Document:

SECOND AMENDMENT TO

CREDIT AGREEMENT

 

THIS SECOND AMENDMENT
TO CREDIT AGREEMENT (this "Amendment") is made and entered into as of this 21st day of May, 2012 by
and among ARC PROPERTIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership ("Borrower"), AMERICAN REALTY
CAPITAL PROPERT  J 1-,S, INC., a Maryland corporation and the sole member of the sole general partner of Borrower ("Parent")
and RBS CITIZENS, N.A., a national banking association, as Administrative Agent for itself and its co-lenders, and as L/C Issuer
(the "Bank").

 

WITNESSETH:

 

WHEREAS, Borrower,
Parent and the Bank are parties to a certain Credit Agreement dated as of September 7, 2011, as amended by that certain First Amendment
to Credit Agreement dated as of December 6, 2011 (the "First Amendment") (said Credit Agreement, as so amended
by the First Amendment, and as from time to time may be further amended, modified, or restated, the "Credit Agreement";
and

 

WHEREAS, the Borrower
has requested that the Bank amend certain terms and conditions of the Credit Agreement, including (a) to provide for an increase
in the amount of the Aggregate Commitments from $53,000,000.00 to $75,000,000.00 and (b) to provide for certain extension options
with respect to the Maturity Date of the Loan as set forth below in this Amendment; and

 

WHEREAS, the Bank has
agreed to so amend certain terms and conditions of the Credit Agreement, all on the terms and conditions set forth below in this
Amendment.

 

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

 

		1.	Definitions. (a) All capitalized undefined terms used in this Amendment shall have the
meanings ascribed thereto in the Credit Agreement, as amended hereby, and (b) "Second Amendment Effective Date" means
the date of this Amendment.

		2.	Amendments to Credit Agreement.

 

		a.	Amendments to Article I of the Credit Agreement.
Article I of the Credit Agreement, entitled "Definitions and Accounting Terms" is hereby modified and amended
as follows:

 

		i.	Section 1.01 of the Credit Agreement, entitled
"Defined Terms" is hereby modified and amended as follows:

 

By deleting in the entirety the definition of "Aggregate
Commitments", as presently appearing therein, and by substituting in place thereof the following:

 

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"Aggregate Commitments"
means the Commitments of all the Lenders, which, as of the Second Amendment Effective Date, total Seventy-Five Million Dollars
($75,000,000.00).

 

		b)	By adding the following new definitions (in alphabetical
order) to the definitions presently appearing therein:

 

"First Amendment"
means the First Amendment to Credit Agreement, dated as of December 6, 2011, among Borrower, Parent, the Administrative Agent
and the Lenders.

 

"First Extended Maturity Date" means
September 7, 2015.

 

"First Extension Effective Date" has
the meaning specified in Section 2.14(a).

 

"Initial Maturity Date" means September
7, 2014.

 

"Maturity Date"
means the Initial Maturity Date; provided, however: (a) if the Initial Maturity Date is extended to the First Extended
Maturity Date pursuant to Section 2.14(a), then Maturity Date shall mean the First Extended Maturity Date, (b) if the First
Extended Maturity Date is extended to the Second Extended Maturity Date pursuant to Section 2.14(b), then Maturity Date
shall mean the Second Extended Maturity Date; provided further, however, that in each case if such date is not a Business Day then
the applicable Maturity Date shall be the next preceding Business Date; all of the foregoing as may then be applicable as determined
solely by Administrative Agent.

 

"Second Amendment
Effective Date" means the "Second Amendment Effective Date" (as defined in the Second Amendment).

 

"Second Amendment"
means the Second Amendment to Credit Agreement, dated as of May 21, 2012, among Borrower, Parent, the Administrative Agent
and the Lenders.

 

"Second Extended Maturity Date" means
September 7, 2016.

 

"Second Extension
Effective Date" has the meaning specified in Section 2.14(b).

 

		b.	Amendment to Article II of the Credit Agreement.
Article II of the Credit Agreement, entitled "The Commitments and Credit Extensions" is hereby modified and
amended as follows:

 

		i.	By inserting the following new Section 2.14
immediately following Section 2.13, as presently appearing therein:

 

		2.14	Extension of Maturity Date.

 

		(a)	First Extended Maturity Date.

 

		(i)	Request for Extension. Parent and Borrower may,
by written notice to Administrative Agent (who shall promptly notify the Lenders) not

 

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		 	earlier than ninety (90) days and not later than sixty
(60) days prior to the Initial Maturity Date, request that the Initial Maturity Date be extended to the First Extended Maturity
Date.

