Document:

EXHIBIT 10.2

 

FOURTH AMENDMENT TO AMENDED AND RESTATED
REVOLVING CREDIT AND SECURITY AGREEMENT AND FORBEARANCE AGREEMENT

 

THIS FOURTH AMENDMENT
TO AMENDED AND RESTATED REVOLVING CREDIT AND SECURITY AGREEMENT AND FORBEARANCE AGREEMENT (this “Amendment”)
is entered into as of December 31, 2014 (the “Fourth Amendment Effective Date”), among INTEGRATED DRILLING
EQUIPMENT, LLC, a Delaware limited liability company (“IDE” and “Borrowing Agent”),
INTEGRATED DRILLING EQUIPMENT COMPANY HOLDINGS, LLC, a Delaware limited liability company (“Holdings”),
and Integrated Drilling Equipment Holdings Corp., formerly known as
Empeiria Acquisition Corp., a Delaware corporation (“Empeiria,” and collectively with IDE and
Holdings, “Borrowers”), each of the financial institutions which are now or which hereafter become a
party hereto (individually, each a “Lender” and collectively, the “Lenders”)
and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Agent”).
Capitalized terms used but not defined in this Amendment shall have the meanings given them in the Credit Agreement (as defined
below).

 

RECITALS

 

A.Borrowers, Agent
and the Lenders are parties to that certain Amended and Restated Revolving Credit and Security Agreement, dated as of December 14,
2012 (as amended by the First Amendment to Amended and Restated Revolving Credit and Security Agreement dated April 9, 2013, the
Second Amendment to Amendment and Restated Revolving Credit and Security Agreement dated October 17, 2013, the Third Amendment
to Amended and Restated Revolving Credit and Security Agreement dated March 31, 2014, and as further amended, restated, joined,
extended, supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

B. Under the terms
of that certain Notice of Imposition of Reserves and Reservation of Rights dated November 13, 2014 from Agent to Borrower (“Notice
of Reserves”) (i) a reserve in the amount of $500,000 has been imposed against the amount available to be drawn as
Revolving Advances and (ii) commencing November 17, 2014 and continuing weekly thereafter until such time as the Agent may determine
otherwise in its sole Credit Judgment, an additional reserve has been imposed in the amount of $50,000 per week; furthermore, any
such reserves may be increased or modified by the Agent as it deems proper and necessary from time to time in its Credit Judgment.

 

C.Certain Events
of Default under Section 10.5 of the Credit Agreement have occurred and are continuing as a result of (i) Borrowers’
failure to comply with the minimum EBITDA covenant set forth in Section 6.5(a) for the fiscal quarters ending June
30, 2014 and September 30, 2014, (ii) Borrowers’ failure to comply with the minimum Fixed Charge Coverage Ratio set
forth in Section 6.5(b) for the fiscal quarters ending June 30, 2014 and September 30, 2014, (iii) the incurrence
of debt under the Stephen Cope Notes (as defined below) and the making of any payments in respect of the Stephen Cope Notes (as
defined below), all of which actions are prohibited under Section 7.8 (Indebtedness) of the Credit Agreement, and
(iv) the failure to make any payments when due in respect of the Stephen Cope Notes, which would constitute a failure to pay Material
Indebtedness pursuant to Section 10.12(c) of the Credit Agreement (collectively, the “Existing Defaults”).

 

D.The Obligations
under the Credit Agreement are scheduled to mature on December 31, 2014, and Borrowers have requested that Agent and
Lenders extend the stated term of the Credit Agreement until March 31, 2015. 

 

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E.Borrowers, Agent,
and Lenders are willing to agree to, subject to the terms and conditions of this Amendment, (i) amend the Credit Agreement, (ii)
forbear from the exercise of certain remedies under the Credit Agreement with respect to the Existing Defaults and Possible Financial
Defaults, and (iii) ratify and acknowledge the obligations under the Notice of Reserves.

 

AGREEMENTS

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:

 

Article
I 

 

DEFINITIONS

 

1.01The
recitals set forth above are incorporated herein by reference.

 

1.02Capitalized
terms used in this Amendment are defined in the Credit Agreement, unless otherwise stated herein.

 

1.03All
provisions of the Credit Agreement that are not amended under this Amendment shall remain in full force and effect.

 

ARTICLE
II

 

Amendments
to Credit Agreement

 

2.01The
definitions of “Applicable Margin” and “Letter of Credit Sublimit” in Section 1.2 (General
Terms) of the Credit Agreement are deleted in their entirety and replaced with the following:

 

“Applicable
Margin” for Revolving Advances shall mean 5.50%.

 

“Letter
of Credit Sublimit” shall mean $500,000.

 

2.02The
first sentence of Section 3.2(a) (Letter of Credit Fees) of the Credit Agreement is deleted in its entirety and replaced
with the following: 

 

“(a)Borrowers
shall pay (x) to Agent, for the ratable benefit of Lenders, fees for each Letter of Credit for the period from and excluding the
date of issuance of same to and including the date of expiration or termination, equal to the average daily face amount of each
outstanding Letter of Credit multiplied by 3.50% per annum, such fees to be calculated on the basis of a 360-day year for the actual
number of days elapsed and to be payable quarterly in arrears on the first day of each quarter and on the last day of the Term,
and (y) to the Issuer, a fronting fee of 1⁄4 of one percent (0.25%) per annum, together with any and all administrative,
issuance, amendment, payment and negotiation charges with respect to Letters of Credit and all fees and expenses as agreed upon
by the Issuer and the Borrowing Agent in connection with any Letter of Credit, including in connection with the opening, amendment
or renewal of any such Letter of Credit and any acceptances created thereunder and shall reimburse Agent for any and all fees and
expenses, if any, paid by Agent to the Issuer (all of the foregoing fees, the “Letter of Credit Fees”).”

 

2.03Section
7.6 (Capital Expenditures) of the Credit Agreement is deleted in its entirety and replaced with the following:

 

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“Section
7.6 Capital Expenditures. Contract for, purchase or make any expenditure or commitments for Capital Expenditures in
any fiscal year in an aggregate amount for all Borrowers in excess of (i) $2,000,000 for the twelve months ended on December 31,
2014 and (ii) $300,000 for the three months ended March 31, 2015.”

 

2.04The
first sentence of Section 13.1 (Term) of the Credit Agreement is hereby amended by deleting the date “December
31, 2014” where it appears and replacing it with “March 31, 2015”.

 

ARTICLE
III

 

FORBEARANCE
AGREEMENT

 

		3.01	As used herein, the terms below will have the following meanings:

 

“Adverse
Action” means the making of any demand or the commencement of any proceeding by any Person (other than the Agent
or the Lenders or any of their Affiliates) against any Borrower to assert or enforce any default, claim, cause of action, Lien
right or any civil, criminal or other governmental enforcement action, or any such Person shall assert any setoff rights it may
have against any Borrower; provided however if Borrowers provide sufficient information acceptable to Agent and Lenders that any
such foregoing occurrence is non-material, made in bad faith or without a sufficient basis, then such occurrence shall not constitute
an Adverse Action.

