Document:

Exhibit

Exhibit 10.12

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of August 27, 2015, which shall only be deemed effective as of the First Amendment Effective Date (as hereinafter defined), is entered into by and among NEW YORK RECOVERY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (“Borrower”), NEW YORK REIT, INC., a Maryland corporation (the “REIT”), CAPITAL ONE, NATIONAL ASSOCIATION, as administrative agent for the Lenders (as defined below) (in such capacity, the “Administrative Agent”), and each Lender that has executed this Amendment.
WHEREAS, Borrower, the REIT, the Administrative Agent, and certain lenders party thereto (each a “Lender” and collectively, the “Lenders”) entered into that certain Second Amended and Restated Credit Agreement, dated as of April 14, 2014 (as amended, modified, restated, consolidated or supplemented from time to time, the “Credit Agreement”), pursuant to which the Lenders made certain credit facilities available to Borrower;
WHEREAS, the parties hereto desire to, among other things, amend the Credit Agreement as provided herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:  
SECTION 1Defined Terms.   Unless otherwise defined in this Amendment, terms defined in the Credit Agreement shall have their defined meanings when used herein.
SECTION 2    Amendment of the Credit Agreement. The Credit Agreement is hereby amended as follows:
(a)    Section 1.01 of the Credit Agreement is hereby modified such that:
		
	(i)
	The definition of “Change in Control” therein is modified such that:

		
	 
	(A) clause (b) thereof is amended and restated in its entirety as follows:

“(b) Prior to the Internalization, the Advisor shall no longer be Controlled by Nicholas S. Schorsch, William M. Kahane, their Permitted Successors or other Persons consented to in writing by the Required Lenders; provided, however, no Change of Control shall be deemed to have occurred if any two of Michael Happel, Nicholas Radesca (or his successor to the extent such successor is approved by the Administrative Agent), Patrick O’Malley or Michael Ead immediately before the event (collectively, the “Key Officers”) remain in their existing capacity with the Advisor or in a substantially similar capacity with the Advisor immediately after such event.  “Permitted Successors” means AR Global International, LLC, or any asset manager or investment professional of similar asset management experience and expertise approved by the Administrative Agent; and

(B) clause (c) thereof is modified such that the names “William G. Stanley” and “Gregory W. Sullivan” therein are replaced with the names “Sue Perrotty” and “Nicholas Radesca”, respectively.
		
	(ii)
	The definition of “Consolidated Net Income” therein is modified such that:

		
	(A)
	the following is added both (1) at the end of the parenthetical immediately before the proviso therein and (2) at the end of clause (b) of the proviso therein: “, except income from the Worldwide Plaza Investment, which income shall be included for the purpose of determining “Consolidated Net Income” in accordance herewith”; and

		
	(B)
	the following sentence is added at the end thereof: “Consolidated Net Income shall include, for any Lease, the amount of Eligible Rent Abatements with respect to such Lease.”

		
	(iii)
	The following definition is added between the definitions of “Eligible Institution” and “Environmental Indemnity Agreement”:

“Eligible Rent Abatements” means, for any Lease, rent abatements equal to the lesser of (a) actual months of free rent concessions provided for under any Lease, (b) if a Lease has a term of ten (10) or more years, up to twelve (12) months of free rent concessions, (c) if a Lease has a term of less than ten (10) years but five (5) or more years, then a number of months of free rent concessions equal to the aggregate of (i) one (1) month for each year of the term of the Lease and (ii) one (1) month, (d) if a Lease has a term of less than five (5) years but three (3) or more years, then one (1) month of free rent 

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concession, and (e) if a Lease has a term of less than three (3) years, then no months of free rent concession, but in no event shall such abatements exceed 5% of Consolidated EBITDA during the relevant testing period.”

		
	(iv)
	The definition of “FFO Distribution Allowance” therein is modified such that the following is added immediately after the last word thereof:  “, provided that with respect to the four (4) consecutive fiscal quarters starting with the third calendar quarter of 2015 through and including the second calendar quarter of 2016, a cumulative amount equal to 100% of Modified Funds From Operations for such period shall apply”.

