Document:

Exhibit 10.1

 

REGISTRATION RIGHTS AGREEMENT

 

BY AND BETWEEN

 

THE MACERICH COMPANY

 

AND

 

1700480 ONTARIO INC.

 

DATED: NOVEMBER 14, 2014

 

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”) is entered into as of November 14, 2014 by and between The Macerich Company, a Maryland corporation (the “Company”), and 1700480 Ontario Inc., a corporation existing under the laws of Ontario (“1700480”, and together with its successors and permitted transferees, the “Holders” and each individually as a “Holder”).

 

WHEREAS, in connection with the transactions contemplated by that certain Master Agreement, dated November 14, 2014 (the “Master Agreement”), by and among Pacific Premier Retail LP, a Delaware limited partnership (“PPRLP”), MAC PT LLC, a Delaware limited liability company (“MAC PT”),  Macerich PPR GP LLC, a Delaware limited liability company (“PPR GP”), Queens JV LP, a Delaware limited partnership (“Queens JV”), Macerich Queens JV LP, a Delaware limited partnership (“Macerich Queens”), Macerich Queens JV GP LLC, a Delaware limited liability company (“Queens GP”), the Company and the Holders, the Company desires to grant certain registration rights to the Holders with respect to the shares of common stock of the Company, par value $0.01 per share (the “Common Shares”), to be received by the Holders pursuant to the Master Agreement;

 

NOW, THEREFORE, in consideration of the foregoing, the mutual promises and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Certain Definitions.

 

As used in this Agreement, in addition to the other terms defined herein, the following capitalized terms shall have the following meanings:

 

“Agreement” shall have the meaning set forth in the preamble to this Agreement.

 

“Affiliate” shall mean a Person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with a specified Person.

 

“Common Shares” shall have the meaning set forth in the recitals to this Agreement.

 

“Company” shall have the meaning set forth in the preamble to this Agreement.

 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Filing Date” shall have the meaning set forth in Section 2(a) hereof.

 

“FINRA” shall mean the Financial Industry Regulatory Authority, and any successor thereto.

 

“Holder” or “Holders” shall have the meaning set forth in the preamble to this Agreement.

 

“Indemnitee” shall have the meaning set forth in Section 5 hereof.

 

“Master Agreement” shall have the meaning set forth in the recitals to this Agreement.

 

 

“NYSE” shall mean the New York Stock Exchange.

 

“Permitted Free Writing Prospectus” shall have the meaning set forth in Section 2(a) hereof.

 

“Person” shall mean any natural person, partnership, association, limited liability company, corporation, trust, or unincorporated organization, or other governmental or legal entity.

 

“Prospectus” shall mean the prospectus included in a Registration Statement, including any preliminary prospectus (including any Permitted Free Writing Prospectus, as defined above), as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Shares (as defined below) covered by such Registration Statement, and by all other amendments and supplements to such prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein.

 

“Registrable Shares” shall mean the Shares, any Common Shares or other securities issued or issuable in respect of the Shares by way of spin-off, dividend, distribution, stock split or in connection with a combination of shares, reclassification, merger, consolidation or reorganization and any Common Shares acquired by a Holder after the date hereof from whatever source that may not be freely resold by such Holder under the Securities Act; provided, however, that Registrable Shares shall not include (a) Shares for which a Registration Statement relating to the sale thereof has become effective under the Securities Act and which have been disposed of under such Registration Statement, (b) Shares sold pursuant to Rule 144, or (c) if in the opinion of counsel reasonably acceptable to the Company and the Holders, Shares may be sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act and the Company has removed all transfer restrictions and legends with respect to the registration and prospectus delivery requirements for the consummation of such sale; and provided further that if at any time such any such Common Shares may not be freely sold pursuant to Rule 144 without regard to the manner of sale or volume restriction set forth therein, then such shares shall be Registrable Shares.

 

“Registration Expenses” shall mean any and all expenses incident to the performance of or compliance with this Agreement, including without limitation: (i) all registration and filing fees; (ii) all fees and expenses associated with a required listing of the Registrable Shares on any securities exchange; (iii) all fees and expenses with respect to filings required to be made with the NYSE, any other securities exchange or FINRA; (iv) all fees and expenses of compliance with state securities or “blue sky” laws (including reasonable fees and disbursements of counsel for the holders of securities in connection with blue sky qualifications of the securities and determination of their eligibility for investment under the laws of such jurisdictions); (v) all printing expenses, messenger, telephone and delivery expenses; and (vi) all fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses of any comfort letters or costs associated with the delivery by independent registered public accountants of a comfort letter or comfort letters); provided, however, that Registration Expenses shall not include, and the Company shall not have any obligation to pay, any underwriting fees, discounts, or commissions attributable to the sale of such Registrable Shares, or any legal fees and expenses of counsel to any Holder and any underwriter engaged by any Holder.

 

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“Registration Statement” shall mean any registration statement of the Company which covers the resale of any of the Registrable Shares under the Securities Act on an appropriate form, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all materials incorporated by reference therein.

 

“Resale Shelf Registration Expiration Date” shall have the meaning set forth in Section 2(a) hereof.

 

“Resale Shelf Registration Statement” shall have the meaning set forth in Section 2(a) hereof.

 

“Rule 144” shall mean Rule 144 promulgated under the Securities Act (or any successor provision).

 

“SEC” shall mean the Securities and Exchange Commission.

 

“Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares” shall mean all Common Shares issued to the Holders pursuant to the Master Agreement and any other Common Shares which may be issued in respect of, in exchange for, or in substitution for, any Common Shares, whether by reason of any stock split, stock dividend, reverse stock split, recapitalization, combination or otherwise.

 

“Suspension Event” shall have the meaning set forth in Section 8 hereof.

 

“Suspension Period” shall have the meaning set forth in Section 8 hereof.

 

2.                                      Registration and Sale of Shares.

 

a.              Filing of Resale Registration Statement.  Subject to the provisions of this Section 2(a), the Company will file with the SEC a Registration Statement on Form S-3 or, if the Company is not eligible to file or use Form S-3, such other Securities Act registration statement as the Company is eligible to use at such time for the resale of its Common Shares (a “Resale Shelf Registration Statement”) under Rule 415 under the Securities Act registering the resale of the Registrable Shares by the Holders, such filing to be made on a date (the “Filing Date”) that is no earlier than the date hereof and no later than December 15, 2014.  The Company represents that it is not aware of any reason that would prevent it from filing a Resale Shelf Registration Statement promptly after the date hereof.  The Company shall use its reasonable efforts to cause the Resale Shelf Registration Statement to become or be declared effective by the SEC for all of the Registrable Shares covered as promptly as possible, and in any event within thirty (30) days after the date of this Agreement.  The Company agrees to use its reasonable efforts to keep the Resale Registration Statement (or a successor Registration Statement filed with respect to the Registrable Shares) continuously effective until the date (the “Resale Shelf Registration Expiration Date”) that is the earlier of (a) the date on which all Registrable Shares have been disposed of by the Holders or (b) the date on which all Registrable Shares covered thereby are eligible for immediate sale pursuant to Rule 144 (or any successor provision) without application of volume limitations or other restrictions on transfer thereunder.  To

 

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the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (a “WKSI”) at the time that a Resale Shelf Registration Statement is to be filed, the Company shall file an automatic shelf registration statement which covers such Registrable Shares or, in lieu of filing a new Resale Shelf Registration Statement, may file a Prospectus pursuant to Rule 424(b) under the Securities Act (or any successor provision) to include, in accordance with Rule 430B under the Securities Act (or any successor provision), the registration of the resale of such Registrable Shares in an automatic shelf registration statement previously filed by the Company (in each case, such Prospectus together with such previously filed Registration Statement will be considered the Resale Shelf Registration Statement).  The Holder will not offer or sell, without the Company’s consent, any Registrable Shares by means of any “free writing prospectus” (as defined in Rule 405 under the Securities Act) that is required to be filed by the Holder with the SEC pursuant to Rule 433 under the Securities Act (any free writing prospectus consented to by the Company, a “Permitted Free Writing Prospectus”).  If at any time the effectiveness of any Resale Registration Statement is terminated, expires or is suspended, and at such time that Resale Shelf Registration Statement included Registrable Shares, the Company shall as promptly as practicable file with the SEC a successor thereto.