 

“Enforcement
Action” means (a) the publication or posting to the public generally of a notice that the Agent intends to conduct
a judicial or non-judicial foreclosure with respect to any of the Collateral (such notice being a “Foreclosure Notice”),
(b) the commencement or conduct of any judicial or non-judicial foreclosure public or private sale with respect to any of the Collateral,
or (c) the exercise of remedial action against any Borrower solely with respect to the Existing Defaults or Possible Financial
Defaults. Notwithstanding the foregoing, the following actions or events shall not be, or shall not be deemed to be, Enforcement
Actions:

 

(a)               
Agent or any Lender may contest, protest or object to any foreclosure proceeding or action or any other exercise of any
rights and remedies relating to the Collateral brought by any Person other than the Agent and the Lenders;

 

(b)              
Agent or any Lender may file a proof of claim under any judicial or non-judicial proceedings with regard to the Borrowers
or the Collateral seeking payment or damages from or other relief by way of specific performance, instructions or otherwise under
or with respect to the Credit Agreement or any Other Document or otherwise take any action to preserve the enforcement of, or any
remedy under, the Credit Agreement or any Other Document, including without limitation the taking of any action authorized with
respect to the Collateral under applicable bankruptcy laws to prevent use of cash collateral, to obtain relief from stay or to
exercise any other rights afforded Agent and Lenders or lenders under any applicable bankruptcy laws;

 

(c)               
Agent or any Lender may seek and obtain relief against any creditor that threatens to take, or has the right to take, any
action with regard to the Collateral, by injunction, specific performance and/or other appropriate equitable relief, it being understood
and agreed by Borrowers that the Agent’s and the Lenders’ damages from such actions may at that time be difficult to
ascertain and may be irreparable, and Borrowers irrevocably waive any defense that the Agent and the Lenders cannot demonstrate
damage and/or might be made whole by the awarding of damages;

 

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(d)              
Agent may at any time inspect, and may or may cause Borrowers to preserve and protect the Collateral if the Agent believes
that Borrowers are failing to preserve and protect the Collateral as required under the Credit Agreement and the Other Documents;

 

(e)               
Agent or any Lender may declare, and deliver to Borrowers one or more notices relating to the declaration of, any Existing
Default or Event of Default arising under the Credit Agreement during the Forbearance Period; provided that, with respect to any
Existing Default or Event of Default arising during the Forbearance Period that is (i) the subject of a notice of default delivered
to Borrowers during the Forbearance Period and (ii) subject to an applicable cure period under the Credit Agreement, Borrowers
acknowledge that the existence of the Forbearance Period will not toll or otherwise extend any cure period applicable to such Event
of Default; and

 

(f)               
Agent may prepare and deliver to Borrowers, any other obligor or any other Person any notice, demand or other instruction
(excluding a Foreclosure Notice or a demand for default interest under the Credit Agreement or the taking of any action that would
constitute Enforcement Action) contemplated by the Credit Agreement or any Other Documents or applicable law.

 

“Forbearance
Benchmarks” means the required minimum EBITDA and required minimum Fixed Charge Coverage Ratio covenants described
in Section 3.02(a) and (b) below.

 

“Forbearance
Period” means the period beginning on December 31, 2014, and ending on the earlier of (A) the occurrence of a Termination
Event (defined below) or (B) 5:00 p.m. Houston time on March 31, 2015.

 

“Possible
Financial Defaults” means Borrowers’ failure to comply with the minimum EBITDA covenant or Fixed Charge Coverage
Ratio covenant in Section 6.5(a) and 6.5(b) of the Credit Agreement, for the fiscal quarters ended December 31, 2014, or March
31, 2015, which results in an Event of Default.

 

“Stephen
Cope Notes” means those certain promissory notes dated April 7, 2014 executed by Borrower and made payable to Stephen
D. Cope in the original principal amounts of $2,111,951.00 and $408,169.00, together with all renewals, extensions, modifications,
amendments, supplements, restatements and replacements of, or substitutions for each promissory note.

 

“Termination
Event” means, without further action, (A) the occurrence of any Event of Default (other than the Existing Defaults
and Possible Financial Defaults) after the Fourth Amendment Effective Date under the Credit Agreement or any Other Document; (B)
any of the representations and warranties of Borrowers or any Guarantor under this Amendment were untrue when made; (C) Borrowers
or any Guarantor fail or refuse to comply with any of their covenants or agreements set forth in the Credit Agreement (other than
the Existing Defaults and Possible Financial Defaults), and such non-compliance is not cured (to the extent such non-compliance
is capable of being cured) within two (2) Business Days following receipt of a written notice from the Agent; (D) the occurrence
of any Adverse Action; (E) Borrowers or any Guarantor, actively or overtly and/or by written request or permission, take or direct,
solicit, encourage or permit any other Person to take any action in contravention or frustration of this Amendment; (F) at any
time Borrowers fail to satisfy or comply with any of the Forbearance Benchmarks; or (G) Elm Park has ceased to forbear from commencing
or participating in any Enforcement Action or the forbearance agreement between Borrowers and Elm Park is terminated for any reason.

 

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3.02Solely
during the Forbearance Period, the Agent and the Lenders agree to forbear from commencing any Enforcement Action as a result of
any Existing Default or any Possible Financial Defaults, so long as each of the following conditions, obligations and covenants
are satisfied:

 

(a)               
Minimum EBITDA. Borrowers shall cause to be maintained minimum EBITDA, measured monthly on a trailing twelve-months
basis, of at least the applicable amount required as set forth in the following table; provided that, for purposes of calculating
EBITDA, the amount of $2,520,120 paid to Stephen Cope as a one-time severance payment and expensed in April 2014 shall be added
back to EBITDA, but any other payments that
have been or will be made under the Stephen Cope Notes will not be added back to EBITDA:

 

	Applicable Period	Applicable Amount
	For the month ended December 31, 2014 and each month ended thereafter	$5,000,000

 

(b)              
 Fixed Charge Coverage Ratio. Borrowers shall cause to be maintained a Fixed Charge Coverage Ratio, measured monthly
on a trailing twelve-months basis, of not less than the applicable ratio required as set forth in the following table; provided
that, for purposes of calculating the Fixed Charge Coverage Ratio, the amount of $2,520,120 paid to Stephen Cope as a one-time
severance payment and expensed in April 2014 shall be added back to EBITDA but any other payments that have been or will be made
under the Stephen Cope Notes will not be added back to EBITDA:

 

	Applicable Period	Ratio
	For the month ended December 31, 2014 and each month ended thereafter	1.0 to 1.0

 

(c)               
Forbearance Compliance Certificate. Borrowers shall furnish Agent and Lenders within thirty (30) days after
the end of each month a Forbearance Compliance Certificate, in form and substance reasonably acceptable to Agent and Lenders, certified
by the Borrowers.

 

(d)              
Obligation to Immediately Seek Alternative Financing. Borrowers covenant and agree that they shall (i) immediately
and diligently pursue a financing commitment from a third-party financing source, the proceeds of which will be used to repay all
Obligations, and (ii) deliver a weekly written status report, in form and content reasonably satisfactory to Agent, regarding
the status of all actions taken to seek a financing commitment, including but not limited to (A) the name and contact information
of each third-party financing source contacted by Borrowers and their level of interest, (B) copies of all expressions of interest,
letters of intent, term sheets, and commitments received by the Borrowers from any prospective financing source (subject to customary
limitations on disclosure of fees and pricing), and (C) the anticipated closing date of any alternative financing.