		
	(v)
	The following definition is added thereto between the definitions of “FFO Distribution Allowance” and “First Extended Revolving Maturity Date”:

“FF&E” means Fixtures and Personalty other than stocks of food, alcohol and other supplies held for consumption in normal operations.

		
	(vi)
	The following definition is added thereto between the definitions of “Fixed Charge Coverage Ratio” and “Foreign Lender”:

“Fixtures and Personalty” means all fixtures, machinery, furnishings, equipment, furniture and other tangible personal property now or hereafter affixed or attached to, installed in, located on, under, above or within the Property or used in connection with the use, occupancy, operation and maintenance of all or any part of the Property, whether or not permanently affixed thereto, together with all accessions, replacements and substitutions thereto or therefor and the proceeds thereof, including all “equipment” (as defined in the UCC), inventory, “farm products” (as defined in the UCC), “fixtures” (as defined in the UCC), “manufactured homes” (as defined in the UCC), oil, gas and other minerals (whether before or after extraction), and other “goods” (as defined in the UCC) and any and all of the following: machinery; signs; artwork; office furnishings and equipment; partitions and screens; generators, boilers, compressors and engines; fuel; water and other pumps and tanks; irrigation lines and sprinklers; refrigeration equipment; pipes and plumbing; elevators and escalators; sprinkler systems and other fire extinguishing machinery and equipment; heating, incinerating, ventilating, air conditioning and air cooling 

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ducts, machinery, equipment and systems; gas and electric machinery and equipment; facilities used to provide utility services; laundry, drying, dishwashing and garbage disposal machinery or equipment; communication apparatus, including television, radio, music, and cable antennae and systems; floor coverings, rugs, carpets, window coverings, blinds, awnings, shades, curtains, drapes and rods; screens, storm doors and windows; stoves, refrigerators, dishwashers and other installed appliances; attached cabinets; trees, plants and other items of landscaping; motorized, manual, mechanical or other buses, boats, aircrafts and vehicles of any nature whatsoever; visual and electronic surveillance systems and other security systems; elevators; escalators; telecommunications equipment including telephones, switchboards, exchanges, wires and phone jacks; maintenance equipment, golf carts, pro shop merchandise, tables, chairs, mirrors, desks, wall coverings, clocks and lamps; kitchen, restaurant, bar, lounge, public room, public area, and other operating or specialized equipment, including menus, dishes, flatware, dishware, glassware, cooking utensils, tables, refrigerating units, microwave equipment, ovens and timers; food and beverages; alcohol; cleaning materials and other similar items; swimming pool heaters and equipment; recreational equipment and maintenance supplies; clubhouse equipment, furnishings and supplies, including lockers and sporting equipment; health and recreational facilities; and linens.  Fixtures and Personalty does not include fixtures, equipment and personalty owned by the Franchisor or by tenants under Leases of the Real Property or any part thereof.”

		
	(vii)
	The following definitions are added thereto between the definitions of “Form W-8IMY” and “Fronting Exposure”:

“Franchise Agreement” means hat certain Hotel Management Agreement for Viceroy New York, between KHM Viceroy New York, LLC, a Delaware limited liability company and Franchisor, dated as of February 20, 2013.

“Franchisor” means AREP Fifty-Seventh LLC, a Delaware limited liability company.

		
	(viii)
	The following definition is added thereto between the definitions of “Governmental Authority” and “Guaranteed Obligations”:

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“Gross Income” means, with respect to any Real Property for any period, property rental and other income (as determined in accordance with GAAP) attributable to such Real Property accruing for such period (adjusted to eliminate the straight lining of rents), including Eligible Rent Abatements.
		
	(ix)
	The following definitions are added thereto between the definitions of “Honor Date” and “Incentive Listing Distribution”:

“Hotel” has the meaning set forth in Section 6.15.
“Hotel Owner” means ARC NY120W5701, LLC, a Delaware limited liability company.
		