 

		(ii)	Effectiveness of Extension. If so extended,
then the Initial Maturity Date shall be extended to the First Extended Maturity Date, effective as of the Initial Maturity Date
or such earlier date that Administrative Agent shall have determined that the Borrower shall have met the conditions set forth
herein, (the "First Extension Effective Date") subject further to the Borrower's continued satisfaction of such
conditions as of the Initial Maturity Date as set forth below. Administrative Agent, Parent, and Borrower shall promptly confirm
to the Lenders such extension. As a condition precedent to such extension, (i) Parent and Borrower shall deliver to Administrative
Agent a certificate of each Loan Party dated as of the First Extension Effective Date (in sufficient copies for each Lender) signed
by a Responsible Officer of each Loan Party (A) providing evidence satisfactory to Administrative Agent that each Loan Party has
taken all necessary action to authorize such extension and (B) in the case of Parent and Borrower, certifying that, before and
after giving effect to such extension, (I) the representations and warranties contained in the Loan Documents are true and correct
in all material respects on and as of the First Extension Effective Date and (as applicable) the Initial Maturity Date, except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and
correct in all material respects as of such earlier date, and except that for purposes of this Section 2.14(a), the representations
and warranties contained in Section 6.05(b) shall be deemed to refer to the most-recent statements furnished pursuant to
Section 7.01(b), and (II) no Default exists before or after giving effect to such extension; and (ii) Borrower shall have
paid to Administrative Agent, for the account of each Lender, an extension fee in an amount equal to thirty-five basis points
(0.35%) times such Lender's Commitment.

 

		(b)	Second Extended Maturity Date.

 

		(i)	Request for Extension. Parent and Borrower may,
by written notice to Administrative Agent (who shall promptly notify the Lenders) not earlier than ninety (90) days and not later
than sixty (60) days prior to the First Extended Maturity Date, request that the First Extended Maturity Date be extended to the
Second Extended Maturity Date.

 

		(ii)	Effectiveness of Extension. If so extended,
then the First Maturity Date shall be extended to the Second Extended Maturity Date, effective as of the First Extended Maturity
Date or such earlier date that Administrative Agent shall have determined that the Borrower shall have met the conditions set
forth herein, (the "Second Extension Effective Date") subject further to the Borrower's continued satisfaction
of such conditions as of the First Extended Maturity Date as set forth below. Administrative Agent, Parent, and Borrower shall
promptly confirm to the Lenders such extension. As a condition precedent to such extension, (i) Parent and Borrower shall deliver
to Administrative Agent a certificate of each Loan Party dated as of the Second Extension Effective Date (in sufficient copies
for each Lender) signed by a Responsible Officer of each Loan Party (A) providing evidence satisfactory to Administrative Agent
that each Loan Party has taken all necessary action to authorize such extension and (B) in the case of Parent and Borrower, certifying
that, before and after giving effect to such extension, (I) the representations and warranties contained in the

 

 

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		 	Loan Documents are true and correct in all material
respects on and as of the Second Extension Effective Date and (as applicable) the First Extended Maturity Date, except to the
extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct
in all material respects as of such earlier date, and except that for purposes of this Section 2.14(b), the representations
and warranties contained in Section 6.05(b) shall be deemed to refer to the most-recent statements furnished pursuant to
Section 7.01(b), and (II) no Default exists before or after giving effect to such extension; and (ii) Borrower shall have
paid to Administrative Agent, for the account of each Lender, a further extension fee in an amount equal to thirty-five basis
points (0.35%) times such Lender's Commitment.

 

		(c)	Conflicting Provisions. This Section 2.14 shall
supersede any provisions in Section 11.01 to the contrary.

 

		c.	Amendment to Article IV of the Credit Agreement. Article IV of the Credit Agreement, entitled
"Borrowing Base" is hereby modified and amended as follows:

 

		i.	By deleting in the entirety the existing text of Section
4.08, entitled "Appraisals", as presently appearing therein, and by substituting in place thereof the following:

 

		4.08	Appraisals. Administrative Agent will be entitled
to obtain, and shall obtain at the request of the Required Lenders, at Borrower's expense, a new Acceptable Appraisal for any
Borrowing Base Property whose most-recent Acceptable Appraisal is more than eighteen (18) months old; provided that in addition
to the foregoing, Administrative Agent will be entitled to obtain, and at the request of Required Lenders shall obtain, at Borrower's
expense, additional Acceptable Appraisals of any Borrowing Base Property or any part thereof if (i) an Event of Default has occurred
and is continuing at the time Administrative Agent orders such Acceptable Appraisal, (ii) Borrower has exercised the option to
extend the Initial Maturity Date to the First Extended Maturity Date pursuant to Section 2.14(a), (iii) Borrower has exercised
the option to extend the First Extended Maturity Date to the Second Extended Maturity Date pursuant to Section 2.14(b), or
(iv) an appraisal is required under applicable Law.

