Document:

Exhibit 4.2

 

EXECUTION VERSION

 

AFN ABSPROP001, LLC

 

AFN ABSPROP001-A, LLC

 

AFN ABSPROP001-B, LLC

 

AFN ABSPROP002, LLC

 

AFN ABSPROP002-A, LLC

 

AFN ABSPROP002-B, LLC

 

AFN ABSPROP002-C, LLC

 

each, as an Issuer,

 

and

 

CITIBANK, N.A.,

as Indenture Trustee

 

 

SERIES 2021-1 SUPPLEMENT

 

Dated as of June 3, 2021

 

to the

 

Master Indenture dated as of May 30, 2019

 

 

 

NET-LEASE MORTGAGE NOTES,

SERIES 2021-1, CLASS A-1 (AAA), CLASS A-2 (AAA), CLASS A-3 (A), CLASS A-4 (A),

 CLASS B-1 (BBB) AND CLASS B-2 (BBB) NOTES

 

     

     

    

 

TABLE OF CONTENTS

Page

	ARTICLE I Definitions	2
	 	 
	Section 1.01.   Definitions	2
	 	 
	ARTICLE II Creation of the Series 2021-1 Notes; Payments on the Series 2021-1 Notes	10
	 	 
	Section 2.01.   Designation	10
	Section 2.02.   Payments on the Series 2021-1 Notes	12
	Section 2.03.   Voluntary Prepayment	15
	Section 2.04.   Early Refinancings	15
	Section 2.05.   Unscheduled Principal Payments.	16
	Section 2.06.   Triple A Release Event.	16
	 	 
	ARTICLE III Representations and Warranties	16
	 	 
	Section 3.01.   Representations and Warranties	16
	Section 3.02.   Conditions Precedent Satisfied	17
	Section 3.03.   Collateral Representations and Warranties	17
	 	 
	ARTICLE IV Miscellaneous Provisions	18
	 	 
	Section 4.01.   Ratification of Indenture	18
	Section 4.02.   Counterparts	19
	Section 4.03.   Governing Law	19
	Section 4.04.   Beneficiaries	19
	Section 4.05.   Non-Petition	19
	Section 4.06.   Non-Recourse	19
	Section 4.07.   Amendments	20
	Section 4.08.   Notice to the Rating Agency	20
	Section 4.09.   Assignment of Owner’s Title Policy	20
	Section 4.01.   Co-Issuer Status	20

 

	Exhibits	 
	EXHIBIT A	Additional Representations and Warranties

 

	Schedules	 
	SCHEDULE I-A	Properties / Locations
	SCHEDULE I-B	Representations and Warranties Exception Schedule
	SCHEDULE II-A	Amortization Schedule (Series 2019-1 Notes)
	SCHEDULE II-B	Amortization Schedule (Class A-1 (AAA) Notes)
	SCHEDULE II-C	Amortization Schedule (Class A-2 (AAA) Notes)
	SCHEDULE II-D	Amortization Schedule (Class A-3 (A) Notes)
	SCHEDULE II-E	Amortization Schedule (Class A-4 (A) Notes) 
	SCHEDULE II-F	Amortization Schedule (Class B-1 (BBB) Notes)
	SCHEDULE II-G	Amortization Schedule (Class B-2 (BBB) Notes)

 

     

     

    

 

SERIES
2021-1 SUPPLEMENT, dated as of June 3, 2021 (the “Series 2021-1 Supplement”), among AFN ABSPROP001, LLC,
a Delaware limited liability company, as an issuer (“AFN ABSPROP001”), AFN ABSPROP001-A, LLC, a Delaware limited
liability company, as an issuer (“AFN ABSPROP001-A”), AFN ABSPROP001-B, LLC, a Delaware limited liability company,
as an issuer (“AFN ABSPROP001-B”; collectively with AFN ABSPROP001 and AFN ABSPROP001-A, the “Existing
Issuers”), AFN ABSPROP002, LLC, a Delaware limited liability company, as an issuer (“AFN ABSPROP002”),
AFN ABSPROP002-A, LLC, a Delaware limited liability company, as an issuer (“AFN ABSPROP002-A”), AFN ABSPROP002-B,
LLC, a Delaware limited liability company, as an issuer (“AFN ABSPROP002-B”), AFN ABSPROP002-C, LLC, a Delaware
limited liability company, as an issuer (“AFN ABSPROP002-C”; collectively with AFN ABSPROP002, AFN ABSPROP002-A,
AFN ABSPROP002-B and the Existing Issuers, the “Issuers” and each, an “Issuer”) and
CITIBANK, N.A. (the “Indenture Trustee”).