 

b.              Notification and Distribution of Materials.  The Company shall provide the Holders a draft copy of any Resale Shelf Registration Statement, each Prospectus and each Free Writing Prospectus a reasonable time in advance of the filing thereof to enable the Holders to review the information set forth therein.  The Company shall include in such Resale Shelf Registration Statement a plan of distribution as provided by the Holders.  The Company shall notify the Holder of the filing and effectiveness of any Registration Statement applicable to the Shares and shall furnish to the Holders such number of copies of such Registration Statement (including any amendments, supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and supplements, if any) and any documents incorporated by reference in such Registration Statement or such other documents as the Holders may reasonably request in order to facilitate the sale of the Registrable Shares in the manner described in such Registration Statement.

 

c.               Amendments and Supplements.  The Company shall prepare and file with the SEC from time to time such amendments and supplements to each Registration Statement and Prospectus used in connection therewith as may be necessary to keep such Registration Statement (or a successor Registration Statement filed with respect to such Registrable Shares) effective and to comply with the provisions of the Securities Act with respect to the disposition of the Registrable Shares covered thereby until the earlier of (a) such time as all of the Registrable Shares have been disposed of in accordance with the intended methods of disposition by the Holders pursuant to a Resale Shelf Registration Statement or (b) the date on which the Registration Statement is no longer required to be effective under the terms of this Agreement.  At the request of the Holders, upon not more than twenty (20) business days’ notice, the Company shall file any supplement or post-effective amendment to a Registration Statement with respect to the plan of distribution or a Holder’s ownership interests in his, her or its Registrable Shares that is reasonably necessary to permit the sale of such Holder’s Registrable Shares pursuant to such Registration Statement.  The Company shall file any necessary listing applications or amendments to the existing applications to cause the Shares registered under any Registration Statement to be then listed or quoted on the NYSE or such other primary exchange or quotation system on which

 

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the Common Shares are then listed or quoted.  The Company consents to the use of each such prospectus and any supplement thereto by the Holders in connection with the offering and sale of the Registrable Shares covered by such registration statement or any amendment thereto.

 

d.              Notice of Certain Events.  The Company shall promptly notify each Holder of, and confirm in writing, the filing of any Registration Statement or Prospectus, amendment or supplement related thereto, or any post-effective amendment to a Registration Statement and the effectiveness of any post-effective amendment.  Subject to Section 8 hereof, if any event, fact or circumstance requiring an amendment to a registration statement relating to the Registrable Shares or supplement to a prospectus relating to the Registrable Shares shall exist, immediately upon becoming aware thereof the Company agrees to notify the Holders and prepare and furnish to the Holders a post-effective amendment to the registration statement or supplement to the prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Shares, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.  In such event, subject to Section 8 hereof, the Company shall promptly prepare and furnish to the Holders a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of Registrable Shares sold under the Prospectus, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading.

 

e.               Underwritten Offerings.  If the Holders of at least $75 million of the Registrable Shares shall propose to sell Registrable Shares in an underwritten public offering (which for all purposes under this Agreement shall include a “block trade”), the Company shall make available, for reasonable periods of time and with reasonable notice, members of the management of the Company and its affiliates for reasonable assistance in selling efforts relating to such offering, to the extent customary for a public offering (including, without limitation, to the extent customary, senior management attendance at due diligence meetings with the underwriters and their counsel and road shows).

 

f.                Selection of Underwriters and Related Matters.  In the case of any offer or sale of Registrable Shares, the Holders requesting such sale shall have the right to select the investment banker(s) and manager(s) to administer the offering, which shall be reasonably acceptable to the Company.  If requested by the underwriter(s) for any such underwritten offerings by Holders,  the Company will enter into a customary underwriting agreement with such underwriter(s) for such offering, to contain such representations and warranties by the Company and such other terms as are customarily contained in agreements of that type. The Holders who elect to sell such Registrable Shares shall be a party to such underwriting agreement and may, at their option, require that any or all of the conditions precedent to the obligations of such underwriter(s) under such underwriting agreement be conditions precedent to the obligations of Holders. Such Holders shall not be required to make any representations or warranties to or agreement with the Company or the underwriter(s) other than representations, warranties or agreements regarding the Holders and the Holders’ intended method of distribution and any other representation or warranties required by law.

 

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g.               Compliance with Securities Laws.  The Company agrees to use all reasonable efforts to comply with the Securities Act and the Exchange Act in connection with the offer and sale of Registrable Shares pursuant to a Registration Statement, and, as soon as reasonably practicable following the end of any fiscal year during which a Registration Statement effecting a Registration of the Registrable Shares shall have been effective, to make available to its security holders an earnings statement satisfying the provisions of Section 11(a) of the Securities Act.

 

h.              Cooperation.  The Company agrees to cooperate with the selling Holders to facilitate the timely preparation and delivery of the Registrable Shares to be sold pursuant to a Registration Statement and not bearing any Securities Act legend; and, to the extent requested by the Holders, enable certificates for such Registrable Shares to be issued for such numbers of shares and registered in such names as the Holders may reasonably request at least two business days prior to any sale of Registrable Shares.

 

i.                  Rule 144 Matters.  The Company covenants that it will use all reasonable efforts to file the reports required to be filed by the Company under the Exchange Act, so as to enable any Holder to sell Registrable Shares pursuant to Rule 144 under the Securities Act.

 

3.                                      State Securities Laws.

 

The parties hereto hereby acknowledge that, generally, pursuant to Section 18 of the Securities Act, no state securities laws requiring, or with respect to, registration or qualification of securities or securities transactions will apply to a security that is a “covered security” (as defined therein).  “Covered securities,” for purposes of Section 18 of the Securities Act, includes securities listed or authorized for listing on the NYSE (or certain other national securities exchanges) and securities of the same issuer that is equal in seniority or senior to such securities.  The Company will use its reasonable efforts to cause the Shares to constitute covered securities by maintaining the listing of the Common Shares on the NYSE or such other qualifying national securities exchange.  In the event that the Shares cease to constitute covered securities, subject to the conditions set forth in this Agreement, the Company shall, at its expense, file such documents as may be necessary to register or qualify the Registrable Shares under the securities or “blue sky” laws of such states as the Holders may reasonably request, and use its reasonable efforts to cause such filings to become effective in a timely manner; provided, however, that the Company shall not be obligated to qualify as a foreign corporation to do business under the laws of any such state in which it is not then qualified or to file any general consent to service of process in any such state.  Once such filings are effective, the Company shall use its reasonable efforts to keep such filings effective until the earlier of (a) such time as all of the Registrable Shares have been disposed of by the Holders, (b) in the case of a particular state, the Holders have notified the Company that it no longer requires an effective filing in such state in accordance with its original request for filing or (c) the date on which the Shares covered by such filing cease to constitute Registrable Shares.