 

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3.03Upon
the expiration or termination of the Forbearance Period, for failure to comply with the foregoing conditions, or otherwise, Agent
on behalf of Lenders has the right to take any and all remedial actions, including the Enforcement Actions, available to the Agent
under the Credit Agreement, as amended hereby, any Other Document, at law or in equity with respect to any Existing Default, any
Possible Financial Defaults, or any other Event of Default that may occur after the Fourth Amendment Effective Date.

 

3.04Notwithstanding
Section 3.02 above, the Agent may at any time and from time to time, whether during or after the Forbearance
Period, subject to the Intercreditor Agreement, as amended:

 

(a)               
take any action to preserve its rights in Collateral or to preserve the future exercise of any remedies, including but not
limited to objecting to or contesting, or supporting any other Person in contesting or objecting to, in any proceeding, the validity,
extent, perfection, priority or enforceability of any Lien in the Collateral or any avoidance, invalidation or subordination by
any third party or court of competent jurisdiction of the Liens in the Collateral granted to the Agent and the priority and rights
between the Agent and any lenders subordinated to the Agent and Lenders;

 

(b)              
prepare and file UCC-l financing statements, mortgage instruments or other filings or recordings filed or recorded by Agent
on behalf of the Lenders;

 

(c)               
take actions to determine the specific items included in the Collateral and the steps taken to perfect its Liens thereon;

 

(d)              
notify any Person of the existence of any Existing Default or other Event of Default and confirm the amount and type of
collateral held under any agreement or arrangement or institute any action or proceeding with respect to such rights or remedies,
but only to preserve the Agent’s and Lenders’ rights thereunder with respect to any third parties or Borrowers;

 

(e)               
decrease or increase any Advance Rates from time to time in Agent’s Credit Judgment, or impose, increase, or modify
the amount, timing or purpose of any reserves as Agent deems proper and necessary from time to time in its Credit Judgment; and

 

(f)               
take any other actions not constituting Enforcement Actions.

 

3.05Borrowers agree that:

 

(a)               
their performance under this Amendment will not constitute (x) any waiver or cure of any Existing Default or any Possible
Financial Default, or (y) the cure or forgiveness or repayment in full of the Obligations or in any way relieve them of their respective
obligations to pay such Obligations in full; and

 

(b)              
upon the termination or expiration of the Forbearance Period for any reason, the Agent may at any time exercise any and
all rights and remedies it may have under the Credit Agreement, as amended hereby, any Other Document, at law or in equity with
respect to any Existing Default, any Possible Financial Default, or any other Event of Default that may occur after the Fourth
Amendment Effective Date, all of which rights and remedies being hereby reserved; and

 

(c)               
neither Agent nor any Lender has made any assurances concerning (i) any possibility of an extension of the Forbearance Period,
(ii) the manner in which or whether the Existing Defaults may be resolved or (iii) any additional forbearance, waiver, restructuring
or other accommodations; and

 

 

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(d)              
any financial accommodation that Agent or any Lender makes on or after the Fourth Amendment Effective Date has been made
by Agent and Lenders in reliance upon, and in consideration for, among other things, the general releases and indemnities contained
in Section 5.03 hereof and the other covenants, agreements, representations and warranties of each Borrower hereunder.

 

ARTICLE
IV

 

effectiveness
of amendments AND FORBEARANCE AGREEMENT 

 

4.01Conditions.
This Amendment shall be effective on the Fourth Amendment Effective Date once each of the following has been delivered to Agent
or performed to Agent and Lender’s satisfaction:

 

(a)this
Amendment executed by Borrowers, Agent and Lender;

 

(b)a
fully executed Secretary’s Certificate of Borrowers including incumbency of officers and resolutions of the board of directors
approving the terms of this Amendment, the EP Forbearance and Amendment (as defined below);

 

(c)an
executed copy of a forbearance agreement and amendment to the Elm Park Loan Agreement in form and substance satisfactory to Agent
and Lender in all respects, and which, among other things, (i) modifies the stated maturity date under the Elm Park Loan Agreement
to no earlier than September 30, 2015, and (ii) provides for the agreement by Elm Park Agent and Elm Park Lenders to forbear from
commencing any Enforcement Action under the Elm Park Loan Agreement, or otherwise, as a result of any Existing Default, any Possible
Financial Defaults or otherwise, and pursuant to which Elm Park Agent and Elm Park Lenders are forbearing from commencing or participating
in any Enforcement Action (the “EP Forbearance and Amendment”); and

 

(d)a
fully executed confidential Fourth Amendment Fee Letter dated of even date herewith between Borrowers and PNC, and payment by Borrowers
to Agent for the account of PNC, as Lender, of any fees due and payable by Borrowers on the date hereof.

 

ARTICLE
V

 

RATIFICATIONS,
RELEASE, REPRESENTATIONS AND WARRANTIES

 

5.01Ratifications;
Scope of Agreement. Except as specifically amended by this Amendment, the Credit Agreement, the Notice of Reserves and Other
Documents are unchanged and continue in full force and effect and are valid, binding and enforceable against Borrowers in accordance
with their respective terms. Borrowers hereby ratify and affirm their respective obligations under the Credit Agreement, the Notice
of Reserves, and Other Documents, as amended herein.

 

5.02Reaffirmation
of the Notice of Reserves. Borrowers hereby affirm and acknowledge the reserves currently imposed by Agent and Lender pursuant
to the Notice of Reserves. Furthermore, Borrowers acknowledge and agree that pursuant to Section 2.1 of the Credit Agreement, the
Advance Rates may be increased or decreased by Agent from time to time in its Credit Judgment and that Agent may impose, increase
or modify reserves as it deems proper and necessary from time to time in its Credit Judgment.

 

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5.03RELEASE.
Borrowers hereby acknowledge as of the date hereof that they have no knowledge of any
action, defense, counterclaim, offset, cross complaint, cause of action, suit, liability, cost, damage, claim or demand of any
kind or nature whatsoever that can be asserted by them against Agent or any Lender or to reduce or eliminate all or any part of
their liability to repay any advances or extensions of credit from Lenders to Borrowers under the Credit Agreement, as amended
hereby, or the other documents or to seek affirmative relief or damages of any kind or nature from Lenders or Agent. For good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Borrower hereby, for itself and its
successors and assigns, fully and without reserve, hereby forever releases, disclaims, and discharges each Agent and Lender, their
respective successors and assigns, officers, directors, affiliates, employees, representatives, trustees, attorneys, agents and
affiliates (collectively the "Released Parties" and individually a "Released Party") from any
and all actions, claims, demands, causes of action, judgments, executions, suits, debts, liabilities, costs, damages, expenses
or other obligations of any kind and nature whatsoever, known or unknown, direct and/or indirect, at law or in equity,
whether now existing or hereafter asserted (INCLUDING, WITHOUT LIMITATION, ANY OFFSETS, REDUCTIONS, REBATEMENT, CLAIMS OF USURY
OR CLAIMS WITH RESPECT TO THE NEGLIGENCE OF ANY RELEASED PARTY), for or because of any matters or things occurring, existing or
actions done, omitted to be done, or suffered to be done by any of the Released Parties, in each case, on or prior to the date
hereof and are in any way directly or indirectly arising out of or in any way connected to any of this Amendment, the Credit Agreement,
any other Document, or any of the transactions contemplated hereby or thereby (collectively, the "Released Matters").
Each Borrower, by execution hereof, hereby acknowledges and agrees that the agreements in this Section 5.03 are intended to cover
and be in full satisfaction for all or any alleged injuries or damages arising in connection with the Released Matters.