 

Pursuant
to this Series 2021-1 Supplement, the Issuers and the Indenture Trustee hereby create a new Series of Notes (the “Series 2021-1
Notes”), which consists of the Class A-1 (AAA) Notes (as defined below), the Class A-2 (AAA) Notes (as defined below),
the Class A-3 (A) Notes (as defined below), the Class A-4 (A) Notes (as defined below), the Class B-1 (BBB) Notes (as defined below) and
the Class B-2 (BBB) Notes (as defined below), and specify the Principal Terms thereof.

 

Pursuant to the Master Indenture,
dated as of May 30, 2019 (as amended by Amendment No. 1, dated as of June 3, 2021, the “Master Indenture”),
among the Issuers and the Indenture Trustee, and the Series 2019-1 Supplement, dated as of May 30, 2019 (the “Series 2019-1
Supplement”), among the Existing Issuers and the Indenture Trustee, the Existing Issuers issued the Net-Lease Mortgage Notes,
Series 2019-1 (the “Series 2019-1 Notes”), with an initial series principal balance equal to $242,000,000.

 

Pursuant to the Master Indenture,
the Issuers, together with any applicable co-issuers, may from time to time direct the Indenture Trustee to authenticate one or more new
Series of Notes. The Principal Terms of any new Series are to be set forth in a related Series Supplement to the Master Indenture.

 

ARTICLE
I

 

Definitions

 

Section
1.01.      Definitions.

 

Capitalized terms used herein
and not otherwise defined shall have the meaning set forth in the Master Indenture or in the Property Management Agreement, as applicable.

 

“Accrual Period”:
With respect to the Series 2021-1 Notes and any Payment Date, the period from and including the 20th day of the preceding month (or, with
respect to the initial Accrual Period, from and including the Series Closing Date) to, but excluding, the 20th day of the month of payment.
For the avoidance of doubt, the Accrual Period will always be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

     
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“Adjustment Amount”:
For each Class of the Class A (AAA) Notes, the applicable Class A (AAA) Adjustment Amount, for each Class of the Class A (A) Notes, the
applicable Class A (A) Adjustment Amount and for each Class of the Class B Notes, the applicable Class B Adjustment Amount.

 

“Aggregate Collateral
Value”: As defined in the Property Management Agreement.

 

“Allocated Loan
Amount”: As defined in the Property Management Agreement.

 

“Allocated Release
Amount”: As defined in the Property Management Agreement.

 

“Anticipated Repayment
Date”: With respect to the Class A-1 (AAA) Notes, the Class A-3 (A) Notes and the Class B-1 (BBB) Notes, the Payment Date
occurring in May 2028. With respect to the Class A-2 (AAA) Notes, the Class A-4 (A) Notes and the Class B-2 (BBB) Notes, the Payment Date
occurring in May 2031.

 

“Class A (AAA) Adjustment
Amount”: For each Class of the Class A (AAA) Notes on any Payment Date, (i) the quotient of (a) the Outstanding Principal
Balance of such Class, divided by (b) the Outstanding Principal Balance of the Class A (AAA) Notes multiplied by (ii) the Series Class
A (AAA) Adjustment Amount for such Payment Date.

 

“Class A (A) Adjustment
Amount”: For each Class of the Class A (A) Notes on any Payment Date, (i) the quotient of (a) the Outstanding Principal
Balance of such Class, divided by (b) the Outstanding Principal Balance of the Class A (A) Notes multiplied by (ii) the Series Class A
(A) Adjustment Amount for such Payment Date.

 

“Class A-1 (AAA)
Notes”: Any of the $55,000,000 Net-Lease Mortgage Notes, Series 2021-1, Class A-1 (AAA), issued pursuant to this Series
2021-1 Supplement and the Master Indenture, executed by the Issuers and authenticated by the Indenture Trustee or the Authenticating Agent,
if any, substantially in the form of Exhibits A-1, A-2 or A-3 attached to the Indenture.

 

“Class A-2 (AAA)
Notes”: Any of the $95,000,000 Net-Lease Mortgage Notes, Series 2021-1, Class A-2 (AAA), issued pursuant to this Series
2021-1 Supplement and the Master Indenture, executed by the Issuers and authenticated by the Indenture Trustee or the Authenticating Agent,
if any, substantially in the form of Exhibits A-1, A-2 or A-3 attached to the Indenture.

 

“Class A-3 (A) Notes”:
Any of the $35,000,000 Net-Lease Mortgage Notes, Series 2021-1, Class A-3 (A), issued pursuant to this Series 2021-1 Supplement and the
Master Indenture, executed by the Issuers and authenticated by the Indenture Trustee or the Authenticating Agent, if any, substantially
in the form of Exhibits A-1, A-2 or A-3 attached to the Indenture.