 

4.                                      Expenses.

 

The Holders shall bear all underwriting fees, discounts, commissions, or taxes (including transfer taxes) attributable to the sale of securities by the Holders, any legal fees and expenses of counsel to the Holders and any underwriter engaged by the Holders and all other expenses incurred in connection with the performance by the Holders of their obligations under the terms of this Agreement.  The Company shall bear the cost of all of the Registration Expenses.

 

5.                                      Indemnification by the Company.

 

The Company agrees to indemnify the Holders and, if a Holder is a person other than an individual, such Holder’s officers, directors, trustees,

 

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managers, partners, members, employees, agents, representatives and Affiliates, and each person or entity, if any, that controls a Holder within the meaning of the Securities Act or the Exchange Act, and each other person or entity, if any, subject to liability because of his, her or its connection with a Holder (each, an “Indemnitee”), against any and all losses, claims, damages, actions, liabilities, costs and expenses (including without limitation reasonable fees, expenses and disbursements of attorneys and other professionals), joint or several, arising out of or based upon (a) any violation or alleged violation by the Company of any rule or regulation promulgated under the Securities Act applicable to the Company and relating to action or inaction required of the Company under the terms of this Agreement or in connection with any Registration Statement or Prospectus, or (b) any untrue or alleged untrue statement of material fact contained in any Registration Statement, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any untrue or alleged untrue statement of material fact contained in any Prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Company shall not be liable to such Indemnitee in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon (i) an untrue statement or alleged untrue statement or omission or alleged omission made in such Registration Statement or in any such Prospectus in reliance upon and in conformity with information regarding such Indemnitee or its plan of distribution or ownership interests that was furnished in writing to the Company for use in connection with such Registration Statement or the Prospectus contained therein by such Indemnitee or (ii) in the case of a non-underwritten offering, any Holder’s failure to deliver a copy of the most recent prospectus furnished to the Holders by the Company at or prior to the time when liability attaches with respect to the particular sale of Registrable Shares under the Securities Act (the “Current Prospectus”) to the person claiming an untrue statement or alleged untrue statement or omission or alleged omission under circumstances where such delivery is required under the Securities Act, if (A) the Company shall have previously furnished copies thereof to such Indemnified Person in sufficient quantities to enable such Indemnified Party to satisfy such obligations and (B) such statement or omission did not appear in the Current Prospectus and was correct in the Current Prospectus.

 

6.                                      Covenants of the Holders.

 

Each of the Holders hereby agrees severally and not jointly (a) to cooperate with the Company and to furnish to the Company all such information concerning its plan of distribution and ownership interests with respect to its Registrable Shares in connection with the preparation of a Registration Statement with respect to such Holder’s Registrable Shares and any filings pursuant to state securities laws as the Company may reasonably request, (b) to deliver or cause delivery of the Prospectus contained in such Registration Statement to any purchaser of the shares covered by such Registration Statement from such Holder to the extent required by applicable law and so long as the Company timely furnishes the Holder with sufficient quantities of the Prospectus to comply with this covenant and (c) to indemnify the Company, its officers, directors, employees, agents, representatives and Affiliates, and each person, if any, who controls the Company within the meaning of the Securities Act, and each other person or entity, if any, subject to liability because of his, her or its connection with the Company, against any and all losses, claims, damages, actions, liabilities, costs and expenses arising out of or based upon (i) any untrue statement or alleged untrue statement of material fact contained in such Registration Statement, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, if and to the extent that such statement or omission occurs

 

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from reliance upon and in conformity with written information regarding such Holder, or such Holder’s plan of distribution or ownership interest, which was furnished to the Company by such Holder for use therein, (ii) any untrue statement or alleged untrue statement of material fact contained in the Prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, if and to the extent that such statement or omission occurs from reliance upon and in conformity with written information regarding such Holder, his, her or its plan of distribution or his, her or its ownership interests, which was furnished to the Company by such Holder for use therein or (iii)  in the case of a non-underwritten offering, such Holder’s failure to deliver a copy of a Current Prospectus to the person claiming an untrue statement or alleged untrue statement or omission or alleged omission under circumstances where such delivery is required under the Securities Act, if (A) the Company shall have previously furnished copies thereof to such Indemnified Person in sufficient quantities to enable such Indemnified Party to satisfy such obligations and (B) such statement or omission did not appear in the Current Prospectus and was correct in the Current Prospectus.

 

7.                                      Indemnification Procedures.

 

Any person entitled to indemnification under this Agreement shall notify promptly the indemnifying party in writing of the commencement of any action or proceeding with respect to which a claim for indemnification may be made hereunder, but the failure of any indemnified party to provide such notice shall not relieve the indemnifying party of its obligations hereunder, except to the extent the indemnifying party is materially prejudiced thereby and shall not relieve the indemnifying party from any liability which it may have to any indemnified party otherwise than hereunder.  In case any action or proceeding is brought against an indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, unless in the reasonable opinion of outside counsel to the indemnified party a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, to assume the defense thereof (alone or jointly with any other indemnifying party similarly notified), to the extent that it chooses, with counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party that it so chooses, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof; provided, however, that (i) if the indemnifying party fails to take reasonable steps necessary to defend diligently the action or proceeding within twenty (20) business days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so; or (ii) if such indemnified party who is a defendant in any action or proceeding which is also brought against the indemnifying party shall have reasonably concluded, based on the advice of counsel, that there may be one or more legal defenses available to such indemnified party which are not available to the indemnifying party; or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above at the expense of the indemnifying party (but with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to the extent any indemnified party or parties reasonably shall have concluded, based on the opinion of counsel, that there may be legal defenses available to such party or parties which are not available to the other indemnified parties or to the extent representation of all indemnified parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct) and the indemnifying party shall be liable for any

 

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expenses therefor.  No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or (to the knowledge of the indemnifying party) threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (B) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

 

8.                                      Suspension of Registration Requirement; Restriction on Sales.

 

The Company shall promptly notify each Holder of, and confirm in writing, the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement with respect to such Holder’s Registrable Shares or the initiation of any proceedings for that purpose.  The Company shall use all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such a Registration Statement at the earliest possible moment. Each Holder agrees, severally and not jointly, not to effect any disposition of Registrable Shares until the receipt of written notice that the stop order has been removed, which the Company agrees to provide to the Holders, promptly upon receipt.

 

Notwithstanding anything to the contrary set forth in this Agreement, the Company’s obligation under this Agreement to file, amend or supplement a Registration Statement, or to cause a Registration Statement, or any filings under any state securities laws, to become or remain effective shall be suspended following the delivery of notice as provided below in the event of pending negotiations relating to, or consummation of, a transaction or the occurrence of an event that, in the good faith judgment of the Company’s Chief Executive Officer or Chief Financial Officer (i) would require disclosure of material non-public information of the Company by the Company in the Registration Statement or such filing, as to which the Company has a bona fide business purpose for preserving confidentiality, or (ii) would render the Company unable to comply with SEC requirements in respect of a sale of Registrable Shares pursuant to a Resale Shelf Registration Statement, or (iii) would make it detrimental to the Company and its shareholders to cause the Registration Statement or such filings to be filed, amended or supplemented or to become effective (any such circumstances being hereinafter referred to as a “Suspension Event”).  The Company shall notify the Holders of the existence of any Suspension Event by promptly delivering to each Holder a certificate signed by an executive officer or director of the Company stating that a Suspension Event has occurred and is continuing.  Notwithstanding the foregoing, the Company’s right to suspend its obligations as provided above (the “Suspension Right”) shall be limited during any one-year period ending December 31 to (i) delivering an aggregate of two notices of a Suspension Event and (ii) covering, in the aggregate, not more than 105 days (the “Suspension Period”) and the Company agrees not to deliver any such certificate unless in each case the Company similarly restricts the offering and sale of Common Shares by the Company’s directors, executive officers and any other holders of Common Shares with registration rights.