	(x)
	The definition of “Modified Funds From Operations” therein is modified by adding the following at the end thereof: “Modified Funds From Operations shall include all Eligible Rent Abatements.””.

		
	(xi)
	The definition of “Net Operating Income” therein is modified such that the words “with respect to any Real Property for any period, property rental and other income (as determined in accordance with GAAP) attributable to such property accruing for such period (adjusted to eliminate the straight lining of rents)” are deleted and replaced with the following: “(a) Gross Income”.

		
	(xii)
	The following definitions are added thereto between the definitions of “163 Washington SPE” and “Option Rights”:

“Operating Lease” means that certain Lease Agreement between Hotel Owner and Operating Lessee, dated as of November 18, 2013, as amended through the date hereof, and as the same may from time to time be extended, amended, restated, supplement or otherwise modified.
“Operating Lessee” means ARC NY120W5701 TRS, LLC, a Delaware limited liability company.

		
	(xiii)
	Clause (E) of the definition of “Permitted Distributions” therein is modified such that the amount “$65,000,000” therein is deleted and replaced with “$100,000,000”.

		
	(xiv)
	The word “or” at the end of Clause (H) of the definition of “Permitted Distributions” is deleted.

		
	(xv)
	The following definition is added thereto between the definitions of “Special Purpose Entity” and “Statutory Reserve Rate”:

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“STAR Report” means a STAR Report issued by STR, Inc. (or any successor or other entity that succeeds STR, Inc. in customarily providing such reports in the hotel industry) with respect to the Hotel.

		
	(xvi) 
	The definition of “Threshold Amount” therein is modified such that the amounts “Forty Million Dollars ($40,000,000)” and “Twenty Million Dollars ($20,000,000)” appearing in clauses (a) and (b) thereof, respectively, are deleted and replaced with “Eighty Million Dollars ($80,000,000)” and “Forty Million Dollars ($40,000,000)” respectively.

		
	(xvii)
	The definition of “Value-Based Borrowing Base Limit” therein is modified to add the following proviso at the end thereof: “; provided that the Value-Based Borrowing Base Limit for the Hotel shall be forty percent (40%)”.

(b)    The following is added as Section 5.22 of the Credit Agreement:
“Section 5.22     Franchise Agreements.    
(a)    For so long as the Hotel is a Borrowing Base Property, Borrower shall (or shall cause the Hotel Owner to) (i) operate the Hotel in accordance with the Franchise Agreement and promptly perform and observe all of the material covenants required to be performed and observed by Hotel Owner under the Franchise Agreement  and do all things necessary to preserve and to keep unimpaired their material rights thereunder after giving effect to any waivers provided by Franchisor thereunder, (ii) promptly notify Administrative Agent of any material default under the Franchise Agreement of which any Credit Party is aware and (iii) promptly enforce, in a commercially reasonable manner, the performance and observance of all of the material covenants required to be performed and observed by Franchisor under the Franchise Agreement.  
(b)    For so long as the Hotel is a Borrowing Base Property, neither the Hotel Owner nor any Credit Party nor any Affiliate of any Credit Party shall, without the prior written approval of Administrative Agent, such approval not to be unreasonably withheld, conditioned or delayed, (i) enter into any new franchise agreement for the Hotel or (ii) terminate or modify the Franchise Agreement, either orally or in writing, in any material respect.  Promptly following any modification to the Franchise Agreement that does not require the consent of Administrative Agent pursuant to this Section 5.22, 

