not and will not
conflict with or constitute a default (whether with the passage of time or the giving of notice, or both) under any provision of the partnership
agreement, articles of incorporation or other charter documents or bylaws of, or any agreement or other instrument binding upon, Borrower
or any Guarantor or any of their respective properties, (v) do not and will not result in or require the imposition of any lien or other
encumbrance on any of the properties, assets or rights of Borrower or any Guarantor, other than those in favor of Agent, on behalf of
itself and the other Lenders, pursuant to the Loan Documents, and (vi) do not require the approval or consent of any Person other than
those already obtained and delivered to the Agent.

 

(b)           Enforceability. This Amendment and any other agreements or instruments executed in connection herewith to which Borrower
or any Guarantor is a party are the valid and legally binding obligations of Borrower and Guarantors enforceable in accordance with the
respective terms and provisions hereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other
laws relating to or affecting generally the enforcement of creditors’ rights and the effect of general principles of equity.

 

(c)           Governmental Approvals. The execution, delivery and performance of this Amendment and any other agreements or instruments
executed in connection herewith and the transactions contemplated hereby and thereby do not require the approval or consent of, or any
filing or registration with, or the giving of any notice to, any court, department, board, governmental agency or authority other than
those already obtained, and filings after the date hereof of disclosures with the SEC, or as may be required hereafter with respect to
tenant improvements, repairs or other work with respect to any Real Estate.

 

    2 

     

    

 

(d)           Reaffirmation of Representations and Warranties. Each of the representations and warranties made by or on behalf of the
Borrower, the Guarantors or any of their respective Subsidiaries contained in the Credit Agreement, the other Loan Documents or in any
document or instrument delivered pursuant to or in connection with the Credit Agreement or this Amendment is true and correct in all material
respects as of the date hereof, with the same effect as if made at and as of the date hereof, except to the extent of changes resulting
from transactions permitted by the Loan Documents (it being understood and agreed that, with respect to any representation or warranty
which by its terms is made as of a specified date, such representation or warranty is reaffirmed hereby only as of such specified date).
To the extent that any of the representations and warranties contained in the Credit Agreement, any other Loan Document or in any document
or instrument delivered pursuant to or in connection with the Credit Agreement or this Amendment is qualified by “Material Adverse
Effect” or any other materiality qualifier, then the qualifier “in all material respects” contained in this Paragraph
5(d) shall not apply with respect to any such representations and warranties.

 

6.             No Default. By execution hereof, the Borrower and the Guarantors certify that, immediately after giving effect to this Amendment,
there exists no Default or Event of Default as of the date of this Amendment.

 

7.             Waiver of Claims. Borrower and Guarantors acknowledge, represent and agree that none of such Persons has any defenses, setoffs,
claims, counterclaims or causes of action of any kind or nature whatsoever arising on or before the date hereof with respect to the Loan
Documents, the administration or funding of the Loan or the Letters of Credit or with respect to any acts or omissions of Agent or any
Lender, or any past or present officers, agents or employees of Agent or any Lender pursuant to or relating to the Loan Documents, and
each of such Persons does hereby expressly waive, release and relinquish any and all such defenses, setoffs, claims, counterclaims and
causes of action arising on or before the date hereof, if any.

 

8.             Ratification. Except as hereinabove set forth, all terms, covenants and provisions of the Credit Agreement remain unaltered
and in full force and effect, and the parties hereto do hereby expressly ratify and confirm the Credit Agreement as modified and amended
herein. Nothing in this Amendment or any other document delivered in connection herewith shall be deemed or construed to constitute, and
there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment or substitution of the indebtedness
evidenced by the Notes or the other obligations of Borrower and Guarantors under the Loan Documents.

 

9.             Effective Date. This Amendment shall be deemed effective and in full force and effect (the “Effective Date”)
upon confirmation by the Agent of the satisfaction of the following conditions:

 

(a)           the execution and delivery of this Amendment by Borrower, Guarantors, Agent and the Majority Lenders;

 

(b)           receipt by Agent of such other resolutions, certificates, documents, instruments and agreements as the Agent may reasonably request;
and

 

(c)           the Borrower shall have paid the reasonable fees and expenses of Agent in connection with this Amendment.