 

Each Holder agrees that, following the effectiveness of any Registration Statement relating to Registrable Shares of such Holder, such Holder will not affect any Dispositions of any of the Shares pursuant to such Registration Statement or any filings under any state securities laws at any time after such Holder has received notice from the Company to suspend Dispositions as a result of the occurrence or existence of any Suspension Event or so that the

 

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Company may correct or update the Registration Statement or such filing, but only during the existence of the Suspension Period in respect of such Suspension Event.  The Holders will maintain the confidentiality of any information included in the certificate delivered by the Company in connection with a Suspension Event for the duration of the Suspension Period in respect of such Suspension Event.

 

9.                                      Additional Shares.

 

The Company, at its option, may register, under any Registration Statement other than a Resale Shelf Registration Statement and any filings under any state securities laws filed pursuant to this Agreement, any number of unissued or other Common Shares of or owned by the Company and any of its subsidiaries or any Common Shares or other securities of the Company owned by any other security holder or security holders of the Company.

 

10.                               Contribution.

 

If the indemnification provided for in Sections 5 and 7 is unavailable to an Indemnitee with respect to any losses, claims, damages, actions, liabilities, costs or expenses referred to therein or is insufficient to hold the Indemnitee harmless as contemplated therein, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such Indemnitee as a result of such losses, claims, damages, actions, liabilities, costs or expenses in such proportion as is appropriate to reflect the relative fault of the Company, on the one hand, and the Indemnitee, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, actions, liabilities, costs or expenses as well as any other relevant equitable considerations.  The relative fault of the Company, on the one hand, and of the Indemnitee, on the other hand, shall be determined by reference to, among other factors, whether the untrue or alleged untrue statement of a material fact or omission to state a material fact relates to information supplied by the Company or by the Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that in no event shall the obligation of any indemnifying party to contribute under this Section 10 exceed the amount that such indemnifying party would have been obligated to pay by way of indemnification if the indemnification provided for under Sections 5 or 7 hereof had been available under the circumstances.

 

The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 10 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph.

 

Notwithstanding the provisions of this Section 10, no Holder shall be required to contribute any amount in excess of the amount by which the gross proceeds from the sale of Shares exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission.  No Indemnitee guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any indemnifying party who was not guilty of such fraudulent misrepresentation.

 

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11.                               No Other Obligation to Register.

 

Except as otherwise expressly provided in this Agreement, the Company shall have no obligation to the Holders to register the Registrable Shares under the Securities Act.

 

12.                               Amendments and Waivers.

 

The provisions of this Agreement may not be amended, modified, or supplemented or waived without the prior written consent of the Company and Holders holding in excess of two-thirds of the aggregate of the outstanding Registrable Shares.

 

13.                               Notices.

 

Each notice, request, demand and other communication hereunder will be in writing and will be deemed to have been duly given (i) when delivered by hand (so long as the delivering party shall have received a receipt of delivery executed by the party to whom such notice was delivered), or (ii) three (3) business days after deposited in United States certified or registered mail, postage prepaid, return receipt requested, or (iii) when sent by telecopier or email (in each case, with receipt confirmed) provided a copy is also sent by United States mail or recognized overnight courier service, or (iv) one (1) business day after delivery to a recognized overnight courier service, in each case addressed to the parties as follows (or at such other address for any party as shall be specified by like notice, provided that notices of a change of address shall be effective only upon receipt thereof):

 

	
If   to Macerich:
    	
The Macerich Company
    
	
 
    	
401 Wilshire Boulevard,   Suite 700
    
	
 
    	
Santa Monica,   California 90401
    
	
 
    	
Attention:  Chief   Financial Officer and Chief Legal Officer
    
	
 
    	
Facsimile:  (310)   394-7692
    
	
 
    	
Email: Thomas.Leanse@macerich.com   and
    
	
 
    	
Tom.O’Hern@macerich.com
    
	
 
    	
 
    
	
With   a copy to:
    	
Goodwin Procter LLP
    
	
 
    	
53 State Street
    
	
 
    	
Boston, MA 02109
    
	
 
    	
Attention: Ettore A. Santucci
    
	
 
    	
John   T. Haggerty
    
	
 
    	
Facsimile:   (617) 523-1231
    
	
 
    	
Email: Esantucci@goodwinprocter.com
    
	
 
    	
Jhaggerty@goodwinprocter.com
    
	
 
    	
 
    
	
If   to the Holders:
    	
The Cadillac Fairview   Corporation Limited
    
	
 
    	
20   Queen Street West, 5th Floor
    
	
 
    	
Toronto,   Ontario M5H 3R4
    
	
 
    	
Attention:   Sandra Hardy
    
	
 
    	
Executive   Vice President, General Counsel and Secretary
    
	
 
    	
Facsimile:   (416) 598-8222
    
	
 
    	
Email:   sandra.hardy@cadillacfairview.com
    
	
 
    	
 
    
	
And
    	
The Cadillac Fairview   Corporation Limited
    
	
 
    	
20   Queen Street West, 5th Floor
    
	
 
    	
Toronto,   Ontario M5H 3R4
    

 

11

 

	
 
    	
Attention:   Russ Goin
    
	
 
    	
Executive Vice President, Investments
    
	
 
    	
Facsimile: (416) 598-8607
    
	
 
    	
Email: russell.goin@cadillacfairview.com
    
	
 
    	
 
    
	
With a copy to:
    	
Sullivan &   Cromwell LLP
    
	
 
    	
125 Broad Street
    
	
 
    	
New York, New York 10004
    
	
 
    	
Attention: Benjamin Weber
    
	
 
    	
Attention: William G. Farrar
    
	
 
    	
Facsimile: 212 558-3588
    
	
 
    	
Email: weberb@sullcrom.com and
    
	
 
    	
farrarw@sullcrom.com
    

 

14.                               Transfer of Registration Rights; Successors and Assigns.

 

The rights and obligations of a Holder under this Agreement may be transferred or otherwise assigned to a transferee or assignee of Registrable Shares provided that (a) such transferee or assignee becomes a party to this Agreement or agrees in writing to be subject to the terms hereof to the same extent as if such transferee or assignee were an original party hereunder and (b) the Company is given written notice by such Holder of such transfer or assignment stating the name and address of such transferee or assignee and identifying the securities with regard to which such rights and obligations are being transferred or assigned.  This Agreement shall be binding upon the parties hereto and their respective permitted successors, assigns and transferees and shall inure to the benefit of the parties hereto and their respective permitted successors, assigns and transferees, including, without limitation, any successor of the Company by merger, acquisition, reorganization, recapitalization or otherwise.  This Agreement may not be assigned by a Holder other than as provided above without the prior written consent of the Company.

 

15.                               Counterparts.

 

This Agreement may be executed in any number of counterparts and by the 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 one and the same agreement.