 

5.04Representations
and Warranties. Borrowers jointly and severally represent and warrant to Agent and Lenders that (a) they possess all requisite
company or corporate power and authority to execute, deliver and comply with the terms of this Amendment, (b) this Amendment has
been duly authorized and approved by all requisite company or corporate action on the part of each Borrower, (c) no other consent
of any individual or entity (other than Agent and Lender and the Elm Park Agent and Elm Park Lenders to the extent required by
the Intercreditor Agreement) is required for this Amendment to be effective, (d) the execution and delivery of this Amendment does
not violate the organizational documents of any Borrower, (e) the representations and warranties in the Credit Agreement and each
Other Document to which each Borrower is a party are true and correct in all material respects on and as of the date of this Amendment
as though made on the date of this Amendment (except to the extent that such representations and warranties speak to a specific
date), (f) each Borrower is in compliance with all covenants and agreements contained in the Credit Agreement and each Other Document
to which it is a party (except for the Existing Defaults), and (g) no Default or Event of Default has occurred and is continuing
(except for the Existing Defaults). The representations and warranties made in this Amendment shall survive the execution and delivery
of this Amendment. No investigation by Agent or Lender is required for Agent or Lender to rely on the representations and warranties
in this Amendment.

 

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ARTICLE
VI

 

COVENANTS
AND CONSENT

 

6.01Cost
Reduction Plan. Borrowers shall at all times continue to comply with the provisions of the 2015 cost reduction plan approved
by the board of directors of Empeiria (and a copy of which has been delivered to Agent on or prior to the date hereof). Borrowers
shall promptly notify Agent of any modifications to such 2015 cost reduction plan which are subsequently approved by the board
of directors of Empeiria.

 

6.02Consent
to Amendment. Agent and Lenders hereby consent to the execution and delivery of the EP Forbearance and Amendment in the final
form provided to Agent on the date hereof.

 

ARTICLE
VII

 

Miscellaneous

 

7.01No
Waiver of Defaults. Except as expressly set forth herein, this Amendment does not constitute (i) a waiver of, or a consent
to, (A) any provision of any Credit Agreement or any Other Document not expressly referred to in this Amendment, or (B) any
present or future violation of, or default under, any provision of the Credit Agreement or Other Documents, or (ii) a waiver of
Agent or Lender’s right to insist upon future compliance with each term, covenant, condition and provision of the Credit
Agreement or Other Documents.

 

7.02Form.
Each agreement, document, instrument or other writing to be furnished to Agent under any provision of this Amendment must be in
form and in substance satisfactory to Agent.

 

7.03Headings.
The headings and captions used in this Amendment are for convenience only and will not be deemed to limit, amplify or modify the
terms of this Amendment, the Credit Agreement, or the Other Documents.

 

7.04Costs,
Expenses and Attorneys’ Fees. Borrowers jointly and severally agree to pay or reimburse Agent and Lender on demand for
all its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of
this Amendment and other documents executed in connection therewith, including, without limitation, the reasonable fees and disbursements
of Agent and Lender’s counsel.

 

7.05Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of each of the undersigned and their respective
successors, assigns, heirs and legal representatives, as applicable.

 

7.06Multiple
Counterparts. This Amendment may be executed in any number of counterparts with the same effect as if all signatories had signed
the same document. All counterparts must be construed together to constitute one and the same instrument. This Amendment may be
transmitted and signed by facsimile, portable document format (PDF), and other electronic means. The effectiveness of any such
documents and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall
be binding on Borrowers, Agent and Lender.

 

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7.06Governing
Law. This Amendment must be construed, and its performance enforced, under Texas law.

 

7.07Entirety.
This Amendment, the Credit Agreement and the Other Documents (as amended hereby) represent
the final agreement among the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements
by the Parties. There are no unwritten oral agreements among the Parties.

 

 

[Signatures are on the following pages]

 

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IN WITNESS WHEREOF,
this Amendment is executed by each of the undersigned as of the date first written above.

 

BORROWERS:

 

INTEGRATED DRILLING EQUIPMENT, LLC

 

 

By:  /s/ Norman Michael
Dion

Name: Norman Michael Dion

Title: Chief Financial Officer

 

 

INTEGRATED DRILLING EQUIPMENT COMPANY HOLDINGS, LLC

 

 

By:  /s/ Norman Michael
Dion

Name: Norman Michael Dion

Title: Chief Financial Officer

 

 

Integrated Drilling
Equipment Holdings Corp.,

formerly known as Empeiria Acquisition Corp.

 

 

By:  /s/ Norman Michael
Dion

Name: Norman Michael Dion

Title: Chief Financial Officer

 

 

 

Signature Page to Fourth Amendment to Amended
and Restated

Revolving Credit and Security Agreement
and Forbearance Agreement

    	 

    	 

    

 

 

AGENT
AND LENDER:

PNC BANK, NATIONAL ASSOCIATION

 

By:  /s/ Thomas Tone

Thomas Tone

Vice President

 

 

 

 

 

 

Signature Page to Fourth Amendment to Amended
and Restated

Revolving Credit and Security Agreement
and Forbearance AgreementExhibit 4.1

 

 

 

 

AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP 

 

OF 

 

ARC REALTY FINANCE OPERATING PARTNERSHIP,
L.P.

 

 

Dated as of December 31, 2014

 

 

    	 

    	 

    

 

 

AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP

 

OF

 

ARC REALTY FINANCE OPERATING PARTNERSHIP,
L.P.

 

This Limited Partnership
Agreement is entered into as of December 31, 2014, between ARC Realty Finance Trust, Inc., a Maryland corporation, as the General
Partner, and ARC Realty Finance Trust LP, LLC, a Delaware limited liability company (the “ARC Limited Partner”).
Capitalized terms used herein but not otherwise defined shall have the meanings given to them in Article 1.

 

AGREEMENT

 

WHEREAS, the General
Partner intends to qualify as a real estate investment trust under the Internal Revenue Code of 1986, as amended;

 

WHEREAS, ARC Realty
Finance Operating Partnership, L.P. (the “Partnership”) was formed on November 13, 2012 as a limited partnership
under the laws of the State of Delaware, pursuant to a Certificate of Limited Partnership filed with the Office of the Secretary
of State of the State of Delaware on November 13, 2012;

 

WHEREAS, the General
Partner desires to conduct its current and future business through the Partnership;

 

WHEREAS, the General
Partner and ARC Realty Finance Special Limited Partner, LLC (the “Initial Limited Partner”) entered into that
certain Agreement of Limited Partnership of ARC Realty Finance Operating Partnership, L.P. dated February 12, 2013 (the “Original
Agreement”);

 

WHEREAS, the General
Partner and the Initial Limited Partner amended the Original Agreement pursuant to that First Amendment to Agreement of Limited
Partnership of ARC Realty Finance Operating Partnership, L.P. dated as of December 31, 2013;

 

WHEREAS, the Initial
Limited Partner has transferred its common limited partnership interests to the Limited Partner, and the Partnership has redeemed
the Initial Limited Partner’s special limited partnership interests; and

 

WHEREAS the General
Partner and the ARC Limited Partner wish to amend and restate the Original Agreement, as previously amended, pursuant to this Agreement.