 

		d.	Amendment to Article VI of the Credit Agreement. Article II of the Credit Agreement, entitled
"Representations and Warranties" is hereby modified and amended as follows:

 

		i.	By inserting the following new Section 6.25
immediately following Section 6.24, as presently appearing therein:

 

		6.25	Patriot Act and Other Specified Laws.

 

		(a)	To the extent applicable, each Loan Party is in compliance,
in all material respects, with the (i) Trading with the Enemy Act, and each of the foreign assets control regulations of the United
States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto,
and (ii) the Act. No part of the proceeds of the Loans will be used, directly or indirectly, in violation in any material respect
of the United States Foreign Corrupt Practices Act of

 

 

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		 	1977. No Loan Party is engaged in or has engaged in
any course of conduct that could reasonably be expected to subject any of its properties to any Lien, seizure or other forfeiture
under any criminal law, racketeer influenced and corrupt organizations or other similar criminal laws. No Loan Party is named
on the list of Specially Designated Nationals and Blocked Persons maintained by the United States Department of Treasury Office
of Foreign Assets Control.

		(b)	No Loan Party (i) is a Person whose property or interest
in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property
and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii)
engages in any dealings or transactions prohibited by Section 2 of such Executive Order, or, to the knowledge of the Borrower
after due inquiry, is otherwise associated with any such Person in any manner that violates such Section 2 and (iii) is a Person
on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other
U.S. Department of Treasury's Office of Foreign Assets Control regulation or executive order."

 

		e.	Amendment to Schedules to Credit Agreement.
The Schedules to the Credit Agreement, as presently appearing therein, are hereby modified and amended as follows:

 

		i.	In Schedule 2.01 to the Credit Agreement, entitled
"COMMITMENTS AND APPLICABLE PERCENTAGES", by deleting each reference to "53,000,000.00" in the text, as presently
appearing therein, and by substituting in place thereof the figure "75,000,000.00";

 

		 	References to Credit Agreement. Any and all
references in the Loan Documents to the "Credit Agreement" (however defined or described) shall mean and refer to the
Credit Agreement as hereby modified and amended.

 

		3.	Further Assurances. The Loan Parties shall take any and all such actions and execute any
and all such instruments and agreements as the Bank shall reasonably request for the purpose of effectuating this Amendment.

		4.	Limited Amendment; Ratification of Loan Documents. Except as specifically amended hereby,
the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect, and are hereby
ratified and affirmed in all respects by each of the Loan Parties. This Amendment shall not be deemed a waiver of, or consent to,
or a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, except as expressly
set forth herein.

		5.	Representations and Warranties.

 

		a.	The representations and warranties of Borrower and
each other Loan Party, contained in Article VI of the Credit Agreement or any other Loan Document are true and correct
in all material respects (except to the extent that any such representation and warranty is qualified as to "materiality,"
"Material Adverse Effect" or similar language, in which case it shall be true and correct in all

 

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		 	respects (after giving effect to any such qualification))
on and as of the Second Amendment Effective Date; provided, if any such representations and warranties specifically refer
to an earlier date, they shall be true and correct in all material respects (except to the extent that any such representation
and warranty is qualified as to "materiality," "Material Adverse Effect" or similar language, in which case
it shall be true and correct in all respects (after giving effect to any such qualification)) as of such earlier date.

		b.	Without limiting the generality of the foregoing, in
connection with the execution and delivery of this Amendment, Borrower shall provide Administrative Agent with the following:

		i.	An updated Schedule 4.01, with respect to all Borrowing Base Properties as of the Second
Amendment Effective Date;

		ii.	An updated Schedule 6.13, with respect to all Subsidiaries and other Equity Investments
and Equity Interests as of the Second Amendment Effective Date.

		 	All representations and warranties of Borrower and
each other Loan Party, as contained in the Credit Agreement or any other Loan Document shall at all times be applicable with respect
to the items set forth in said updated Schedule 4.01 and Schedule 6.13 as of the Second Amendment Effective Date
(notwithstanding any existing references in the Credit Agreement or other Loan Documents to the prior Schedule 4.01 and
Schedule 6.13 as of the Closing Date).