 

16.                               Remedies.

 

The Company and the Holders acknowledge that there would be no adequate remedy at law if any party fails to perform any of its obligations hereunder, and accordingly agree that the Company and each Holder, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of another party under this Agreement in accordance with the terms and conditions of this Agreement in any court of the United States or any State thereof having jurisdiction.

 

17.                               Governing Law.

 

This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland applicable to contracts made and to be performed wholly within said State.

 

12

 

18.                               Severability.

 

In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law.

 

19.                               Entire Agreement.

 

This Agreement is intended by the parties as a final expression of their agreement and intended to be the complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.  There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to such subject matter.  This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

[The remainder of this page has been left blank intentionally.]

 

13

 

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

 

	
 
    	
1700480   ONTARIO INC.,
    
	
 
    	
 
    
	
 
    	
a   corporation existing under laws of the Province of Ontario
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Russell T. Goin
    
	
 
    	
Name:
    	
Russell   T. Goin
    
	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Sandra J. Hardy
    
	
 
    	
Name:
    	
Sandra   J. Hardy
    
	
 
    	
Title:
    	
Vice   President and Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   MACERICH COMPANY,
    
	
 
    	
 
    
	
 
    	
a   Maryland corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas J. Leanse
    
	
 
    	
Name:
    	
Thomas   J. Leanse
    
	
 
    	
Title:
    	
Senior   Executive Vice President, CLO
    
	
 
    	
 
    	
and   SecretaryExhibit 10.1

 

EXECUTION COPY

 

CONSENT AND WAIVER AGREEMENT AND 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS CONSENT AND
WAIVER AGREEMENT AND FIRST AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) is entered into as of November
12, 2014 among ARC PROPERTIES OPERATING PARTNERSHIP, L.P. (the “Borrower”), AMERICAN REALTY CAPITAL PROPERTIES,
INC. (the “Parent”), the “Lenders” (as defined below) party hereto, and WELLS FARGO BANK, NATIONAL
ASSOCIATION (the “Administrative Agent”). Capitalized terms used herein and not otherwise defined shall have
the respective meanings given to them in the Credit Agreement (as defined below).

 

RECITALS

 

WHEREAS, the
Borrower, the Parent and the financial institutions from time to time party thereto (each, a “Lender” and collectively,
the “Lenders”) are parties to that certain Amended and Restated Credit Agreement, dated as of June 30, 2014
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, the
Borrower and the Parent have informed the Lenders that as a result of events more particularly described in the Parent’s
Current Report on Form 8-K filed with the SEC on October 29, 2014 (without modification or supplement, the “Initial 8-K”),
the Audit Committee of the Parent’s Board of Directors (the “Audit Committee”) has concluded that (a)
the previously issued audited consolidated financial statements and other financial information contained in the Parent’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “2013 Audited Report”), (b) the
previously issued unaudited financial statements and other financial information contained in the Parent’s Quarterly Reports
on Form 10-Q for the fiscal quarters ended March 31, 2014 (the “1Q14 Unaudited Report”) and June 30, 2014 (the
“2Q14 Unaudited Report”), and (c) the Company’s earnings releases and other financial communications for
these periods (collectively with the 2013 Audited Report, the 1Q14 Unaudited Report and the 2Q14 Unaudited Report, the “Prior
Financial Information”), should no longer be relied upon;

 

WHEREAS, the
Borrower and the Parent have informed the Lenders that the Audit Committee and the Audit Committee’s independent advisors
are working to determine the adjustments required to be made to the Prior Financial Information and, upon completion of such process,
will restate the Prior Financial Information (collectively, the “Replacement Financial Information”) and amend
the Parent’s prior periodic filings with the SEC to the extent required;

 

WHEREAS, pursuant
to Section 8.7 of the Credit Agreement, the Borrower and the Parent are required to keep proper books of record and account in
which entries that are, in all material respects, full, true and correct shall be made of all financial dealings and transactions
in relation to its business and assets;

 

    	 

    	 

    

 

WHEREAS, a Default
or Event of Default may exist or arise under Section 11.1(b) of the Credit Agreement as a result of the potential failure by the
Parent and the Borrower to keep entries that are, in all material respects, full, true and correct as required by Section 8.7 in
connection with the Prior Financial Information (the “Books and Records Potential Default”);

 

WHEREAS, pursuant
to Section 9.1 of the Credit Agreement, unaudited consolidated financial statements of the Parent must be certified by a Responsible
Officer of the Parent, in his or her opinion, to present fairly, in accordance with GAAP and in all material respects, the consolidated
financial position of the Parent and its Subsidiaries as at the date thereof and the results of operations for such period (subject
to the absence of footnotes and normal year-end audit adjustments), and accompanied by a Compliance Certificate delivered pursuant
to Section 9.3 of the Credit Agreement;

 

WHEREAS, a Default
or Event of Default may exist or arise under Section 11.1(b) of the Credit Agreement in respect of Sections 9.1 and 9.3 of the
Credit Agreement for the fiscal quarter ended June 30, 2014 due to the fact that the 2Q14 Unaudited Report should no longer be
relied upon (the “2Q14 Unaudited Report Potential Default”);

 

WHEREAS, the
Parent and the Borrower have made, or have been deemed to make, from time to time the representations and warranties set forth
Sections 7.1(k) and (t) of the Credit Agreement with respect to the accuracy of all or a portion of the Prior Financial Information
as and when required by the Loan Documents (collectively, the “Financial Information Representations”), including
pursuant to (i) Section 6.1 in connection with the initial Credit Event, (ii) Section 6.2 in connection with additional Credit
Events, (iii) Sections 2.10 and 2.11 in connection with the conversion and continuation of Loans, (iv) Section 2.17 in connection
with an increase of the Dollar Tranche Revolving Commitments and (v) the delivery of each Compliance Certificate (any date on which
representations and warranties are made or deemed made, a “Representation Date”);

 

WHEREAS, a Default
or Event of Default may exist or arise under Section 11.1(c) of the Credit Agreement as a result of the potential for any written
Financial Information Representations to have been incorrect or misleading in any material respect when made or deemed made on
one or more Representation Dates (the “Financial Information Representations Potential Defaults”, and together
with the Books and Records Potential Default and the 2Q14 Unaudited Report Potential Default, the “Specified Potential
Defaults”);

 

WHEREAS, additional
related Defaults or Events of Default may exist or arise (i) under Section 11.1(c) of the Credit Agreement in the event that any
representation or warranty made or deemed made as to the absence of a Default or Event of Default under the Loan Documents was
incorrect in any material respect on any Representation Date, in any such case solely as a result of the existence of the Specified
Potential Defaults on such Representation Date; (ii) under Section 11.1(b)(i) of the Credit Agreement due to the failure to notify
the Administrative Agent of any of Specified Potential Default as required by Section 9.4(h) of the Credit Agreement; or (iii)
under Section 11.1(b) of the Credit Agreement due to the taking of any action conditioned upon the absence of a Default or Event
of Default solely due to the presence of a Specified Potential Default at such time (collectively, the “Related Potential
Defaults”);

 

WHEREAS, Section
9.1 of the Credit Agreement requires that the Loan Parties provide to the Administrative Agent certain unaudited consolidated financial
statements as described therein for the fiscal quarter ended September 30, 2014 (the “3Q14 Unaudited Reports”),
together with a Compliance Certificate, within five (5) days after the 3Q14 Unaudited Reports are required to be filed with the
SEC (but no later than forty-five (45) days after such quarter end);

 

WHEREAS, the
Borrower and the Parent have requested that the Lenders consent to a one-time extension (the “Specified Extension”)
of the period set forth in Section 9.1 of the Credit Agreement for delivery of the 3Q14 Unaudited Reports and the related Compliance
Certificate to the earlier of (i) within five (5) days following the date the Parent files its Form 10-Q with the SEC for the fiscal
quarter period ended September 30, 2014 and (ii) January 5, 2015 (the “3Q14 Unaudited Report Due Date”);

 

    	2

    	 

    

 

WHEREAS, the
Borrower and the Parent have requested the Lenders to waive any and all Specified Potential Defaults and Related Potential Defaults
and to consent to the Specified Extension; and

 

NOW, THEREFORE,
in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.          Waiver.