 

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

 

ARTICLE 1

DEFINED TERMS

 

The following defined
terms used in this Agreement shall have the meanings specified below:

 

“Act”
means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time.

 

    	 

    	 

    

 

“Administrative
Expenses” means (i) all administrative and operating costs and expenses incurred by the Partnership, (ii) those
administrative costs and expenses of the General Partner, including any salaries or other payments to directors, officers or employees
of the General Partner, and any accounting and legal expenses of the General Partner, which expenses, the Partners have agreed,
are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above,
REIT Expenses; provided, however, that Administrative Expenses shall not include any administrative costs and expenses
incurred by the General Partner that are attributable to a Property or partnership interests in a Subsidiary Partnership that are
owned by the General Partner directly.

 

“Advisor”
or “Advisors” means the Person or Persons, if any, appointed, employed or contracted by the General Partner
and responsible for directing or performing the day-to-day business affairs of the General Partner, including any Person to whom
such Advisor subcontracts substantially all of such functions.

 

“Affiliate”
means, with respect to any Person, (i) any Person directly or indirectly, owning, controlling or holding with the power to
vote 10% or more of the outstanding voting securities of such other Person; (ii) any Person with 10% or more of whose outstanding
voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any
Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive
officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts an
executive officer, director, trustee or general partner.

 

“Agreement”
means this Amended and Restated Agreement of Limited Partnership, as amended, modified supplemented or restated from time to time,
as the context requires.

 

“Articles
of Incorporation” means the Articles of Incorporation of the General Partner, as amended or restated from time to time,
as filed with the Maryland State Department of Assessments and Taxation.

 

“Capital Contribution”
means, with respect to any Partner, any cash, cash equivalents or the fair market value of other property which such Partner contributes
or is deemed to contribute to the Partnership pursuant to Section 4.1 or 4.2 hereof. Any reference to the Capital Contribution
of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner.

 

“Certificate”
means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the
Partnership conducts business, to be signed and sworn to by the Partners of the Partnership (either by themselves or pursuant to
the power-of-attorney granted to the General Partner in Section 8.2 hereof) and filed for recording in the appropriate public
offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership,
to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of
the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and as hereafter amended from time to time. Reference to any particular provision
of the Code shall mean that provision in the Code at the date hereof and any successor provision of the Code.

 

“Commission”
means the U.S. Securities and Exchange Commission. 

 

    	2

    	 

    

 

“Event of
Bankruptcy”, as to any Person, means the filing of a petition for relief as to such Person as debtor or bankrupt under
the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person
and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing
by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person
or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization,
arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in
effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his
approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not
been finally dismissed within 90 days.

 

“General Partner”
means ARC Realty Finance Trust, Inc. and any Person who becomes a substitute or additional General Partner as provided herein,
and any of their successors as General Partner, until such Person ceases to be a General Partner pursuant to the terms of this
Agreement.

 

“General Partnership
Interest” means a Partnership Interest held by the General Partner that is a general partnership interest.

 

“Indemnitee”
means (i) any Person made a party to a proceeding by reason of its status as the General Partner or a director, officer or
employee of the General Partner or the Partnership, and (ii) such other Persons (including Affiliates of the General Partner
or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion.

 

“Limited Partner”
means the ARC Limited Partner and any Person who becomes an additional Limited Partner or a Substitute Limited Partner pursuant
to the terms of this Agreement, until such Person ceases to be a Limited Partner pursuant to the terms of this Agreement.

 

“Limited Partnership
Interest” means the ownership interest of a Limited Partner in the Partnership at any particular time, including the
right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement
and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of
such Act.

 

“Partner”
means any General Partner or Limited Partner.

 

“Partnership”
means ARC Realty Finance Operating Partnership, L.P., a Delaware limited partnership.

 

“Partnership
Interest” means an ownership interest in the Partnership held by either a Limited Partner or the General Partner and
includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement,
together with all obligations of such Person to comply with the terms and provisions of this Agreement.

 

“Partnership
Record Date” means the record date established by the General Partner for the distribution of cash pursuant to Section 5.2
hereof.

 

“Percentage
Interest” means the percentage determined by dividing the Capital Contributions of a Partner by the sum of the Capital
Contributions of all Partners.

 

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“Person”
means any individual, partnership, limited liability company, corporation, joint venture, trust or other entity.

 

“Property”
means any real or personal property owned by the Partnership.

 

“REIT”
means a real estate investment trust under Sections 856 through 860 of the Code.

 

“REIT Expenses”
means (i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and
any Subsidiaries thereof (which Subsidiaries shall, for purposes hereof, be included within the definition of General Partner),
including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any director, officer,
or employee of the General Partner, (ii) costs and expenses relating to any public offering and registration of securities
by the General Partner and all statements, reports, fees and expenses incidental thereto, including, without limitation, underwriting
discounts and selling commissions applicable to any such offering of securities, and any costs and expenses associated with any
claims made by any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated
with any repurchase of any securities by the General Partner, (iv) costs and expenses associated with the preparation and
filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations,
including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws,
rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) costs
and expenses associated with any 401(k) plan, incentive plan, bonus plan or other plan providing for compensation for the employees
of the General Partner, (vii) costs and expenses incurred by the General Partner relating to any issuing or redemption of
Partnership Interests, and (viii) all other operating or administrative costs of the General Partner incurred in the ordinary
course of its business on behalf of or in connection with the Partnership.

 

“Subsidiary”
means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting
equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

 

“Subsidiary
Partnership” means any partnership of which the partnership interests therein are owned by the General Partner or a direct
or indirect subsidiary of the General Partner.

 

“Substitute
Limited Partner” means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.2 hereof.

 

ARTICLE 2

PARTNERSHIP CONTINUATION AND IDENTIFICATION

 

2.1    Continuation
of Limited Partnership.

 

The parties to this
Agreement hereby agree to continue a limited partnership pursuant to the provisions of the Act and in accordance with the further
terms and provisions of this Agreement. This Agreement amends and restates in its entirety the Original Agreement, as previously
amended.

 

2.2    Name,
Office and Registered Agent.

 

The name of the Partnership
is ARC Realty Finance Operating Partnership, L.P. The address of the registered office of the Partnership in the State of Delaware
and the name and address of the registered agent for service of process on the Partnership in the State of Delaware is the Corporation
Service Company, 2711 Centerville Road Suite 400, Wilmington, Delaware 19808. The principal office of the Partnership shall be
405 Park Avenue, New York, New York 10022, or such other place as the General Partner may from time to time designate by notice
to the Limited Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware
as the General Partner deems advisable.

 

    	4

    	 

    

 

2.3    Term
and Dissolution.

 

(a)The term of the
Partnership shall continue in full force and effect until dissolved upon the first to occur of any of the following events:

 

(i)the
occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner
unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof; provided that if a General Partner
is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death,
withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership
if the business of such General Partner is continued by the remaining partner or partners, either alone or with additional partners,
and such General Partner and such partners comply with any other applicable requirements of this Agreement; 

 

(ii)the
passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that
if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall
continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in full);

 

(iii)the
election by the General Partner that the Partnership should be dissolved; or

 

(iv)December
31, 2099. 