 

    3 

     

    

 

10.           Amendment as Loan Document. This Amendment shall constitute a Loan Document.

 

11.           Counterparts. This Amendment may be executed in any number of counterparts which shall together constitute but one and the
same agreement.

 

12.           MISCELLANEOUS. THIS AMENDMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. This Amendment shall be binding upon and shall inure to the benefit of the parties
hereto and their respective permitted successors, successors-in-title and assigns as provided in the Credit Agreement.

 

13.           Electronic Signatures. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or as an attachment
to an electronic mail message in .pdf, .jpeg, .TIFF or similar electronic format shall be effective as delivery of a manually executed
counterpart of this Amendment for all purposes. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to this Amendment and any other Loan Document to be signed in connection with this Amendment,
the other Loan Documents and the transactions contemplated hereby and thereby shall be deemed to include Electronic Signatures, deliveries
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and
as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that
nothing herein shall require the Agent to accept electronic signatures in any form or format without its prior written consent. For the
purposes hereof, “Electronic Signatures” means an electronic sound, symbol, or process attached to, or associated with, a
contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. Each of the
parties hereto represents and warrants to the other parties hereto that it has the corporate capacity and authority to execute this Amendment
through electronic means and there are no restrictions for doing so in that party’s constitutive documents. Without limiting the
generality of the foregoing, the Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection with any
workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among any of the Agent or the Lenders and any of
the Borrower or Guarantors, electronic images of this Agreement or any other Loan Document (in each case, including with respect to any
signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument,
defense or right to contest the validity or enforceability of any Loan Document based solely on the lack of paper original copies of such
Loan Document, including with respect to any signature pages thereto.

 

[Signatures Begin On Next Page]

 

    4 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have hereto set their hands and affixed their seals as of the day and year first above
written.

 

	 	BORROWER:
	 	 
	 	GLOBAL NET LEASE OPERATING
	 	PARTNERSHIP, L.P., a Delaware limited partnership
	 	 
	 	 
	 	By:	 GLOBAL NET LEASE, INC., a Maryland corporation, its general partner
	 	 
	 	 	By:	Christopher J. Masterson
	 	 	Name: Christopher J. Masterson
	 	 	Title: Chief Financial Officer, Treasurer and Secretary
	 	 
	 	 
	 	REIT:
	 	 
	 	GLOBAL NET LEASE, INC., a Maryland
    corporation
	 	 
	 	By:	Christopher J. Masterson
	 	Name: Christopher J. Masterson
	 	Title: Chief Financial Officer, Treasurer and Secretary
	 	 
	 	 
	 	INTERNATIONAL HOLDCO:
	 	 
	 	ARC GLOBAL HOLDCO, LLC, a Delaware
    limited
	 	liability company
	 	 
	 	By:	 Michael Anderson
	 	Name: Michael Anderson
	 	Title: Authorized Signatory
	 	 
	 	 
	 	GLOBAL II HOLDCO:
	 	 
	 	ARC GLOBAL II HOLDCO, LLC, a Delaware
    limited liability company
	 	 
	 	By:	Michael Anderson
	 	Name: Michael Anderson
	 	Title: Authorized Signatory

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	SUBSIDIARY GUARANTORS:  
	 	 