		6.	Waiver of Claims. Each Loan Party acknowledges and agrees that as of the date hereof, it

does not have any claims, counterclaims, offsets, or defenses against the Bank directly or indirectly relating to such Loan Party's
relationship with, and/or the Obligations under, the Loan Documents, and to the extent that such Loan Party currently has or ever
had prior to the date hereof any such claims, counterclaims, offsets, or defenses against the Bank, such Loan Party affirmatively
WAIVES the same and, on behalf of itself and its representatives, successors and assigns, hereby RELEASES, and forever discharges
the Bank and its officers, directors, agents, servants, attorneys, and employees, and their respective representatives, successors
and assigns, of, to, and from all known debts, demands, actions, suits, accounts, covenants, contracts, agreements, damages, and
any and all claims, demands, or liabilities whatsoever, of every name and nature, both at law and in equity through the date hereof
related to the same.

		7.	Governing Law. This Amendment shall be governed by and construed in accordance with

the laws of the State of New York.

		8.	Counterparts. This Amendment may be executed in any number of counterparts, which

shall together constitute an entire original agreement, and shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

 

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		9.	Miscellaneous. This Second Amendment may be
executed in any number of counterparts, which shall together constitute an entire original agreement, and shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns. This Second Amendment expresses the
entire understanding of the parties with respect to the transactions contemplated hereby. No prior negotiations or discussions
shall limit, modify, or otherwise affect the provisions hereof. Any determination that any provision of this Second Amendment
or any application hereof is invalid, illegal or unenforceable in any respect and in any instance shall not affect the validity,
legality, or enforceability of such provision in any other instance, or the validity, legality, or enforceability of any other
provisions of this Second Amendment. The Loan Parties represent and warrant that they have consulted with independent legal counsel
of their selection in connection herewith and are not relying on any representations or warranties of the Administrative Agent
or the Lenders or their counsel in entering into this Second Amendment.

 

[remainder of page left intentionally blank]

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

BORROWER:

 

ARC PROPERTIES OPERATING

PARTNERSHIP, L.P., a Delaware limited

partnership

 

 

By: /s/ Edward M. Weil, Jr

Name: Edward M. Weil, Jr.

Title:
President

 

 

PARENT:

 

AMERICAN REALTY CAPITAL

PROPERTIES, INC., a Maryland corporation

 

By: /s/ Edward M. Weil, Jr

Name: Edward M. Weil, Jr.

Title: President

 

 

 

RBS CITIZENS, N.A., as Administrative
Agent

for itself and its co-lenders as L/C Issuer and
as

Lender

 

By:                                                      

Name:

Title:

 

 

    	Second Amendment to ARCP Credit Agreement

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

BORROWER:

ARC PROPERTIES OPERATING

PARTNERSHIP, L.P., a Delaware limited partnership

 

By:                                                      

Name: Edward M. Weil, Jr.

Title: President

 

 

PARENT:

AMERICAN REALTY CAPITAL

PROPERTIES, INC., a Maryland corporation

 

By:                                                      

Name: Edward M. Weil, Jr.

Title: President

 

 

RBS CITIZENS, N.A., as Administrative Agent for
itself and its co-lenders as L/C Issuer and as Lender

 

By: /s/ Donald Woods 

Name: Donald Woods

Title: SVP

 

    	Second Amendment to ARCP Credit Agreement

    	 

    

 

The
undersigned, American Realty Capital Properties, Inc., as Guarantor under that certain Parent Guaranty Agreement dated as
of September 7, 2011, hereby consents to the foregoing Second Amendment to Credit Agreement and acknowledges and agrees that the
Parent Guaranty Agreement executed by the undersigned dated as of September 7, 2011 remains in full force and effect.

 

AMERICAN REALTY CAPITAL

PROPERTIES, INC., a
Maryland corporation

By: /s/ Edward M. Weil,
Jr

Name: Edward M. Weil, Jr.

Title:
President

 

 

 

    	Second Amendment to ARCP Credit Agreement

    	 

    

Each of the undersigned, as Guarantor
under that certain Subsidiary Guaranty Agreement dated as of September 7, 2011, hereby consents to the foregoing Second Amendment
to Credit Agreement and acknowledges and agrees that the Subsidiary Guaranty Agreement executed by the undersigned dated as of
September 7, 2011 remains in full force and effect.