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Borrower shall provide Administrative Agent with a copy of such modification.
(c)    For so long as the Hotel is a Borrowing Base Property, as additional security for the Obligations, Borrower shall cause Hotel Owner to collaterally assign and grant to Administrative Agent on behalf of the Lenders, a security interest in, all of Hotel Owner’s right, title and interest in and to the Franchise Agreement.  Administrative Agent does not hereby assume any of Hotel Owner’s obligations or duties under the Franchise Agreement.”
(c)    The following is added as Section 5.23 of the Credit Agreement:
“Section 5.23     FF&E.     Borrower shall maintain, or cause to be maintained, adequate and sufficient FF&E for the use, occupancy, operation and maintenance of the Hotel leased by it as a 240-room full service hotel at market occupancy levels, and in accordance with its Franchise Agreement.”
(d)    The following is added as Section 5.24 of the Credit Agreement:
“Section 5.24     Operating Lease.     For so long as the Hotel is a Borrowing Base Property, (a) the Operating Lease shall be in full force and effect; (b) Operating Lessee shall have (i) accepted possession of all of demised premises under the Operating Lease and (ii) commenced the payment of rent to the extent due under the Operating Lease, and there shall be no offsets, claims or defenses to the enforcement thereof; (c) all rents due and payable under the Operating Lease shall be paid and no portion thereof shall have been paid for any period more than thirty (30) days in advance; (d) the rent payable under the Operating Lease shall be the amount set forth in the Operating Lease approved by Administrative Agent, and there shall be no claim or basis for a claim by Operating Lessee for an adjustment to such rent; (e) there shall be no material default (beyond the expiration of any applicable notice, grace or cure periods) by Operating Lessee under the Operating Lease; (f) all security deposits under Operating Lease, if any, shall be as set forth in the Operating Lease; (g) Hotel Owner shall be the sole owner of the entire lessor’s interest under the Operating Lease; (h) the Operating Lease shall be the valid, binding and enforceable obligation of Hotel Owner, subject to applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors’ rights generally and to general principles of equity; and (i) the Operating Lease shall be subordinate to the Loan Documents pursuant to its terms.”

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(e)    Section 6.01(a)(ii) of the Credit Agreement is hereby modified such that the ratio “1.40:1.00” therein is deleted and replaced with the ratio “1:30:1.00”.
(f)    Section 6.01(a)(iii)(B) of the Credit Agreement is hereby deleted and replaced with “(B) nine (9) Borrowing Base Properties at any time after there are at least nine (9) Borrowing Base Properties,”.
(g)    Section 6.01(b)(vii) of the Credit Agreement is hereby modified such that the following is added at the end thereof as a new paragraph thereto:
“Notwithstanding anything contained to the contrary herein, the REIT shall be permitted to make distributions for payments of fees, interest, and other payments required in connection with any Indebtedness expressly permitted under Section 6.04 hereof, provided that no Default or Event of Default then exists and no Default or Event of Default shall result therefrom.”
(h)    Intentionally omitted.
(i)    Section 6.04 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Indebtedness.  Each Subsidiary of Borrower that holds any interest in any Subsidiary Guarantor, each of the 163 Entities and each Subsidiary Guarantor shall not create, incur, assume, suffer to exist, or otherwise become or remain directly or indirectly liable with respect to, any Indebtedness except (a) Indebtedness incurred pursuant to this Agreement and (b) Trade Payables. The foregoing covenant does not limit the ability of (i) Subsidiaries that are not Subsidiary Guarantors and that do not hold any interest in any Subsidiary Guarantor (other than the 163 Entities) from creating, incurring, assuming, suffering to exist or otherwise becoming or remaining directly or indirectly liable with respect any Indebtedness or (ii) Subsidiary Guarantors to guarantee unsecured Indebtedness of the REIT or the Borrower otherwise permitted hereunder; provided, however, that (A) any guarantee provided by any Subsidiary Guarantor of other unsecured Indebtedness of the REIT or the Borrower shall be expressly made subordinate to such Subsidiary Guarantor’s obligations in respect of their respective Guaranties to the extent of the value of the Liens provided by such Subsidiary Guarantor under the Loan Documents, which, with respect to any Mortgage executed by such Subsidiary Guarantor, shall be an amount equal to no less than the maximum principal secured by such Mortgage as stated therein, and (B) if any Subsidiary who is not a Subsidiary Guarantor hereunder is required to deliver a guaranty in connection with other unsecured Indebtedness of the REIT or the 