	 	ARC GSFRNTN001, LLC,
	 	ARC TFDPTIA001, LLC,
	 	ARC NOWILND001, LLC,
	 	ARC GSDVRDE001, LLC,
	 	ARC GSGTNPA001, LLC,
	 	ARC GSMSSTX001, LLC,
	 	ARC GSDALTX001, LLC,
	 	ARC NOPLNTX001, LLC,
	 	ARC DRINDIN001, LLC,
	 	ARC VALWDCO001, LLC,
	 	ARC GBLMESA001, LLC,
	 	ARC FEAMOTX001, LLC,
	 	ARC FECPEMA001, LLC,
	 	ARC WNBRNMO001, LLC,
	 	ARC VCLIVMI001, LLC,
	 	ARC CTFTMSC001, LLC,
	 	ARC TFKMZMI001, LLC,
	 	ARC SWWSVOH001, LLC,
	 	ARC WMWSLNC001, LLC,
	 	ARC SANPLFL001, LLC,
	 	ARC FEWNAMN001, LLC,
	 	ARC DG40PCK001, LLC,
	 	ARC FEWTRNY001, LLC,
	 	ARC KUSTHMI001, LLC,
	 	ARC FELEXKY001, LLC,
	 	ARC GECINOH001, LLC, and
	 	ARC DNDUBOH001, LLC, each a Delaware limited liability company
	 	 
	 	 
	 	By:	Michael Anderson
	 	Name: Michael Anderson
	 	Title: Authorized Signatory  

 

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	
    ARC
    OGHDGMD001, LLC,

    ARC
    FSMCHIL001, LLC,

    ARC
    FEBILMA001, LLC,

    ARC
    AMWCHKS001, LLC,

    ARC
    FESALUT001, LLC,

    ARC
    CGJNSMI001, LLC;

    ARC
    CGFRSMI001, LLC,

    ARC
    FEPIESD001, LLC,

    ARC
    GSFFDME001, LLC,

    ARC
    GSRNGME001, LLC,

    ARC
    GSRPCSD001, LLC,

    ARC
    TRLIVMI001, LLC,

    ARC
    FEHBRKY001, LLC,

    ARC
    CGMARSC001, LLC,

    ARC
    CGLGNIN001, LLC,

    ARC
    JTCHATN001, LLC,

    ARC
    JTCHATN002, LLC,

    ARC
    HLHSNTX001, LLC,

    ARC
    FEMANMN001, LLC,

    ARC
    GSRTNNM001, LLC,

    ARG
    CBSKSMO001, LLC,

    ARC ODVLONET001, LLC

    ARG
    VAGNVFL001, LLC,

    ARG
    LSWYGMI001, LLC,

    ARG
    LSCHIIL001, LLC,

    ARG
    LSCHIIL002, LLC,

    ARG
    LSCHIIL003, LLC, each a Delaware limited liability company

     

     

    

    

    

	 	By:	Michael Anderson
	 	Name: Michael Anderson
	 	Title: Authorized Signatory

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	
    ARG
    CSBLVMI001, LLC,

    ARG
    CSHMDIN001, LLC,

    ARG
    CSLIVMI001, LLC,

    ARG
    CSTWBOH001, LLC,

    ARG
    CSWYGMI001, LLC,

    ARG
    FCSTHMI001, LLC,

    ARG
    DPSPNIA001, LLC,

    ARC
    FEGBRNC001, LLC,

    ARG
    NIGTNMA001, LLC,

    ARG
    LKCLLAL001, LLC,

    ARG
    GASTNMI001, LLC,

    ARG
    WGPTBPA001, LLC,

    ARG
    VFKCYKS001, LLC,

    ARG SNCSPCO001, LLC

    ARG
    CFSRSLB001, LLC,

    ARG
    CFSRSLB002, LLC,

    ARG VSSRACA001, LLC,

    ARG
    VSSRACA002, LLC,

    ARC
    WHAMSNE001, LLC,

    ARG
    FRAHLMI001, LLC,

    ARG
    PSBRDFL001, LLC,

    ARG
    PSLKCLA001, LLC, each a Delaware limited liability company

     

     

	 	By:	 Michael Anderson
	 	Name: Michael Anderson
	 	Title: Authorized Signatory

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	
    ARG
    PSGRLTX001, LLC,