 

“Class A-4 (A) Notes”:
Any of the $55,000,000 Net-Lease Mortgage Notes, Series 2021-1, Class A-4 (A), issued pursuant to this Series 2021-1 Supplement and the
Master Indenture, executed by the Issuers and authenticated by the Indenture Trustee or the Authenticating Agent, if any, substantially
in the form of Exhibits A-1, A-2 or A-3 attached to the Indenture.

 

     
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“Class A (AAA) Notes”:
Any of the Class A-1 (AAA) Notes and the Class A-2 (AAA) Notes.

 

“Class A (A) Notes”:
Any of the Class A-3 (A) Notes and the Class A-4 (A) Notes.

 

“Class A-1 (AAA)
Note Rate”: The Note Rate set forth in Section 2.01(a) that corresponds to the Class A-1 (AAA) Notes.

 

“Class A-2 (AAA)
Note Rate”: The Note Rate set forth in Section 2.01(a) that corresponds to the Class A-2 (AAA) Notes.

 

“Class A-3 (A) Note
Rate”: The Note Rate set forth in Section 2.01(a) that corresponds to the Class A-3 (A) Notes.

 

“Class A-4 (A) Note
Rate”: The Note Rate set forth in Section 2.01(a) that corresponds to the Class A-4 (A) Notes.

 

“Class A-1 (AAA)
Noteholder”: With respect to any Class A-1 (AAA) Note, the Person in whose name such Note is registered on the Note Register.

 

“Class A-2 (AAA)
Noteholder”: With respect to any Class A-2 (AAA) Note, the Person in whose name such Note is registered on the Note Register.

 

“Class A-3 (A) Noteholder”:
With respect to any Class A-3 (A) Note, the Person in whose name such Note is registered on the Note Register.

 

“Class A-4 (A) Noteholder”:
With respect to any Class A-4 (A) Note, the Person in whose name such Note is registered on the Note Register.

 

“Class B Adjustment
Amount”: For each Class of the Class B Notes on any Payment Date, (i) the quotient of (a) the Outstanding Principal Balance
of such Class, divided by (b) the sum of (A) the Outstanding Principal Balance of the Class B Notes and (B) the aggregate Outstanding
Principal Balance of all class B notes that are Related Series Notes, multiplied by (ii) the Aggregate Class B Adjustment Amount for such
Payment Date.

 

“Class B-1 (BBB)
Notes”: Any of the $30,000,000 Net-Lease Mortgage Notes, Series 2021-1, Class B-1 (BBB), issued pursuant to this Series
2021-1 Supplement and the Master Indenture, executed by the Issuers and authenticated by the Indenture Trustee or the Authenticating Agent,
if any, substantially in the form of Exhibits A-1, A-2 or A-3 attached to the Indenture.

 

“Class B-2 (BBB)
Notes”: Any of the $48,000,000 Net-Lease Mortgage Notes, Series 2021-1, Class B-2 (BBB), issued pursuant to this Series
2021-1 Supplement and the Master Indenture, executed by the Issuers and authenticated by the Indenture Trustee or the Authenticating Agent,
if any, substantially in the form of Exhibits A-1, A-2 or A-3 attached to the Indenture.

 

“Class B Notes”:
Any of the Class B-1 (BBB) Notes and the Class B-2 (BBB) Notes.

 

     
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“Class B-1 (BBB)
Note Rate”: The Note Rate set forth in Section 2.01(a) that corresponds to the Class B-1 (BBB) Notes.

 

“Class B-2 (BBB)
Note Rate”: The Note Rate set forth in Section 2.01(a) that corresponds to the Class B-2 (BBB) Notes.

 

“Class B-1 (BBB)
Noteholder”: With respect to any Class B-1 (BBB) Note, the Person in whose name such Note is registered on the Note Register.

 

“Class B-2 (BBB)
Noteholder”: With respect to any Class B-2 (BBB) Note, the Person in whose name such Note is registered on the Note Register.

 

“Controlling Party”:
With respect to the Series 2021-1 Notes, the Noteholders (excluding AFOP and any of its affiliates unless AFOP and its affiliates own
100% of the Class A (AAA) Notes) representing in the aggregate more than 50% of the Outstanding Principal Balance of the Class A (AAA)
Notes, or, if such Series Class A (AAA) Notes have been paid in full, Noteholders (excluding AFOP and any of its affiliates unless AFOP
and its affiliates own 100% of the Class A (A) Notes) representing in the aggregate more than 50% of the Outstanding Principal Balance
of the Class A (A) Notes or, if such Class A (A) Notes have been paid in full, Noteholders (excluding AFOP and any of its affiliates unless
AFOP and its affiliates own 100% of the Class B Notes) representing in the aggregate more than 50% of the Outstanding Principal Balance
of the Class B Notes.