 

(b)Upon dissolution
of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(b) hereof), the General Partner
(or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership’s
assets and apply and distribute the proceeds thereof in accordance with Section 5.3 hereof. Notwithstanding the foregoing,
the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time,
any assets of the Partnership (including those necessary to satisfy the Partnership’s debts and obligations), or (ii) distribute
the assets to the Partners in kind.

 

2.4    Filing
of Certificate and Perfection of Limited Partnership.

 

The General Partner
shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(s) and
all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership
to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which
the Partnership conducts business.

 

    	5

    	 

    

 

ARTICLE 3

BUSINESS OF THE PARTNERSHIP

 

The purpose and nature
of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited
partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner
as to permit the General Partner at all times to qualify as a REIT, unless the General Partner determines that it no longer intends
to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or
4981 of the Code, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing
or the ownership of interests in any entity engaged in any of the foregoing and (iii) to do anything necessary or incidental
to the foregoing. In connection with the foregoing, and without limiting the General Partner’s right in its sole and absolute
discretion to qualify or cease qualifying as a REIT, the Partners acknowledge that the General Partner intends to qualify as a
REIT for federal income tax purposes and that such qualification and the avoidance of income and excise taxes on the General Partner
inures to the benefit of all the Partners and not solely to the General Partner. Notwithstanding the foregoing, the Limited Partners
agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under
the Articles of Incorporation. The General Partner on behalf of the Partnership shall also be empowered to do any and all acts
and things necessary or prudent to ensure that the Partnership will not be classified as a “publicly traded partnership”
that is taxable as a corporation under Section 7704 of the Code.

 

ARTICLE 4

CAPITAL CONTRIBUTIONS AND ACCOUNTS

 

4.1    Capital
Contributions.

 

The General Partner
and the ARC Limited Partner have made Capital Contributions to the Partnership in the amounts set forth opposite their names on
Exhibit A, as such Exhibit may be amended from time to time.

 

4.2    Additional
Capital Contributions and Issuances of Additional Partnership Interests.

 

Except as provided
in this Section 4.2, the Partners shall have no right or obligation to make any additional Capital Contributions or loans
to the Partnership.

 

(a)The General Partner
is hereby authorized to cause the Partnership to issue additional Partnership Interests for any Partnership purpose at any time
or from time to time, including but not limited to Partnership Interests issued in connection with acquisitions of properties,
to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as
shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partner.
Any additional Partnership Interests issued thereby may be issued in one or more classes, or one or more series of any of such
classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties,
including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner
in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including, without
limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series
of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions;
and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership.
Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Interests
for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests
of the General Partner and the Partnership. In the event that the Partnership issues additional Partnership Interests pursuant
to this Section 4.2(a), the General Partner shall make such revisions to this Agreement as it deems necessary to reflect the issuance
of such additional Partnership Interests.

 

    	6

    	 

    

 

(b)The General Partner
shall contribute the proceeds of any issuance of common stock of the General Partner to the Partnership as additional Capital Contributions
to the Partnership from time to time.

 

4.3    No Third-Party
Beneficiary.

 

No creditor or other
third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make
Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and
agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto
and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital
Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other
third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by
the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent
of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation
of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited
Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not
of the General Partner. Without limiting the generality of the foregoing, a deficit capital account of a Partner shall not be deemed
to be a liability of such Partner nor an asset or property of the Partnership.

 

ARTICLE 5

DISTRIBUTIONS

 

5.1    Distributions.

 

(a)The Partnership
shall make distributions at such times and in such amounts as the General Partner shall determine in its sole and absolute discretion,
to the Partners who are Partners on the Partnership Record Date with respect to such distribution period in accordance with Section 5.2(b).

 

(b)Except for distributions
pursuant to Section 5.1(c) or 5.3 of this Agreement in connection with the dissolution and liquidation of the Partnership,
distributions shall be made to the Partners in accordance with their respective Percentage Interests on the Partnership Record
Date.

 

(c) If the General
Partner shall elect to purchase from its stockholders common stock of the General Partner for any purpose, the Partnership shall
distribute to the General Partner in reduction of its Capital Contributions the purchase price paid by the General Partner for
such common stock and any other expenses incurred by the General Partner in connection with such purchase shall be considered expenses
of the Partnership and shall be reimbursed to the General Partner

 

(d)In the event that
the Partnership issues additional Partnership Interests to the General Partner or any additional Limited Partner pursuant to Article
4 hereof, the General Partner shall make such revisions to this Article 5 as it deems necessary to reflect the issuance of such
additional Partnership Interests.

 

5.2    REIT
Distribution Requirements.

 

The General Partner
shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner
to make stockholder distributions that will allow the General Partner to (i) meet its distribution requirement for qualification
as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by
the Code.

 

    	7

    	 

    

 

5.3    Distributions
Upon Liquidation.

 

Upon liquidation of
the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership, including any Partner loans,
any remaining assets of the Partnership shall be distributed to all Partners in accordance with their Percentage Interests. To
the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be
made to assure that adequate funds are available to pay any contingent debts or obligations.

 

ARTICLE 6

RIGHTS, OBLIGATIONS AND

POWERS OF THE GENERAL PARTNER

 

6.1    Management
of the Partnership.

 

(a) Except as otherwise
expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control
the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets
of the Partnership.

 

(b) Except as otherwise
provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the
General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to
it for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General Partner,
in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or
obligation on behalf of the Partnership.

 

6.2    Delegation
of Authority.

 

The General Partner
may delegate any or all of its powers, rights and obligations hereunder, and may appoint, employ, contract or otherwise deal with
any Person for the transaction of the business of the Partnership, which Person may, under supervision of the General Partner,
perform any acts or services for the Partnership as the General Partner may approve.

 

6.3    Indemnification
and Exculpation of Indemnitees.

 

(a)The Partnership
shall indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including
reasonable legal fees and expenses), judgments, fines, settlements, and other amounts arising from any and all claims, demands,
actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership
as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise,
unless it is established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding
and either was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the Indemnitee actually
received an improper personal benefit in money, Property or services; or (iii) in the case of any criminal proceeding, the
Indemnitee had reasonable cause to believe that the act or omission was unlawful. Any indemnification pursuant to this Section 6.3
shall be made only out of the assets of the Partnership.

 

(b)The Partnership
shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the
final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the
Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized
in this Section 6.3 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount
if it shall ultimately be determined that the standard of conduct has not been met.

 

    	8

    	 

    

 

(c)The indemnification
provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled
under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee
who has ceased to serve in such capacity.

 

(d)The Partnership
may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine,
against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership’s
activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the
provisions of this Agreement.

 

(e)For purposes of
this Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit
plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by,
it to the plan or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee
benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or
omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed
by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not
opposed to the best interests of the Partnership.

 

(f)In no event may
an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth in this
Agreement.

 

(g)An Indemnitee
shall not be denied indemnification in whole or in part under this Section 6.3 because the Indemnitee had an interest in the
transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

 

(h)The provisions
of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall
not be deemed to create any rights for the benefit of any other Persons.