    ARG
    PSELPTX001, LLC,

    ARG
    PSHCKNC001, LLC,

    ARG
    PSIRVTX001, LLC,

    ARG
    PSPRAIL001, LLC,

    ARG
    PSMSNTX001, LLC,

    ARG
    PSMRDMS001, LLC,

    ARG
    NIFLNNH001, LLC,

    ARG
    MT2PKSLB002, LLC,

    ARG
    VSSRACA003, LLC,

    ARG
    CSSTLMO001, LLC,

    ARG
    FEBTHNB001, LLC,

    ARG
    FELWDNB001, LLC,

    ARG
    FEMTNNB001, LLC,

    ARG
    KLSLBNC001, LLC,

    ARG
    PSDANVA001, LLC,

    ARG
    PSDEMIA001, LLC,

    ARG
    PSERIPA001, LLC,

    ARG
    PSYNSOH001, LLC,

    ARG
    PSDAYOH001, LLC,

    ARG
    PSLASNV001, LLC,

    ARG
    NIFLNNH002, LLC,

    ARG
    STELDCA001, LLC,

    ARG
    STWINCT001, LLC,

    ARG
    STKNCMO001, LLC,

    ARG
    STFALNY001, LLC, and

    ARG
    KLSLBNC002, LLC, each a Delaware limited liability company

     

    

     

	 	By:	Michael Anderson
	 	Name: Michael Anderson
	 	Title: Authorized Signatory

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	ARG
    WPOTWOH001, LLC,

    ARG
    WPCLDOH001, LLC,

    ARG
    WPCLDOH002, LLC,

    ARG
    WPMRNOH001, LLC,

    ARG
    WPFNDOH001, LLC,

    ARG
    WPCLVTN001, LLC,

    ARG
    ZFFINOH001, LLC,

    ARG
    FCDETMI001, LLC,

    ARG
    SBPSLTX001, LLC,

    ARG
    NIAMHNH001, LLC,

    ARG
    WMBVLAR001, LLC,

    ARG
    PPSPPTX001, LLC,

    ARG
    PPSHLTX001, LLC,

    ARG
    THDEXMI001, LLC,

    ARG
    THAARMI001, LLC,

    ARG
    THMISIN001, LLC,

    ARG
    PRBRIMI001, LLC,

    ARG
    PRBRIMI002, LLC,

    ARG
    PRBRIMI003, LLC,

    ARG
    PF4PCAN001 US, LLC,

    ARG
    PFB4PCK001, LLC,

    ARG
    NXHSNTX001, LLC,

    ARC
    ACHNETH001, LLC,

    ARG
    EMSPHIL001, LLC, and

    ARC
TKMANUK001, LLC, each a Delaware limited liability company

	 	 
	 	 
	 	By:	Michael Anderson
	 	Name: Michael Anderson
	 	Title: Authorized Signatory

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	ARG PF4PCAN001, ULC,
	 	an Alberta unlimited liability corporation
	 	 
	 	 
	 	By:	Michael Anderson
	 	Name: Michael Anderson
	 	Title: Director
	 	 
	 	 
	 	ARC GLOBAL II S.À R.L., a Luxembourg private limited
    liability company (société à responsabilité limitée), having its registered office at 17, Boulevard
    F.W Raiffeisen, L-2411 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies
    (Registre de commerce et des Sociétés) under number B 196327.
	 	 
	 	 
	 	By:	James Nelson      
	 	Name: James Nelson
	 	Title: Manager
	 	 
	 	 
	 	ARC GLOBAL II (MIDCO) S.À R.L., a Luxembourg private
    limited liability company (société à responsabilité limitée) , having its registered office at
    17, Boulevard F.W Raiffeisen, L-2411 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce
    and Companies (Registre de commerce et des Sociétés) under number B 201048.
	 	 
	 	 
	 	By:	James Nelson
	 	Name: James Nelson
	 	Title: Manager  

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	ARC GLOBAL II (FRANCE) HOLDINGS S.À R.L., a Luxembourg
    private limited liability company (société à responsabilité limitée) , having its registered office
    at 17, Boulevard F.W Raiffeisen, L-2411 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce
    and Companies (Registre de commerce et des Sociétés) under number B 190960.
	 	 