 

 

American Realty Capital Partners, LLC

ARC Income Properties III, LLC

CRE JV Mixed Five CT Branch Holdings LLC

CRE JV Mixed Five IL 2 Branch Holdings LLC

CRE JV Mixed Five IL 3 Branch Holdings LLC

CRE JV Mixed Five IL 4 Branch Holdings LLC

CRE JV Mixed Five IL 5 Branch Holdings LLC

CRE JV Mixed Five MI 1 Branch Holdings LLC

CRE JV Mixed Five MI 2 Branch Holdings LLC

CRE-JV Mixed Five MI 3 Branch Holdings LLC

CRE JV Mixed Five MI 4 Branch Holdings LLC

CRE JV Mixed Five MI 5 Branch Holdings LLC

CRE JV Mixed Five MI 6 Branch Holdings LLC

CRE JV Mixed Five MI 7 Branch Holdings LLC

CRE JV Mixed Five NH Branch Holdings LLC

CRE JV Mixed Five OH 1 Branch Holdings LLC

CRE JV Mixed Five OH 2 Branch Holdings LLC

CRE JV Mixed Five OH 3 Branch Holdings LLC

CRE JV Mixed Five OH 4 Branch Holdings LLC

CRE JV Mixed Five OH 5 Branch Holdings LLC

CRE JV Mixed Five OH 6 Branch Holdings LLC

CRE JV Mixed Five OH 7 Branch Holdings LLC

CRE JV Mixed Five VT Branch Holdings LLC,

ARCP
DGBLVAR001, LLC

ARCP DGCRLAR001, LLC

ARCP DGGRFAR001, LLC

ARCP DGJNBIL001, LLC

ARCP AAFNTMI001, LLC

ARCP AAYLNMI001, LLC

ARCP DGLSNM0001, LLC

ARCP DGASGM0001, LLC

ARCP DGBRNM0001, LLC

ARCP DGCTNM0001, LLC

ARCP DGASDM0001, LLC

ARCP DGDMDM0001, LLC

ARCP DGBLFM0001, LLC

ARCP DGAPC1VI0001, LLC

ARCP DGCMROK001, LLC

ARCP WGMRBSC001, LLC

ARCP WGEPTMI001, LLC

 

    	Second Amendment to ARCP Credit Agreement

    	 

    

 

ARCP GSFRENY001, LLC

ARC Income Properties, LLC,

each a Delaware limited liability company

 

By:   /s/ Edward M. Weil, Jr. 

Name: Edward M. Weil, Jr.

Title: President

 

ARC TRS Corp., a Delaware corporation

 

By:   /s/ Edward M. Weil, Jr. 

Name: Edward M. Weil, Jr.

Title: President

 

    	Second Amendment to ARCP Credit AgreementTHIRD AMENDMENT TO

CREDIT AGREEMENT

 

THIS THIRD
AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is made and entered into as of this 16th_ day of August, 2012
by and among ARC PROPERTIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership ("Borrower"), AMERICAN
REALTY CAPITAL PROPERTIES, INC., a Maryland corporation and the sole member of the sole general partner of Borrower ("Parent")
and RBS CITIZENS, N.A., a national banking association ("RBS Citizens"), as Administrative Agent for itself and
its co-lenders, and as L/C Issuer (RBS Citizens, in its respective capacities under the Credit Agreement and the other Loan Documents,
being referred to herein as the "Bank").

 

WITNESSETH:

 

WHEREAS,
Borrower, Parent and the Bank are parties to a certain Credit Agreement dated as of September 7, 2011, as amended by that certain
First Amendment to Credit Agreement dated as of December 6, 2011 (the "First Amendment"), as further amended by
that certain Second Amendment to Credit Agreement dated as of May 21, 2012 (the "Second Amendment") (said Credit
Agreement, as so amended by the First Amendment and the Second Amendment, and as from time to time may be further amended, modified,
or restated, the "Credit Agreement"; and

 

WHEREAS,
the Borrower has requested that the Bank amend certain terms and conditions of the Credit Agreement, including to provide for an
increase in the amount of the Aggregate Commitments from $75,000,000.00 to $81,500,000.00, as set forth below in this Amendment;
and

 

WHEREAS,
the Bank has agreed to so amend certain terms and conditions of the Credit Agreement, all on the terms and conditions set forth
below in this Amendment.

 

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

 

		1.	Definitions. (a) All capitalized undefined terms
used in this Amendment shall have the meanings ascribed thereto in the Credit Agreement, as amended hereby, and (b) "Third
Amendment Effective Date" means the date of this Amendment.

 

		2.	Amendments to Credit Agreement.

 

		a.	Amendments to Article I of the Credit Agreement.
Article I of the Credit Agreement, entitled "Definitions and Accounting Terms" is hereby modified and amended
as follows:

 

		i.	Section 1.01 of the Credit Agreement, entitled
"Defined Terms" is hereby modified and amended as follows:

 

		a)	By deleting in the entirety the definition of "Aggregate
Commitments", as presently appearing therein, and by substituting in place thereof the following:

 

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"Aggregate Commitments"
means the Commitments of all the Lenders, which, as of the Third Amendment Effective Date, total Eighty-One Million Five Hundred
Thousand Dollars ($81,500,000.00).