 

(a)          Waiver
of Specified Potential Defaults and Related Potential Defaults. Subject to the occurrence of the Effective Date, the Requisite
Lenders and the Requisite Revolving Lenders (in connection with the waiver of any conditions precedent set forth in Section 6.2
of the Credit Agreement) waive, solely in respect of the matters expressly set forth in the Initial 8-K, (x) any and all Specified
Potential Defaults and Related Potential Defaults to the extent now existing or hereafter arising and (y) any requirement that
Borrower make any representations and warranties after the date hereof as to any Prior Financial Information; provided, that the
waiver and agreements set forth in this paragraph (a) shall terminate on January 5, 2015 unless on or prior to such date the Parent
shall have delivered to the Administrative Agent the following (collectively, the “Financial Information Deliverables”):

 

(i)          the
Replacement Financial Information in respect of the 1Q14 Unaudited Reports and the 2Q14 Unaudited Reports, which Replacement Financial
Information shall be certified by a Responsible Officer of the Parent to present fairly, in accordance with GAAP and in all material
respects, the consolidated financial position of the Parent and its Subsidiaries as of the date thereof and the results of operations
for such period (subject to the absence of footnotes and normal year-end audit adjustments);

 

(ii)         replacement
Compliance Certificates delivered for the fiscal quarters ended March 31, 2014 and June 30, 2014 that demonstrate that the Borrower
and the Parent were in compliance with each of the covenants set forth in Section 10.1 of the Credit Agreement in effect on each
such date as of each such date and certifies that as of each such date there were no Defaults or Events of Default (other than
the Specified Potential Defaults or Related Potential Defaults); and

 

(iii)        a
certificate of a Responsible Officer of the Parent verifying (x) completion of Grant Thornton LLP’s pending procedural audit
relating to the 2013 Audited Reports, and confirmation that no material adjustments are required to be made to the 2013 Audited
Reports as a result of the Specified Potential Defaults or the events giving rise thereto and that the opinion of Grant Thornton
LLP originally issued in connection therewith is still valid and can be relied upon, (y) completion of Ernst & Young’s
pending forensic audit relating to the Prior Financial Information and (z) that no Default or Event of Default has occurred and
is continuing as of the date of such certificate (other than the Specified Potential Defaults or Related Potential Defaults).

 

    	3

    	 

    

 

(b)          Reservation
of Rights. Except for the specific waivers and agreements set forth in paragraph (a) above, nothing contained herein shall
be deemed to constitute a waiver of (i) any rights or remedies the Administrative Agent or any Lender may have under the Credit
Agreement or any other Loan Document or under Applicable Law or (ii) the Loan Parties’ obligation to comply fully with any
duty, term, condition, obligation or covenant contained in the Credit Agreement and the other Loan Documents not specifically waived.
The specific waivers and agreements set forth herein are effective only with respect to the Specified Potential Defaults and Related
Potential Defaults now or hereafter existing solely in respect of the matters expressly set forth in the Initial 8-K and shall
not obligate the Lenders to waive any other Default or Event of Default, now existing or hereafter arising.

 

2.          Consent.

 

(a)          Subject
to the occurrence of the Effective Date, the Requisite Lenders hereby consent to the Specified Extension for delivery of the 3Q14
Unaudited Reports and the related Compliance Certificate, and no Default or Event of Default shall arise under the Loan Documents
with respect to such delayed delivery so long as such 3Q14 Unaudited Reports and Compliance Certificate are delivered by the 3Q14
Unaudited Report Due Date in conformity with the terms of Sections 9.1 and 9.3 of the Credit Agreement. The failure to deliver
the 3Q14 Unaudited Reports and the related Compliance Certificate in conformity with the terms of Sections 9.1 and 9.3 of the Credit
Agreement by the 3Q14 Unaudited Report Due Date shall constitute an immediate Event of Default under the Credit Agreement.

 

(b)          The
consent set forth in this Section 2 is limited to the extent described herein and shall not be construed to be a consent to the
modification of any other terms of the Credit Agreement or of the other Loan Documents, except as required to implement the consent
set forth in this Section 2.

 

3.          Amendments
to Credit Agreement. Effective as of the Effective Date, the Credit Agreement is amended as follows:

 

(a)          Section
1.1 of the Credit Agreement is hereby amended to delete the definition of “Material Acquisition” now appearing therein.

 

(b)          Section
10.1(b) of the Credit Agreement is hereby amended to delete the following phrase from the first sentence thereof: “; provided
that if any Material Acquisition shall occur and both the Total Indebtedness to Total Asset Value and the Unsecured Indebtedness
to Unencumbered Asset Value shall have been less than 0.60 to 1.00 for at least one full fiscal quarter immediately preceding the
proposed Leverage Ratio Covenant Holiday, then both the maximum Total Indebtedness to Total Asset Value covenant level and the
maximum Unsecured Indebtedness to Unencumbered Asset Value covenant level may be increased to 0.65 to 1.00 for the fiscal quarter
in which such Material Acquisition is consummated and the two (2) fiscal quarters immediately following the fiscal quarter in which
such Material Acquisition shall occur (any such increase a “Leverage Ratio Covenant Holiday”)”.

 

(c)          Section
10.1(e) of the Credit Agreement is hereby amended to delete the following phrase from the first sentence thereof: “; provided
that the maximum Unsecured Indebtedness to Unencumbered Asset Value covenant level shall be increased to 0.65 to 1.00 for each
fiscal quarter for which a Leverage Ratio Covenant Holiday applies”.

 

(d)          Section
10.1 of the Credit Agreement is hereby amended to insert the following new clauses (g) and (h) at the end thereof:

 

    	4

    	 

    

 

“(g)          Minimum
Unencumbered Asset Value. The Parent and the Borrower shall not permit the Unencumbered Asset Value to be less than $10,500,000,000
at any time.

 

(h)          Maximum
Unrestricted Cash from Loans. The Parent and the Borrower shall not permit aggregate unrestricted cash and Cash Equivalents
(calculated on a consolidated basis for the Parent and its Subsidiaries) constituting proceeds of Loans to exceed $125,000,000
at any time.”

 

4.          Reduction
of Dollar Tranche Revolving Commitments. Effective as of the Effective Date and pursuant to Section 2.13 of the Credit Agreement,
the Borrower hereby reduces the Dollar Tranche Revolving Commitments in an aggregate amount equal to $650,000,000, such that after
giving effect to such reduction on the Effective Date the aggregate Dollar Tranche Revolving Commitments shall be $2,550,000,000.
For the avoidance of doubt, the reduction of the aggregate Dollar Tranche Revolving Commitments described in this Section 4 shall
be made ratably among the Dollar Tranche Revolving Lenders in accordance with their respective Dollar Tranche Revolving Commitments.
This paragraph shall constitute a Commitment Reduction Notice (as defined in Section 2.13 of the Credit Agreement) with respect
to the foregoing. The Borrower shall pay to the Administrative Agent, for the account of the applicable Revolving Lenders, facility
fees with respect to the Lenders’ Dollar Tranche Revolving Commitments reduced pursuant to this Section 4 to the extent accrued
and unpaid as of the Effective Date. The Administrative Agent and each of the Lenders party hereto hereby waive any notice required
pursuant to Section 2.13 of the Credit Agreement.