 

(i)Notwithstanding
the foregoing, the Partnership may not indemnify or hold harmless an Indemnitee for any liability or loss unless all of the following
conditions are met: (i) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability
was in the best interests of the Partnership; (ii) the Indemnitee was acting on behalf of or performing services for the Partnership;
(iii) the liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnitee is a
director of the General Partner (other than an Independent Director), the Advisor or an Affiliate of the Advisor or (B) gross
negligence or willful misconduct, in the case that the Indemnitee is an Independent Director; and (iv) the indemnification
or agreement to hold harmless is recoverable only out of net assets of the Partnership. In addition, the Partnership shall not
provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities
laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on
the merits of each count involving alleged material securities law violations as to the Indemnitee; (ii) such claims have
been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of
competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement
and the related costs should be made, and the court considering the request for indemnification has been advised of the position
of the Commission and of the published position of any state securities regulatory authority in which securities of the General
Partner or the Partnership were offered or sold as to indemnification for violations of securities laws.

 

    	9

    	 

    

 

6.4    Liability
of the General Partner.

 

(a)Notwithstanding
anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Partnership
or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission if the
General Partner acted in good faith. The General Partner shall not be in breach of any duty that the General Partner may owe to
the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity
provided the General Partner, acting in good faith, abides by the terms of this Agreement.

 

(b)The Limited Partners
expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its stockholders collectively,
that the General Partner is under no obligation to consider the separate interests of the Limited Partners (including, without
limitation, the tax consequences to Limited Partners or the tax consequences of some, but not all, of the Limited Partners) in
deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests
of its stockholders on one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve
the conflict in a manner not adverse to either its stockholders or the Limited Partners; provided, however, that for so long as
the General Partner directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its
sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its stockholders or the Limited Partner
shall be resolved in favor of the stockholders. The General Partner shall not be liable for monetary damages for losses sustained,
liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General
Partner has acted in good faith.

 

(c)Subject to its
obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the powers
granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its
agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by
it in good faith.

 

(d)Notwithstanding
any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision
of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action
or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as
a REIT or (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other
provision of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners.

 

(e)Any amendment,
modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect
the limitations on the General Partner’s liability to the Partnership and the Limited Partners under this Section 6.4
as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part,
prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted.

 

    	10

    	 

    

 

6.5    Reimbursement
of General Partner.

 

(a)Except as provided
in this Section 6.5 and elsewhere in this Agreement, the General Partner shall not be compensated for its services as general
partner of the Partnership.

 

(b)The General Partner
shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion,
for all Administrative Expenses incurred by the General Partner. Reimbursement of Administrative Expenses shall be treated as an
expense of the Partnership and not as allocations of Partnership income or gain.

 

6.6    Outside
Activities.

 

Subject to the Articles
of Incorporation and any agreements entered into by the General Partner or its Affiliates with the Partnership or a Subsidiary,
any officer, director, employee, agent, trustee, Affiliate or stockholder of the General Partner, the General Partner shall be
entitled to and may have business interests and engage in business activities in addition to those relating to the Partnership,
including business interests and activities substantially similar or identical to those of the Partnership. None of the Partnership,
Limited Partners or any other Person shall have any rights by virtue of this Agreement or the partnership relationship established
hereby in any such business ventures, interests or activities, and the General Partner shall have no obligation pursuant to this
Agreement to offer any interest in any such business ventures, interests and activities to the Partnership or any Limited Partner,
even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such
Person.

 

6.7    Employment
or Retention of Affiliates.

 

(a)Any Affiliate
of the General Partner may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a
buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership
any compensation, price, or other payment therefor which the General Partner determines to be fair and reasonable.

 

(b)The Partnership
may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons may borrow funds
from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing
authority shall not create any right or benefit in favor of any Subsidiary or any other Person.

 

(c)The Partnership
may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or thereby becomes
a participant upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable
law and the REIT status of the General Partner.

 

(d)Except as expressly
permitted by this Agreement, neither the General Partner nor any of its Affiliates shall sell, transfer or convey any Property
to, or purchase any Property from, the Partnership, directly or indirectly, except pursuant to transactions that are, in the General
Partner’s sole discretion, on terms that are fair and reasonable to the Partnership.

 

    	11

    	 

    

 

6.8    Title
to Partnership Assets.

 

Title to Partnership
assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an
entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion
thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or
more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares
and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate
of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions
of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title
to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the
Property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets
is held.

 

ARTICLE 7

CHANGES IN GENERAL PARTNER

 

7.1    Transfer
of the General Partner’s Partnership Interest.

 

(a)The General Partner
shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as provided in,
or in connection with a transaction contemplated by, Section 7.1(c).

 

(b)Except as otherwise
provided in Section 7.1(c) hereof, the General Partner shall not engage in any merger, consolidation or other combination
with or into another Person or the sale of all or substantially all of its assets (other than in connection with a change in the
General Partner’s state of incorporation or organizational form), in each case which results in a change of control of the
General Partner (a “Transaction”), unless the consent of Limited Partners holding more than 50% of the Percentage
Interests of the Limited Partners is obtained.

 

(c)Notwithstanding
Section 7.1(a) or (b),

 

(i)a
General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly owned Subsidiary of such
General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all
of its General Partnership Interest, may withdraw as General Partner; and 

 

(ii)the
General Partner may engage in a transaction not required by law or by the rules of any national securities exchange on which the
General Partner’s shares are listed to be submitted to the vote of the holders of the General Partner’s shares. 

 

7.2    Admission
of a Substitute or Additional General Partner.

 

A Person shall be admitted
as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied:

 

(a)the Person to
be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions
of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate
in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person
as a General Partner shall have been filed for recordation and all other actions required by Section 2.4 hereof in connection
with such admission shall have been performed;

 

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(b)if the Person
to be admitted as a substitute or additional General Partner is a corporation or a partnership it shall have provided the Partnership
with evidence satisfactory to counsel for the Partnership of such Person’s authority to become a General Partner and to be
bound by the terms and provisions of this Agreement; and

 

(c)counsel for the
Partnership shall have rendered an opinion (relying on such opinions from other counsel as may be necessary) that (i) the
admission of the Person to be admitted as a substitute or additional General Partner is in conformity with the Act and (ii) none
of the actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause (x) the
Partnership to be classified other than as a partnership for federal tax purposes, or (y) the loss of any Limited Partner’s
limited liability.

 

7.3    Effect
of Bankruptcy, Withdrawal, Death or Dissolution of a General Partner.

 

(a)Upon the occurrence
of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal,
removal or dissolution of a General Partner (except that, if a General Partner is on the date of such occurrence a partnership,
the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not
to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners),
the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b) hereof. The
merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to
Section 7.2 hereof shall not be deemed to be the withdrawal, dissolution or removal of the General Partner.

 

(b)Following the
occurrence of an Event of Bankruptcy as to a General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death,
withdrawal, removal or dissolution of a General Partner (except that, if a General Partner is, on the date of such occurrence,
a partnership, the withdrawal of, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall
be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining
partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership
for the balance of the term specified in Section 2.3 hereof by selecting, subject to Section 7.2 hereof and any other
provisions of this Agreement, a substitute General Partner by consent of a majority in interest of the Limited Partners. If the
Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with
the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement.