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Borrower which is permitted hereunder, then such Subsidiary shall, simultaneously therewith, become a guarantor of the Loans by executing a guaranty of the Loans and such guaranty shall continue in full force and effect for so long as such Subsidiary remains a guarantor of such other Indebtedness (it being understood that its guaranty of the Loans shall be automatically  released if such Subsidiary is released from its guaranty of such other Indebtedness) and the obligations of such Subsidiary in respect of such other Indebtedness shall rank equal in right of payment with their obligations under the guaranty.
(j)    Section 6.06 of the Credit Agreement is hereby modified such that the following is added at the end thereof: “, unless the Liens and Negative Pledges under the Loan Documents in respect of the Collateral are expressly permitted thereby.” 
(k)    Section 6.15 of the Credit Agreement is hereby modified such that the following is added at the end thereof as a new paragraph:  
“Notwithstanding anything to the contrary contained herein, the REIT, Borrower, and their respective Subsidiaries shall be permitted to own any Investment (to the extent otherwise permitted hereunder and in accordance with this Agreement) in the hotel located at 120 West 57th Street, New York, New York (currently known as the “Viceroy Hotel”) (the “Hotel”) owned by the Hotel Owner, and engage in any business activities substantially related or incidental thereto (to the extent not otherwise prohibited hereunder and in accordance with this Agreement), and such property may be a Borrowing Base Property to the extent added in accordance with Section 9.03(a).  It is expressly agreed that no other hotel or other lodging facility shall be added as a Borrowing Base Property hereunder.”
(l)    Section 7.01(i) of the Credit Agreement is hereby modified such that the amount “$15,000,000” therein is deleted and replaced with “$30,000,000”.
(m)    Section 9.01(b) of the Credit Agreement is hereby modified such that new clause (xxi) thereof is added as follows:  
“(xxi)    In addition to any other requirements set forth herein, for so long as the Hotel is a Borrowing Base Property, Administrative Agent shall receive on a quarterly basis a STAR Report for the then current quarter.”
(n)    Section 9.01(c)(i) of the Credit Agreement is hereby modified such that the names and e-mail addresses “Paul Verdi (at Paul.Verdi@capitalone.com), Patricia Visone (at 

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patricia.visone@capitalone.com)” therein are deleted and replaced with “Michael Sleece (at michael.sleece@capitalone.com), Ashish Tandon (at ashish.tandon@capitalone.com)”.
(o)    Section 9.03(a) of the Credit Agreement is hereby modified such that (i) the word “and” at the end of clause (xii) thereof is deleted and (ii) the period at the end of clause (xiii) thereof is deleted and replaced with the following:  
“; and
(xiv)    In addition to any other requirements set forth herein, in connection with the addition of the Hotel as a Borrowing Base Property, Administrative Agent shall have received and approved (such approval not to be unreasonably withheld, conditioned or delayed) the Franchise Agreement and the Operating Lease, and shall have received a STAR Report for the then current quarter.”
(p)    Section10.01(a) of the Credit Agreement is hereby modified such that the notice addresses and contact Persons for Administrative Agent, Swingline Lender, and L/C Issuer therein shall be deleted and replaced for all purposes under the Credit Agreement in accordance therewith with the following:  
“Capital One, National Association, 299 Park Avenue, New York, New York 10171, Attention:  Michael Sleece, with a copy to Capital One, National Association, 1680 Capital One Drive, Mclean, Virginia 22102, Attention:  Ashish Tandon, and with a copy to Morrison & Foerster LLP, 250 West 55th Street, New York, New York 10019, Attention: Jeffrey J. Temple, Esq.”
SECTION 3    Effectiveness of this Amendment.   Notwithstanding anything to the contrary contained in the Credit Agreement or this Amendment, the effectiveness of this Amendment is conditioned upon, and this Amendment shall not be deemed effective until, the date on which all of the following conditions shall have been satisfied (the “First Amendment Effective Date”):
(a)    there are at least nine (9) Borrowing Base Properties (as defined in the Credit Agreement as if same had already been amended and modified by this Amendment); and
(b)    the receipt by the Administrative Agent, for the account of each Lender that has executed this Amendment on or before the date hereof, of a fee from Borrower which shall be equal to the product of (i) the aggregate of each such Lender’s Revolving Commitment and Term Commitment, and (ii) 0.1%, in accordance with that certain fee letter agreement in connection with same executed by Borrower and Administrative Agent on or before the First Amendment Effective Date.