 

5.          Maximum
Outstandings. As a condition to the accommodations to the Loan Parties described in Sections 1, 2 and 3, notwithstanding anything
to the contrary in the Credit Agreement or the other Loan Documents, at all times during the period commencing on the date hereof
and ending on the date on which all of the Financial Information Deliverables and the 3Q14 Unaudited Reports and related Compliance
Certificate have been delivered to the Administrative Agent as required hereby (unless a Default or Event of Default has occurred
and is continuing as of such delivery date, in which case such period shall continue) (such period, the “Outstandings
Limitation Period”), as of any date of determination, the sum of (a) the aggregate principal amount of all outstanding
Dollar Tranche Revolving Loans, Swingline Loans, Bid Rate Loans and Letter of Credit Liabilities (“Dollar Revolving Outstandings”),
plus (b) the aggregate principal Dollar Amount of all outstanding Multicurrency Tranche Revolving Loans (“Multicurrency
Revolving Outstandings”), plus (c) the aggregate amount of the Term Loans (the Term Loans, together with the Dollar Revolving
Outstandings and Multicurrency Revolving Outstandings, collectively, the “Aggregate Outstandings”), shall not
exceed $3,600,000,000 (the “Maximum Outstanding Amount”). If on any date and for any reason the Aggregate Outstandings
exceed the Maximum Outstanding Amount, the Borrower shall immediately pay to the Administrative Agent, for the benefit of the Lenders,
the amount of such excess to be applied as a prepayment of Aggregate Outstandings in accordance with Section 2.9(b)(iv) of the
Credit Agreement (with such prepayment allocated to Dollar Revolving Outstandings and Multicurrency Revolving Outstandings on a
pro rata basis or, to the extent there are no Dollar Revolving Outstandings or Multicurrency Revolving Outstandings, to the Term
Loans). The failure to satisfy any of the requirements of this Section 5 shall constitute an immediate Event of Default under the
Credit Agreement unless such requirements or Event of Default have been amended, consented to or waived by the Requisite Lenders.

 

    	5

    	 

    

 

6.          Cash
Flow Projections: Use of Proceeds During Outstandings Limitation Period. During the Outstandings Limitation Period the Parent
shall promptly, and in any event within five (5) Business Days, following the Administrative Agent’s request therefor, deliver
updates to “11/7/2014 – 1/9/2015 Cash Forecast” provided to the Administrative Agent and the Lenders on November
10, 2014 (the “Initial Cash Flow Projections”), prepared on a basis consistent with the Initial Cash Flow
Projections. Notwithstanding anything to the contrary in Section 8.8 of the Credit Agreement, during the Outstandings Limitation
Period, the Borrower will use proceeds of Loans and Letters of Credit only (x) as reflected in the Initial Cash Flow Projections
(without giving effect to any updates thereto) and (y) for additional general working capital needs of the Parent and its Subsidiaries
and other general corporate purposes of the Parent and its Subsidiaries (other than Restricted Payments) in an aggregate amount
not to exceed $100,000,000 under this clause (y), which needs and purposes are specified in writing, all in reasonable detail to
the Administrative Agent, in the related Notice of Borrowing, Notice of Swingline Borrowing, or notice under Section 2.4(c) of
the Credit Agreement in respect of any extension of credit under the Credit Agreement. The failure to satisfy the requirements
of this Section 6 shall constitute an immediate Event of Default under the Credit Agreement unless such requirements or Event of
Default have been amended, consented to or waived by the Requisite Lenders.

 

7.          Conditions
Precedent. This Agreement shall become effective as of the date when each of the following conditions precedent has been satisfied
(the “Effective Date”):

 

(a)          The
Administrative Agent shall have received counterparts of this Agreement duly executed by each Loan Party.

 

(b)          The
Administrative Agent shall have received duly executed consents to this Agreement from the Requisite Lenders and the Requisite
Revolving Lenders.

 

(c)          The
Administrative Agent shall have received any and all fees due and payable to the Administrative Agent and the Lenders in connection
with this Agreement.

 

(d)          The
Administrative Agent shall have been reimbursed for all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent in connection with the negotiation, preparation, execution and delivery of this Agreement and the other transactions contemplated
herein including, without limitation, the reasonable and documented legal fees and out-of-pocket expenses of Sidley Austin LLP,
counsel to the Administrative Agent.

 

8.          Reference
to and Effect on the Credit Agreement.

 

(a)          Upon
the effectiveness hereof, each reference in the Credit Agreement and the other Loan Documents to “this Credit Agreement,”
“hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the
Credit Agreement, as modified hereby. This Agreement is a Loan Document pursuant to the Credit Agreement and shall (unless expressly
indicated herein or therein) be construed, administered, and applied, in accordance with all of the terms and provisions of the
Credit Agreement.

 

(b)          Except
as specifically waived or consented to or amended above, the Credit Agreement and all other Loan Documents, and all of the Loan
Parties’ respective obligations thereunder, shall remain in full force and effect, and are hereby ratified and confirmed.

 

(c)          Except
as expressly provided herein, the execution, delivery and effectiveness of this Agreement (or any provision hereof) shall not operate
as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision
of the Credit Agreement or any other Loan Document.

 

    	6

    	 

    

 

9.          Miscellaneous.

 

(a)          Representations
and Warranties. Each Loan Party represents and warrants to the Lenders that, after giving effect to this Agreement (including,
without limitation, the waivers set forth herein as to any and all Specified Potential Defaults and Related Potential Defaults):

 

(i)          Each
Loan Party has the right and power, and has taken all necessary corporate, limited liability company or partnership action required
to authorize it, to execute and deliver this Agreement and to perform its obligations under this Agreement and the Credit Agreement
as modified hereby. This Agreement has been duly executed and delivered by the duly authorized officers of such Person and each
is a legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms,
except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally
and the availability of equitable remedies for the enforcement of certain obligations contained herein or therein and as may be
limited by equitable principles generally.

 

(ii)         The
execution and delivery of this Agreement and performance of this Agreement and the Credit Agreement as modified hereby do not and
will not, by the passage of time, the giving of notice, or both: (i) require any Governmental Approval or violate any Applicable
Law relating to such Loan Party; (ii) conflict with, result in a breach of or constitute a default under the organizational documents
of such Loan Party, or any indenture, agreement or other instrument to which such Loan Party is a party or by which it or any of
its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect
to any property now owned or hereafter acquired by such Loan Party.

 

(iii)        The
representations and warranties of the Loan Parties set forth in Article VII of the Credit Agreement are true and correct in all
material respects as of the date hereof except, in each case, for those that specifically relate to an earlier date (in which case
such representations and warranties shall be true and correct as of such earlier date); provided that no representations and warranties
are made herein as to any Prior Financial Information.

 

(iv)        No
event has occurred and is continuing that constitutes a Default or an Event of Default.