	 	 
	 	By:	 James Nelson
	 	Name: James Nelson
	 	Title: Manager
	 	 
	 	 
	 	CROWN PORTFOLIO S.À R.L., a Luxembourg private limited
    liability company (société à responsabilité limitée), having its registered office at 17, Boulevard
    F.W Raiffeisen, L-2411 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Register of Commerce and Companies
    (Registre de commerce et des Sociétés) under number B 199533.
	 	 
	 	 
	 	By:	 James Nelson                         
	 	Name: James Nelson
	 	Title: Manager
	 	 
	 	 
	 	ARC GLOBAL II (MADRID) S.À R.L.,
    a Luxembourg private limited liability company (société à responsabilité limitée), having its
    registered office at 17, Boulevard F.W Raiffeisen, L-2411 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg
    Register of Commerce and Companies (Registre de commerce et des Sociétés) under number B 247015.
	 	 
	 	 
	 	By:	James Nelson
	 	Name: James Nelson
	 	Title: Manager  

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	ARG WPFBRIT001 S.R.L., an Italian società a responsabilità
    limitata
	 	 
	 	 
	 	By:	Michael Anderson
	 	Name: Michael Anderson
	 	Title: Director    

 

[Signatures Continue on Following Page]

 

 

 

 

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	LENDERS:
	 	 
	 	KEYBANK NATIONAL ASSOCIATION, individually as a Lender and as the Agent
	 	 
	 	 
	 	By:	Jonathan K. Bond
	 	Name: Jonathan K. Bond
	 	Title: Vice President
	 	 

 

	 	CAPITAL ONE, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By:	 
	 	Name:	                                                 
	 	Title:	 

 

	 	 
	 	CITIZENS BANK, N.A.
	 	 
	 	 
	 	By:	Donald Woods
	 	Name: Donald Woods
	 	Title: SVP
	 	 
	 	 
	 	BMO HARRIS BANK, N.A.
	 	 
	 	 
	 	By:	 Lloyd Baron
	 	Name: Lloyd Baron
	 	Title: Managing Director
	 	 
	 	 
	 	MIZUHO BANK, LTD.
	 	 
	 	 
	 	By:	Donna DeMagistris
	 	Name: Donna DeMagistris
	 	Title: Executive Director

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION
	 	 
	 	By:	 Cindy Hwee
	 	Name: Cindy Hwee
	 	Title: Director
	 	 
	 	 
	 	THE HUNTINGTON NATIONAL BANK
	 	 
	 	By:	Joe White
	 	Name: Joe White
	 	Title: Vice President
	 	 
	 	 
	 	SOCIÉTÉ GÉNÉRALE
	 	 
	 	By: Henry Schwarz
	 	Name: Henry Schwarz
	 	Title: Director
	 	 
	 	 
	 	COMERICA BANK
	 	 
	 	By:	Charles Weddell
	 	Name: Charles Weddell
	 	Title: Senior Vice President
	 	 
	 	 
	 	SYNOVUS BANK
	 	 
	 	By:	 Zachary Braun
	 	Name: Zachary Braun
	 	Title: Corporate Banker

 

[Signatures Continue on Following Page]

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

 

    

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
	 	 
	 	 
	 	By:	 Komal Shah
	 	Name: Komal Shah
	 	Title: Authorized Signatory
	 	 
	 	 
	 	By:	Michael Dieffenbacher
	 	Name: Michael Dieffenbacher
	 	Title: Authorized Signatory
	 	 
	 	 
	 	BARCLAYS BANK PLC
	 	 
	 	By:	Craig Malloy
	 	Name: Craig Malloy
	 	Title: Director

 

 

 

KeyBank/Global Net Lease
Operating Partnership, L.P.

Signature Page to First Amendment to Second Amended and Restated Credit Agreement

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