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SECTION 4    Other References.  All references in the Loan Documents to the “Credit Agreement” shall be deemed to hereinafter refer to the Credit Agreement as amended by this Amendment.
SECTION 5    Representations and Warranties.  In order to induce the Administrative Agent and the Required Lenders to execute this Amendment, each of the Borrower and the REIT hereby represent and warrant to the Administrative Agent and each of the Lenders that:
(a)    no Default or Event of Default exists;
(b)    the execution, delivery and performance by Borrower and the REIT of this Amendment have been duly authorized by all necessary organizational action, on the part of such Credit Party and do not require any consent or approval of, or notice to or action by, any Person (including any Governmental Authority);
(c)    this Amendment and the other Loan Documents constitute the legal, valid and binding obligations of each Credit Party hereto or thereto, and are enforceable against each such Credit Party in accordance with their respective terms, except as such enforceability may be limited by (a) an applicable Insolvency Proceeding, (b) bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and (c) the application of general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law; and
(d)    each of the representations and warranties made by each Credit Party in or pursuant to any Loan Document (i) that is qualified by materiality or “material adverse effect” or similar language is true and correct, and (ii) that is not qualified by materiality, is true and correct in all material respects, in each case, on and as of the date hereof, as if made on and as of such date, except to the extent any such representation and warranty expressly relates to an earlier date, in which case such representation and warranty shall have been true and correct in all material respects as of such earlier date.
SECTION 6    Reaffirmation of Loan Documents.    Borrower and the REIT each hereby: (a) reaffirms, ratifies, confirms, and acknowledges its obligations under each Loan Document (as modified herein) to which it is a party, and agrees to continue to be bound thereby and perform thereunder; (b) agrees and acknowledges that all such Loan Documents (as modified herein) and all of such party’s obligations thereunder are and remain in full force and effect and, except as expressly provided herein, have not been modified; and (c) acknowledges and agrees that it has no defenses, offsets or counterclaims of any kind or nature whatsoever to its obligations under the Loan Documents (as modified herein).
SECTION 1    Miscellaneous.
(a)    Credit Agreement Otherwise Not Affected; No Other Amendment or Modification.  Except as expressly contemplated hereby, the Credit Agreement shall remain unchanged and in full force and effect and is hereby ratified and confirmed in all respects.  The 

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Administrative Agent’s and the Required Lenders’ execution and delivery of, or acceptance of, this Amendment shall not be deemed to create a course of dealing or otherwise create any express or implied duty by the Administrative Agent or any such Lender to provide any other or further waivers or consents under the same or similar circumstances in the future.  Nothing contained herein shall be deemed a waiver or consent in respect of (or otherwise affect the Administrative Agent’s or the Lenders’ ability to enforce) any Default or Event of Default not explicitly waived by Section 2 hereof.
(b)    No Reliance.  Each of the Borrower and the REIT hereby acknowledge and confirm to the Administrative Agent and the Lenders that it is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person.
(c)    Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and to the benefit of their respective successors and assigns permitted by the terms of the Loan Documents.  No third party beneficiaries are intended in connection with this Amendment.
(d)    Governing Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  
(e)    Complete Agreement.  This Amendment, together with the Credit Agreement and the other Loan Documents, contains the entire and exclusive agreement of the parties hereto with reference to the matters discussed herein and therein.  This Amendment supersedes all prior drafts and communications with respect hereto and may not be amended except in accordance with the provisions of Section 10.18 of the Credit Agreement.
(f)    Severability. Whenever possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under all applicable laws and regulations.  If, however, any provision of this Amendment shall be prohibited by or invalid under any such law or regulation in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions of this Amendment, or the validity or effectiveness of such provision in any other jurisdiction.
(g)    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart of this Amendment by PDF, facsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability and binding effect of this Amendment.