 

		b)	By deleting in the entirety the definition of "Borrowing Base", as presently
                                                                appearing therein, and by substituting in place thereof the following:

 

"Borrowing Base"
means, as of any date of determination, the lesser of (a) the roduct of (i) sixty-five percent (65%), times (ii) the aggregate
Borrowing Values of the Borrowing Base Properties, and (b) the Implied Loan Amount. Notwithstanding the foregoing, (a) the amount
of the Borrowing Base attributable to any Dark Property shall not exceed ten percent (10%) of the Borrowing Base, and (b) any Borrowing
Value or Borrowing Base NOI from the Home Depot Property shall no longer be included in the Borrowing Base after September 7, 2012.

 

		c)	By adding the following new definitions (in alphabetical order) to the definitions
                                                                presently appearing therein:

 

"Third Amendment Effective Date" means
the "Third Amendment Effective Date" (as defined in the Third Amendment).

 

"Third Amendment"
means the Third Amendment to Credit Agreement, dated as of August 16, 2012, among Borrower, Parent, the Administrative Agent
and the Lenders.

 

		b.	Amendment to Schedules to Credit Agreement. The Schedules to the Credit Agreement, as
presently appearing therein, are hereby modified and amended as follows:

 

		i.	In Schedule 2.01 to the Credit Agreement, entitled
"COMMITMENTS AND APPLICABLE PERCENTAGES", by deleting each reference to "75,000,000.00" in the text, as presently
appearing therein, and by substituting in place thereof the figure "81,500,000.00";

 

		c.	References to Credit Agreement. Any and all references in the Loan Documents to
                                                                the "Credit Agreement" (however defined or described), including, without limitation, with respect to the
                                                                Obligations evidenced by the Note, shall mean and refer to the Credit Agreement as hereby modified and amended. T
	 	 	 

		3.	Further Assurances. The Loan Parties shall take any and all such actions and execute any

and all such instruments and agreements as the Bank shall reasonably request for the purpose of effectuating this Amendment.
		 	 

		4.	Limited Amendment; Ratification of Loan Documents. Except as specifically amended hereby,
the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect, and are hereby
ratified and affirmed in all respects by each of the Loan Parties. This Amendment shall not be deemed a waiver of, or

 

 

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		 	consent to, or a modification or amendment of, any
other term or condition of the Credit Agreement or any other Loan Document, except as expressly set forth herein.

 

		5.	Representations and Warranties.

 

		a.	The representations and warranties of Borrower and each other Loan Party, contained in Article
VI of the Credit Agreement or any other Loan Document are true and correct in all material respects (except to the extent
that any such representation and warranty is qualified as to "materiality," "Material Adverse Effect" or similar
language, in which case it shall be true and correct in all respects (after giving effect to any such qualification)) on and as
of the Third Amendment Effective Date; provided, if any such representations and warranties specifically refer to an earlier
date, they shall be true and correct in all material respects (except to the extent that any such representation and warranty is
qualified as to "materiality," "Material Adverse Effect" or similar language, in which case it shall be true
and correct in all respects (after giving effect to any such qualification)) as of such earlier date.

		b.	Without limiting the generality of the foregoing, in connection with the execution and delivery
of this Amendment, Borrower shall provide Administrative Agent with the following:

		i.	An updated Schedule 4.01, with respect to all Borrowing Base Properties as of the
Third Amendment Effective Date;

		ii.	An updated Schedule 6.13, with respect to all Subsidiaries and other Equity Investments
and Equity Interests as of the Third Amendment Effective Date.

 

		 	All representations and warranties of Borrower and
each other Loan Party, as contained in the Credit Agreement or any other Loan Document shall at all times be applicable with respect
to the items set forth in said updated Schedule 4.01 and Schedule 6.13 as of the Third Amendment Effective
Date (notwithstanding any existing references in the Credit Agreement or other Loan Documents to the prior Schedule 4.01
and Schedule 6.13 as of the Closing Date).

 

		6.	Regarding Mortgage and other Collateral. The
respective indebtedness, liabilities, and other Obligations of the Loan Parties under the Loan Documents, as modified or otherwise
provided herein, are and shall continue to be secured by each of the Mortgages, and any and all other Collateral as set forth
under the Loan Documents.