 

7.4    Removal
of a General Partner.

 

(a)Upon the occurrence
of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be removed automatically;
provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or dissolution
of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall be deemed not to be a dissolution of the General
Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not
remove the General Partner, with or without cause.

 

    	13

    	 

    

 

(b)If a General Partner
has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3 hereof, such General
Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner
approved by a majority in interest of the Limited Partners in accordance with Section 7.3(b) hereof and otherwise be admitted
to the Partnership in accordance with Section 7.2 hereof. At the time of assignment, the removed General Partner shall be
entitled to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed
General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined
by an appraiser mutually agreed upon by the General Partner and a majority in interest of the Limited Partners within ten (10) days
following the removal of the General Partner. In the event that the parties are unable to agree upon an appraiser, the removed
General Partner and a majority in interest of the Limited Partners each shall select an appraiser. Each such appraiser shall complete
an appraisal of the fair market value of the removed General Partner’s General Partnership Interest within thirty (30) days
of the General Partner’s removal, and the fair market value of the removed General Partner’s General Partnership Interest
shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more
than 20% of the amount of the lower appraisal, the two appraisers, no later than forty (40) days after the removal of the General
Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner’s
General Partnership Interest no later than sixty (60) days after the removal of the General Partner. In such case, the fair market
value of the removed General Partner’s General Partnership Interest shall be the average of the two appraisals closest in
value.

 

(c)The General Partnership
Interest of a removed General Partner, during the time after default until transfer under Section 7.4(b), shall be converted
to that of a Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management
and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations
or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner
shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive
in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b).

 

(d)All Partners shall
have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be legally necessary,
desirable and sufficient to effect all the foregoing provisions of this Section.

 

ARTICLE 8

RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS

 

8.1    Management
of the Partnership.

 

The Limited Partners
shall not participate in the management or control of Partnership business nor shall they transact any business for the Partnership,
nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General
Partner.

 

8.2    Power
of Attorney.

 

Each Limited Partner
hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and
in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate
public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner
to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled
with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited
Partner of any part or all of its Partnership Interest, unless otherwise stated in this Agreement.

 

    	14

    	 

    

 

8.3    Limitation
on Liability of Limited Partners.

 

No Limited Partner
shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the
Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution
is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions
or other payments or lend any funds to the Partnership.

 

ARTICLE
9

TRANSFERS OF LIMITED PARTNERSHIP INTERESTS

 

9.1    Restrictions
on Transfer of Limited Partnership Interests.

 

(a)No Limited Partner
may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership Interest, or any
of such Limited Partner’s economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial
sale or otherwise (collectively, a “Transfer”) without the consent of the General Partner, which consent may
be granted or withheld in its sole and absolute discretion. Any such purported transfer undertaken without such consent shall be
considered to be null and void ab initio and shall not be given effect.

 

(b)No Limited Partner
may withdraw from the Partnership other than as a result of a permitted Transfer of all of its Partnership Interest pursuant to
this Article 9. Upon the permitted Transfer or redemption of all of a Limited Partner’s Partnership Interest, such Limited
Partner shall cease to be a Limited Partner.

 

9.2    Admission
of Substitute Limited Partner.

 

(a)Subject to the
other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be understood
to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall
be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner.

 

9.3    Effect
of Bankruptcy, Death, Incompetence or Termination of a Limited Partner.

 

The occurrence of an
Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent
(which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership,
and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited
Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated
incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling
or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all
or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the
assignee as a Substitute Limited Partner.

 

    	15

    	 

    

 

ARTICLE 10

BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS

 

10.1    Books and Records.

 

At all times during
the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership’s specified office all
documents and information required under the Act.

 

10.2    Custody
of Partnership Funds; Bank Accounts.

 

All funds of the Partnership
not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General
Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time
to time, determine.

 

10.3    Fiscal
Year.

 

The fiscal year of
the Partnership shall be the calendar year.

 

ARTICLE 11

AMENDMENT OF AGREEMENT

 

The General Partner’s
consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners,
may amend this Agreement in any respect; provided, however, that any amendment that would adversely affect the rights of the Limited
Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership
Interests pursuant to Section 4.2 hereof or any amendment that would impose on the Limited Partners any obligation to make
additional Capital Contributions to the Partnership shall require the consent of Limited Partners holding more than 50% of the
Percentage Interests of the Limited Partners.

 

ARTICLE 12

GENERAL PROVISIONS

 

12.1    Notices.

 

All communications
required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally,
electronically or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners
at the addresses set forth herein; provided, however, that any Partner may specify a different address by notifying the General
Partner in writing of such different address.

 

	To the General Partner:	
        ARC Realty Finance Trust, Inc.

        405 Park Avenue, 14th Floor

        New York, New York 10022

         

	To the Partnership:	
        ARC Realty Finance Operating Partnership, L.P.

        405 Park Avenue, 14th Floor

        New York, New York 10022

         

	To the ARC Limited Partner:	
        ARC Realty Finance Trust LP, LLC

        405 Park Avenue, 14th Floor

        New York, New York 10022

         

 

    	16

    	 

    

 

 

12.2    Survival
of Rights.

 

Subject to the provisions
hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and
their respective legal representatives, successors, transferees and assigns.

 

12.3    Additional
Documents.

 

Each Partner agrees
to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary,
appropriate or desirable to carry out the provisions of this Agreement or the Act.

 

12.4    Severability.

 

If any provision of
this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to
be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability
shall not affect the remainder hereof.

 

12.5    Entire
Agreement.

 

This Agreement and
exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and
contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.

 

12.6    Pronouns
and Plurals/Headings.

 

When the context in
which words are used in the Agreement indicates that such is the intent, words in the singular number shall include the plural
and the masculine gender shall include the neuter or female gender as the context may require. The Article headings or sections
in this Agreement are for convenience only and shall not be used in construing the scope of this Agreement or any particular Article.

 

12.7    Counterparts.

 

This Agreement may
be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute
one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

 

12.8    Governing
Law.

 

This Agreement shall
be governed by and construed in accordance with the laws of the State of Delaware; provided, however, that any cause of action
for violation of federal or state securities laws shall not be governed by this Section 12.8.

 

    	17

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have hereunder affixed their signatures to this Agreement, all as of December 31, 2014.

 

GENERAL PARTNER:

 

ARC Realty Finance Trust, Inc.

 

 

By:/s/ Peter M. Budko

 

Name:Peter M. Budko

 

Title:Chief Executive Officer

 

 

 

 

ARC LIMITED PARTNER:

 

ARC Realty Finance Trust LP, LLC

By: ARC Realty Finance Trust, Inc., its Member

 

 

By:/s/ Peter M. Budko

 

Name:Peter M. Budko

 

Title:Chief Executive Officer

 

    	 

    	 

    

 

 

EXHIBIT A

CONTRIBUTIONS & INTEREST

 

	Partner	Address	Cash

Contribution
	
         

        GENERAL
PARTNER: 
	 	 
	
        ARC Realty Finance Trust,
Inc.
	
        405 Park Avenue, 15th Floor

        New York, New York 10022
	$200,000
	
        ARC LIMITED
PARTNER: 
	 	 
	
        ARC Realty
Finance Trust LP, LLC 
	
        405 Park Avenue, 15th Floor

        New York, New
York 10022 
	$2,020
	Totals	 	
        $202,020

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