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(h)    Interpretation.  This Amendment is the result of negotiations between and has been reviewed by respective counsel to the Borrower, the REIT, the Administrative Agent and the Required Lenders and is the product of all parties hereto.  Accordingly, this Amendment shall not be construed against any party merely because of its involvement in the preparation hereof.
(i)    Loan Document. This Amendment shall constitute a Loan Document.
(Remainder of page intentionally left blank; signature pages follow.)

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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first above written.

BORROWER:
NEW YORK RECOVERY OPERATING PARTNERSHIP, L.P., 
a Delaware limited partnership

By:    New York REIT, Inc., 
a Maryland corporation, its general partner 

By:    /s/ Michael Ead            
Name: Michael Ead 
Title:    Senior Vice President and Counsel

REIT:
NEW YORK REIT, INC., 
a Maryland corporation

By:    /s/ Michael Ead                
Name: Michael Ead
Title: Senior Vice President and Counsel

(Signatures continue on following pages.)

 
ny-1200613 

Exhibit 10.12

ADMINISTRATIVE AGENT:
CAPITAL ONE, NATIONAL ASSOCIATION,
as administrative agent

By:    /s/ Ashish Tandon            
Name: Ashish Tandon
Title: Vice President 

LENDER:
CAPITAL ONE, NATIONAL ASSOCIATION

By:    /s/ Ashish Tandon            
Name: Ashish Tandon
Title: Vice President

(Signatures continue on following pages.)

 

Exhibit 10.12

LENDER: BARCLAYS BANK PLC

By:    /s/ Christopher R. Lee            
Name: Christopher R. Lee
Title: Vice President

 

Exhibit 10.12

LENDER: JPMORGAN CHASE BANK, N.A.

By:    /s/ Christian Lunt            
Name: Christian Lunt
Title: Vice President

 

Exhibit 10.12

LENDER: KEYBANK, N.A.

By:    /s/ Sara Jo Smith        
Name: Sarah Jo Smith
Title: Assistant Vice President

 

Exhibit 10.12

LENDER: CITIZENS BANK, NATIONAL ASSOCIATION

By:    /s/ Brad E. Bindas        
Name: Brad E. Bindas
Title: Sr. Vice President

 

Exhibit 10.12

LENDER: SunTrust Bank

By:    /s/ Bryan P. McFarland        
Name: Bryan P. McFarland
Title: Senior Vice PresidentExhibit

Exhibit 10.13

INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of the 30th of September, 2015 (the “Effective Date”), by and between New York REIT, Inc., a Maryland corporation (the “Company”), and Marc Rowan (the “Indemnitee”).
WHEREAS, at the request of the Company, Indemnitee currently serves or has previously served as a director, officer or service provider of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of his or her service; and
WHEREAS, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law; and
WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses.
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
Section 1.Definitions.  For purposes of this Agreement:
(a)    “Bylaws” means the Bylaws of the Company, as amended from time to time. 
(b)    “Charter” means the charter of the Company, as amended, supplemented or otherwise modified from time to time.
(c)    “Change in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Board of Directors of the Company (the “Board of Directors”) in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least two-thirds of the members of the Board of Directors then in office who were directors as of the Effective Date or whose election for nomination for election was previously so approved.
(d)    “Corporate Status” means the status of a person as a present or former director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing 

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member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company.  As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of the Company if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise (i) of which a majority of the voting power or equity interest is owned directly or indirectly by the Company or (ii) the management of which is controlled directly or indirectly by the Company.
(e)    “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.
(f)    “Effective Date” means the date set forth in the first paragraph of this Agreement.
(g)    “Expenses” means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, Employee Retirement Income Security Act of 1974, as amended, excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding.  Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent.
(h)    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent:  (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.
(i)    “Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.  If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.
Section 2.    Services by Indemnitee.  Indemnitee serves or has previously served as a director, officer or service provider of the Company.  However, this Agreement shall not impose any independent 