 

		7.	Waiver of Claims. Each Loan Party acknowledges
and agrees that as of the date hereof, it does not have any claims, counterclaims, offsets, or defenses against the Bank directly
or indirectly relating to such Loan Party's relationship with, and/or the Obligations under, the Loan Documents, and to the extent
that such Loan Party currently has or ever had prior to the date hereof any such claims, counterclaims, offsets, or defenses against
the Bank, such Loan Party affirmatively WAIVES the same and, on behalf of itself and its

 

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		 	representatives, successors and assigns, hereby RELEASES,
and forever discharges the Bank and its officers, directors, agents, servants, attorneys, and employees, and their respective
representatives, successors and assigns, of, to, and from all known debts, demands, actions, suits, accounts, covenants, contracts,
agreements, damages, and any and all claims, demands, or liabilities whatsoever, of every name and nature, both at law and in
equity through the date hereof related to the same.

		8.	Modification Fee. In connection with the execution and delivery of this Amendment by the
Bank, the Loan Parties hereby acknowledge and agree that the Bank shall have fully earned a "Modification Fee" (so referred
to herein) payable by the Borrower in the amount of $65,000.00, which Modification Fee shall be in addition to any
and all other fees and other amounts paid and/or to be paid by the Borrower and/or any other Loan Party pursuant to this Amendment
or the other Loan Documents. The Modification Fee shall be due and payable in full in connection with the execution and delivery
of this Amendment in good and sufficient funds immediately available to the Bank. Without limiting the generality of the foregoing,
the Modification Fee shall in all events constitute Obligations secured by each Mortgage.

		9.	Reimbursement of Fees and Expenses. Without limiting the terms and conditions of the Credit
Agreement and the other Loan Documents, Borrower hereby agrees to pay to the Bank on demand all of Lender's reasonable legal, and
other out-of-pocket fees and expenses incurred by the Bank in connection with its due diligence and the negotiation, preparation,
and execution of this Agreement and all documents, instruments, and agreements incidental thereto and contemplated herein.

		10.	Conditions to Effectiveness. The agreements of the Bank hereunder shall not be effective
until each of the following conditions precedent has been fulfilled to the satisfaction of the Bank:

		a.	This Amendment and all instruments, documents, and agreements contemplated herein shall have
been duly executed and delivered by the respective parties hereto and, shall be in full force and effect and shall be in form and
substance reasonably satisfactory to the Bank, including, without limitation, satisfaction of the conditions set forth in Section
4.06 of the Credit Agreement with respect to the additional Mortgages being granted to the Bank in connection with the execution
and delivery of this Amendment.

		b.	All action on the part of the Loan Parties necessary for the valid execution, delivery and performance,
respectively, by the Loan Parties pursuant to this Amendment and all instruments, documents, and agreements contemplated herein
shall have been duly and effectively taken.

		c.	The Borrower shall have paid the Modification Fee.

		d.	The Borrower shall have paid all attorneys' reasonable fees and expenses and all title insurance
premiums incurred with respect to the additional Mortgages being

 

    	4

    	 

    

 

		 	granted to the Bank in connection with the execution
and delivery of this Amendment.

		e.	The Bank shall have received such other certificates,
documents, instruments, opinions, consents, waivers, information, materials and/or agreements as the Bank shall reasonably require
in form and substance satisfactory in all respects to the Bank.

		11.	Governing Law. This Amendment shall be governed by and construed
in accordance with the laws of the State of New York.

		12.	Counterparts. This Amendment may be executed in any number of counterparts, which shall
together constitute an entire original agreement, and shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.

		13.	Miscellaneous. This Amendment may be executed in any number of counterparts, which shall
together constitute an entire original agreement, and shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns. This Amendment expresses the entire understanding of the parties with respect to the transactions
contemplated hereby. No prior negotiations or discussions shall limit, modify, or otherwise affect the provisions hereof. Any determination
that any provision of this Amendment or any application hereof is invalid, illegal or unenforceable in any respect and in any instance
shall not affect the validity, legality, or enforceability of such provision in any other instance, or the validity, legality,
or enforceability of any other provisions of this Amendment. The Loan Parties represent and warrant that they have consulted with
independent legal counsel of their selection in connection herewith and are not relying on any representations or warranties of
the Administrative Agent or the Lenders or their counsel in entering into this Amendment.