 

(b)          Counterparts.
To facilitate execution, this Agreement may be executed in any number of counterparts as may be convenient or required (which may
be effectively delivered by facsimile, in portable document format (“PDF”) or other similar electronic means). It shall
not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any
party, appear on each counterpart. All counterparts shall collectively constitute a single document. It shall not be necessary
in making proof of this document to produce or account for more than a single counterpart containing the respective signatures
of, or on behalf of, each of the parties hereto.

 

(c)          GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

(d)          Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns.

 

    	7

    	 

    

 

(e)          Section
References. Unless otherwise provided herein, references herein to “Sections” are references to Sections of the
Credit Agreement.

 

(f)          Release
of Claims. Each of the Loan Parties separately releases, discharges, and agrees to hold harmless the Administrative Agent and
the Lenders and their representatives, agents, employees, attorneys, directors, officers, parents, affiliates, assigns, insurers,
subsidiaries, and their successors and assigns (collectively, the “Released Parties”) from any and all claims,
defenses, affirmative defenses, setoffs, counterclaims, actions, causes of action, suits, controversies, agreements, provisions,
liabilities and demands in law or in equity, whether known or unknown (collectively, the “Claims”) which any
Loan Party ever had, now has, or may hereafter have against or related to the Released Parties through the date of this Agreement,
including, but not limited to, Claims relating to or arising out of the Loan Documents or the transactions described therein, the
Obligations, the Administrative Agent’s administration of the Loan Documents, or the banking relationship of such Loan Party
with any Lender.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	8

    	 

    

 

The parties hereto
have duly executed this Agreement as of the date first above written.

 

	 	ARC PROPERTIES OPERATING PARTNERSHIP, L.P., as the Borrower
	 	 
	 	By: AMERICAN REALTY CAPITAL PROPERTIES, INC.,
	 	its sole general partner
	 	 
	 	By: 	/s/ David S. Kay
	 	 	Name: 	David S. Kay
	 	 	Title: 	Chief Executive Officer
	 	 
	 	AMERICAN REALTY CAPITAL PROPERTIES, INC., as the Parent
	 	 
	 	By: 	/s/ David S. Kay
	 	 	Name: 	David S. Kay
	 	 	Title: 	Chief Executive Officer

 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as Swingline Lender, as Issuing Bank and as a Lender
	 	 
	 	By: 	/s/ D.Bryan Gregory
	 	 	Name: 	D.Bryan Gregory
	 	 	Title: 	Director

 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	BANK OF AMERICA, N.A., as a Lender
	 	 
	 	By: 	/s/ Michael W. Edwards
	 	 	Name: 	Michael W. Edwards
	 	 	Title: 	Senior Vice President

 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By: 	/s/ Michael E. Hussey
	 	 	Name: 	Michael E. Hussey
	 	 	Title: 	Senior Vice President

 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	JPMorgan Chase Bank, N.A., as a Lender
	 	 
	 	By: 	/s/ Rita Lai
	 	 	Name: 	Rita Lai
	 	 	Title: 	Authorized Signer

 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	 	as a Lender
	 	 
	 	By: 	/s/ Bill O’Daly
	 	 	Name: 	Bill O’Daly
	 	 	Title: 	Authorized Signatory
	 	 
	 	By: 	/s/ Vipul Dhadda
	 	 	Name: 	Vipul Dhadda
	 	 	Title: 	Authorized Signatory

 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	Barclays Bank PLC, as a Lender
	 	 
	 	By: 	/s/ Christine Aharonian
	 	 	Name: 	Christine Aharonian
	 	 	Title: 	Vice President

 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	CITIBANK, N.A., as a Lender
	 	 
	 	By: 	/s/ John C. Rowland
	 	 	Name: 	John C. Rowland
	 	 	Title: 	Vice President

 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	CONSENT AND WAIVER AGREEMENT AND FIRST AMENDMENT TO CREDIT AGREEMENT ARC PROPOERTIES OPERATING PARTNERSHIP, L.P., DEUTSCHE BANK AG, NY, as a Lender
	 	 
	 	By: 	/s/ Joanna Soliman
	 	 	Name: 	Joanna Soliman
	 	 	Title: 	Vice President
	 	 
	 	By: 	/s/ J.T. Johnston Coe
	 	 	Name: 	J.T. Johnston Coe
	 	 	Title: 	Managing Director

 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	SUNTRUST BANKS, INC., as a Lender
	 	 	 
	 	By: 	/s/ Ryan Almond
	 	 	Name: 	Ryan Almond
	 	 	Title: 	Vice President
	 	 

 Signature Page to Consent and Waiver Agreement and First
Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	ASSOCIATED BANK, N.A., as a Lender
	 	 
	 	By: 	/s/ Gregory A. Conner
	 	 	Name: 	Gregory A. Conner
	 	 	Title: 	Vice President
	 	 

 Signature Page to Consent and Waiver Agreement and First
Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	Goldman Sachs Bank USA, as a Lender
	 	 
	 	By: 	/s/ Michelle Latzoni
	 	 	Name: 	Michelle Latzoni
	 	 	Title: 	Authorized Signatory
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	TD Bank, N.A., as a Lender
	 	 
	 	By: 	/a/ Aaron C. Miller
	 	 	Name: 	Aaron C. Miller
	 	 	Title: 	VP
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	Fifth Third Bank, an Ohio Banking Corporation, as a Lender
	 	 
	 	By: 	/s/ Casey Gehrig
	 	 	Name: 	Casey Gehrig
	 	 	Title: 	Vice President
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	COMERICA BANK, as a Lender
	 	 
	 	By: 	/s/ Charles Weddell
	 	 	Name: 	Charles Weddell
	 	 	Title: 	Vice President
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	By:	/s/ Frederick H. Denecke
	 	 	Name: 	Frederick H. Denecke
	 	 	Title: 	Senior Vice President
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	REGIONS BANK, as a Lender
	 	 
	 	By: 	/s/ T. Barrett Vawter
	 	 	Name: 	T. Barrett Vawter
	 	 	Title: 	Vice President
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	First Tennessee Bank N.A., as a Lender
	 	 
	 	By: 	/s/ J. Patrick Daugherty
	 	 	Name: 	J. Patrick Daugherty
	 	 	Title: 	Authorized Officer
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	MidFirst Bank, as a Lender
	 	 
	 	By: 	/s/ Darrin Rigler
	 	 	Name: 	Darrin Rigler
	 	 	Title: 	First Vice President
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	Citizens Bank, N.A., as a Lender
	 	 
	 	By: 	/s/ Donald Woods
	 	 	Name: 	Donald Woods
	 	 	Title: 	Senior Vice President
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	Morgan Stanley Bank, N.A., as a Lender
	 	 	 
	 	By: 	/s/ Christopher Winthrop
	 	 	Name: 	Christopher Winthrop
	 	 	Title: 	Authorized Signatory
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	Bank Hapoalim B.M., as a Lender
	 	 
	 	By: 	/s/ Helen H. Gateson
	 	 	Name: 	Helen H. Gateson
	 	 	Title: 	Vice President
	 	 
	 	By: 	/s/ Maxine Levy
	 	 	Name: 	Maxine Levy
	 	 	Title: 	First Vice President
	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

 

    	 

    	 

    

 

	 	TriState Capital Bank, as a Lender
	 	 
	 	By: 	/s/ Ellen Frank
	 	 	Name: 	Ellen Frank
	 	 	Title: 	Senior Vice President
	 	 	 	 

Signature Page to Consent and Waiver Agreement
and First Amendment to Credit Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]