 

“Early Refinancing
Notice Date”: As defined in Section 2.04.

 

“Early Refinancing
Prepayment”: As defined in Section 2.04.

 

“Full Redemption
Amount”: The amount specified in Section 2.03(b).

 

“Indenture”:
The Master Indenture, as supplemented by the Series 2019-1 Supplement, this Series 2021-1 Supplement and any other Series Supplement,
as applicable.

 

“Indenture Trustee
Fee Rate”: With respect to the Series 2021-1 Notes, 0.0140%.

 

“Initial Purchaser”:
Credit Suisse Securities (USA) LLC.

 

“Initial Principal
Balance”: The Initial Principal Balance set forth in Section 2.01(a) hereof that corresponds to each Class of Series
2021-1 Notes, as applicable.

 

“Issuer LLC Agreement”:
As the context requires, (i) the limited liability company agreement of AFN ABSPROP001, dated as of March 26, 2019, (ii) the limited liability
company agreement of AFN ABSPROP001-A, dated as of March 26, 2019, (iii) the limited liability company agreement of AFN ABSPROP001-B,
dated as of March 26, 2019, (iv) the amended and restated limited liability company agreement of AFN ABSPROP002, dated as of the Series
Closing Date, (v) the amended and restated limited liability company agreement of AFN ABSPROP002-A, dated as of the Series Closing Date,
(vi) the amended and restated limited liability company agreement of AFN ABSPROP002-B, dated as of the Series Closing Date or (vii) the
amended and restated limited liability company agreement of AFN ABSPROP002-C, dated as of the Series Closing Date, in each case as may
be amended or restated from time to time.

 

     
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“Issuer Manager”:
American Finance Operating Partnership, L.P., in its capacity as manager of each Issuer, and its permitted successors and assigns.

 

“Make Whole Amount”:
With respect to any Class of the Series 2021-1 Notes and any Voluntary Prepayment or Unscheduled Principal Payment, an amount (not less
than zero) equal to: (A) using the Reinvestment Yield, the sum of the discounted present values of the aggregate payments of principal
and interest remaining due prior to the applicable Refinancing Date on the portion of the Series 2021-1 Notes being prepaid (calculated
prior to the application of the Voluntary Prepayment or Unscheduled Principal Payment), minus (B) the amount of principal repaid
by the Voluntary Prepayment or Unscheduled Principal Payment made with respect to such Class of Series 2021-1 Notes, as applicable.

 

“Maximum Property
Concentration”: With respect to any Determination Date, after giving effect to any Qualified Substitute Property, Replacement
Property and, in each case, the Leases thereunder, the following percentages equal to the aggregate Allocated Loan Amounts of the Properties
in such concentration over the aggregate Allocated Loan Amount of the Collateral Pool: (i) (a) with respect to the Restaurant Industry
Group as of any Determination Date, no limit, so long as no related Restaurant Concept exceeds 25.00% of the Allocated Loan Amount of
the Collateral Pool) as of such Determination Date, (b) with respect to the Gas/Convenience Industry Group as of any Determination Date,
a percentage equal to 40.00%, and (c) with respect to each other Industry Group as of any Determination Date, a percentage equal to 20.00%;
(ii) with respect to any Tenant (including affiliates thereof), (a) in the case of the largest Tenant (including affiliates thereof) as
of such Determination Date, a percentage equal to 30.00% and (b) in the case of the five (5) largest Tenants (including affiliates thereof)
as of such Determination Date, an aggregate percentage equal to 70.00% as of such Determination Date; (iii) with respect to Tenant Ground
Leases as of such Determination Date, a percentage equal to 2.00% as of such Determination Date; (iv) with respect to Percentage Rent
as a percentage of total rent as of such Determination Date, a percent equal to 2.00% as of such Determination Date; (v) with respect
to Properties with less than twelve (12) months of operating history at such location as of such Determination Date, a percentage equal
to 10.00% as of such Determination Date; (vi) with respect to Properties with “double-net” leases as of such Determination
Date, a percentage equal to 7.00% as of such Determination Date; and (vii) with respect to Properties in any industry group not identified
on Exhibit A (other than any new Industry Group added on an Issuance Date), a percentage equal to 15.00% as of such Determination Date
with no requirement to obtain consent from Noteholders; provided, that the Rating Condition is satisfied with respect to any such addition.