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obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company.  This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.
Section 3.    General.  The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date.  The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (the “MGCL”).
Section 4.    Standard for Indemnification.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.
Section 5.    Certain Limits on Indemnification.  Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:
(a)    indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged to be liable to the Company;
(b)    indemnification hereunder if Indemnitee is adjudged to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status; or
(c)    indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless:  (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise.
Section 6.    Court-Ordered Indemnification.  Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:
(a)    if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

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(b)    if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper.  However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.
Section 7.    Indemnification for Expenses of an Indemnitee Who Is Wholly or Partially Successful.  Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, Indemnitee shall be indemnified for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis.  For purposes of this Section 7 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
Section 8.    Advance of Expenses for Indemnitee.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding within ten days after the receipt by the Company of a statement or statements requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described in Section 7 of this Agreement.  To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis.  The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor.
Section 9.    Indemnification and Advance of Expenses as a Witness or Other Participant.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after 

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the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.
Section 10.    Procedure for Determination of Entitlement to Indemnification.
(a)    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification.  Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.  The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.
(b)    Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case:  (i) if a Change in Control shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by the Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by the Indemnitee, which approval shall not be unreasonably withheld, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company.  If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination.  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b).  Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.
(c)    The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.
Section 11.    Presumptions and Effect of Certain Proceedings.
(a)    In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the 

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burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.
(b)    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.
(c)    The knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.
Section 12.    Remedies of Indemnitee.
(a)    If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the Charter or Bylaws is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification or advance of Expenses.  Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.  Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his or her rights under Section 7 of this Agreement.  Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration.  The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b)    In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be.  If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).  The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.

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(c)    If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification.
(d)    In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial adjudication or arbitration.  If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.
(e)    Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company.
Section 13.    Defense of the Underlying Proceeding.
(a)    Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding.  The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced.
(b)    Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 13(a) above.  The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee.  This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

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(c)    Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the Company.  In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.
Section 14.    Non-Exclusivity; Survival of Rights; Subrogation.
(a)    The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Charter or Bylaws, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise.  Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.
(b)    In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.
Section 15.    Insurance.  The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of his or her Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of his or her Corporate Status.  Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance 

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referred to in the previous sentence.  The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies.  If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise) the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.
Section 16.    Coordination of Payments.  The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.
Section 17.    Reports to Stockholders.  To the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting.
Section 18.    Duration of Agreement; Binding Effect.
(a)    This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).
(b)    The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.
(c)    The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

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(d)    The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm.  Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled.  Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith.  The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.
Section 19.    Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:  (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
Section 20.    Identical Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.  One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.
Section 21.    Headings.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
Section 22.    Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.
Section 23.    Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:
(a)    If to Indemnitee, to the address set forth on the signature page hereto.
(b)    If to the Company, to:

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New York REIT, Inc. 
405 Park Avenue, 14th Floor 
New York, New York 10022 
Attention:  General Counsel
with a copy to:
Proskauer Rose LLP 
Eleven Times Square 
New York, New York 10036 
Attention:  Peter M. Fass, Esq. 
                   Michael J. Choate, Esq.

or to such other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.
Section 24.    Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules.
[SIGNATURE PAGE FOLLOWS]

11

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
COMPANY:

NEW YORK REIT, INC.

		
	By:
	    /s/ Michael A. Happel        

		
	Name: 
	Michael A. Happel

		
	Title: 
	Chief Executive Officer and President

INDEMNITEE

		
	By:
	    /s/ Marc Rowan            

Name:     Marc Rowan

-12-

EXHIBIT A     
 
AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED
To:  The Board of Directors of New York REIT, Inc.
Re:  Affirmation and Undertaking
Ladies and Gentlemen:
This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement dated the 30th day of September, 2015, by and between New York REIT, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”).
Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.
I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity.  I hereby affirm my good faith belief that at all times, insofar as I was involved as [a director] [an officer] [and] [service provider] of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.
In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.
IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this __ day of _________________, 20__.
Name:

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