[remainder of page left intentionally
blank]

 

    	5

    	 

    

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

 

 

BORROWER:

 

ARC PROPERTIES OPERATING

PARTNERSHIP, L.P., a Delaware limited partnership

 

By: /s/ Jesse C. Galloway         

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

 

PARENT:

 

AMERICAN REALTY CAPITAL

PROPERTIES, INC., a Maryland corporation

 

By: /s/ Jesse C. Galloway         

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

 

 

    	Third Amendment to ARCP Credit Agreement

    	 

    

 

 

RBS CITIZENS, N.A., as Administrative Agent 

for itself and its
co-lenders as L/C Issuer and as

 Lender

 

By: /s/ Donald Woods______

Name: Donald Woods

Title: SVP

 

    	Third Amendment to ARCP Credit Agreement

    	 

    

 

The undersigned, American
Realty Capital Properties, Inc., as Guarantor under that certain Parent Guaranty Agreement dated as of September 7, 2011, hereby
consents to the foregoing Third Amendment to Credit Agreement and acknowledges and agrees that the Parent Guaranty Agreement executed
by the undersigned dated as of September 7, 2011 remains in full force and effect.

 

 

 

 

AMERICAN REALTY CAPITAL

PROPERTIES, INC., a Maryland corporation

 

 

By: /s/ Jesse C. Galloway         

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

 

 

    	Third Amendment to ARCP Credit Agreement

    	 

    

 

 

 

Each of the undersigned, as Guarantor
under that certain Subsidiary Guaranty Agreement dated as of September 7, 2011, hereby consents to the foregoing Third Amendment
to Credit Agreement and acknowledges and agrees that the Subsidiary Guaranty Agreement executed by the undersigned dated as of
September 7, 2011 remains in full force and effect.

 

 

 

American Realty Capital Partners,
LLC

ARC Income Properties III,
LLC

CRE JV Mixed Five CT Branch Holdings LLC

CRE JV Mixed Five IL 2 Branch Holdings LLC

CRE JV Mixed Five IL 3 Branch Holdings LLC

CRE JV Mixed Five IL 4 Branch Holdings LLC

CRE JV Mixed Five IL 5 Branch Holdings LLC

CRE JV Mixed Five MI 1 Branch Holdings LLC

CRE JV Mixed Five MI 2 Branch Holdings LLC

CRE JV Mixed Five MI 3 Branch Holdings LLC

CRE JV Mixed Five MI 4 Branch Holdings LLC

CRE JV Mixed Five MI 5 Branch Holdings LLC

CRE JV Mixed Five MI 6 Branch Holdings LLC

CRE JV Mixed Five MI 7 Branch Holdings LLC

CRE JV Mixed Five NH Branch Holdings LLC

CRE JV Mixed Five OH 1 Branch Holdings LLC

CRE JV Mixed Five OH 2 Branch Holdings LLC

CRE JV Mixed Five OH 3 Branch Holdings LLC

CRE JV Mixed Five OH 4 Branch Holdings LLC

CRE JV Mixed Five OH 5 Branch Holdings LLC

CRE JV Mixed Five OH 6 Branch Holdings LLC

CRE JV Mixed Five OH 7 Branch Holdings LLC

CRE JV Mixed Five PA Branch Holdings LLC

CRE JV Mixed Five VT Branch Holdings LLC

ARCP DGBLVAR001, LLC

ARCP DGCRLAR001, LLC

ARCP DGGRFAR001, LLC

ARCP DGJNBIL001, LLC

ARCP AAFNTMI001, LLC

ARCP AAYLNMI001, LLC

ARCP DGLSNM0001, LLC

ARCP DGASGM0001, LLC

ARCP DGBRNM0001, LLC

ARCP DGCTNM0001, LLC

ARCP DGASDM0001, LLC

ARCP DGDMDM0001, LLC

ARCP DGBLFM0001, LLC

ARCP DGAPCM0001, LLC

ARCP DGCMROK001, LLC

 

    	Third Amendment to ARCP Credit Agreement

    	 

    

 

ARCP WGMRBSC001, LLC

ARCP WGEPTMI001, LLC

ARCP GSFRENY001, LLC

ARCP JIMPTIA01, LLC

ARC FEMTVIL001, LLC

ARC FEEVLIN001, LLC

ARC FEMTPPA001, LLC

ARC FECCTOH001, LLC

ARC FELDNKY002, LLC

ARC FEKKEIL001, LLC

ARC Income Properties, LLC,

each a Delaware limited liability company

 

 

 

By: /s/ Jesse C. Galloway         

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

 

ARC TRS Corp,. a Delaware corporation

 

 

 

By: /s/ Jesse C. Galloway         

Name: Jesse C. Galloway

Title:
Authorized Signatory

 

 

    	Third Amendment to ARCP Credit Agreement

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