 

“Note Rate”:
The Note Rate set forth in Section 2.01(a) hereof that corresponds to each Class of Series 2021-1 Notes, as applicable.

 

“Post-ARD Additional
Interest Rate”: With respect to the Series 2021-1 Notes, a per annum rate equal to the rate determined by the Property Manager
to be the greater of (i) 5.00% and (ii) the amount, if any, by which the sum of the following exceeds the Note Rate for such Class of
Series 2021-1 Notes: (A) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices
of the Securities Industry and Financial Markets Association) on such Anticipated Repayment Date of the United States Treasury Security
having a term closest to ten (10) years, plus (B) 5.00%, plus (C) the applicable Post-ARD Spread.

 

     
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“Post-ARD
Spread”: With respect to (i) the Class A-1 (AAA) Notes, 1.05%, (ii) the Class A-2 (AAA) Notes, 1.30%, (iii) the Class
A-3 (A) Notes, 1.85%, (iv) the Class A-4 (A) Notes, 2.10%, (v) the Class B-1 (BBB) Notes, 2.85% and (vi) the Class B-2 (BBB) Notes, 3.10%.

 

“Private Placement
Memorandum”: With respect to the Series 2021-1 Notes, the Private Placement Memorandum dated May 20, 2021.

 

“Property Management
Agreement”: The Amended and Restated Property Management Agreement, dated as of June 3, 2021, by and among the Issuers,
American Finance Properties, LLC, as the Property Manager and the Special Servicer, KeyBank National Association, as the Back-Up Manager,
Citibank, N.A., as the Indenture Trustee and any additional joining party, each such joining party as an Issuer.

 

“Rated Final Payment
Date”: With respect to the Series 2021-1 Notes, the Payment Date occurring in May 2051.

 

“Rating Agency”:
S&P Global, Inc.

 

“Refinancing Date”:
With respect to the Class A-1 (AAA) Notes, the Class A-3 (A) Notes and the Class B-1 (BBB) Notes, the Payment Date occurring in May 2026
and with respect to the Class A-2 (AAA) Notes, the Class A-4 (A) Notes and the Class B-2 (BBB) Notes, the Payment Date occurring in May
2028.

 

“Reinvestment Yield”:
With respect to any Class of Series 2021-1 Notes, the yield on the United States Treasury Securities having the closest maturity (month
and year) to the weighted average life of such Class of Series 2021-1 Notes as of such Payment Date, measured as of the Anticipated Repayment
Date with respect to such Class of Series 2021-1 Notes (prior to the application of any Voluntary Prepayment or Unscheduled Principal
Prepayment with respect thereto) plus 0.50%. If more than one such United States Treasury Security is quoted as maturing on such
date, then the yield of the United States Treasury Security quoted closest to par shall be used in the calculation of the Reinvestment
Yield.

 

“Related Series
Notes”: One or more additional series of Notes issued by the Issuers and any applicable co-issuer pursuant to the Master
Indenture and the applicable Series Supplement, each of which will also be secured by the Collateral Pool on a pro rata basis.

 

“Scheduled
Class A-1 Principal Balance”: With respect to any Payment Date and the Class A-1 (AAA) Notes, the amount set forth
for such date on the Amortization Schedule annexed hereto as Schedule II-B.

 

“Scheduled Class
A-2 Principal Balance”: With respect to any Payment Date and the Class A-2 (AAA) Notes, the amount set forth for such date
on the Amortization Schedule annexed hereto as Schedule II-C.

 

“Scheduled
Class A-3 Principal Balance”: With respect to any Payment Date and the Class A-3 (A) Notes, the amount set forth
for such date on the Amortization Schedule annexed hereto as Schedule II-D.

 

     
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“Scheduled Class
A-4 Principal Balance”: With respect to any Payment Date and the Class A-4 (A) Notes, the amount set forth for such date
on the Amortization Schedule annexed hereto as Schedule II-E.

 

“Scheduled
Class A-1 Principal Payment”: With respect to each Payment Date and the Class A-1 (AAA) Notes, an amount, calculated
by the Property Manager and confirmed by the Indenture Trustee upon receipt of and based upon the Determination Date Report equal to the
sum of (a) any unpaid portion of Scheduled Class A-1 Principal Payment, from any prior Payment Dates and (b) the product of (i)(A) the
related Scheduled Class A-1 Principal Balance for the prior Payment Date minus (B) the Scheduled Class A-1 Principal Balance for the current
Payment Date and (ii) a fraction (A) the numerator of which is equal to the Outstanding Principal Balance of the Class A-1 (AAA) Notes
(without taking into account any payments to be made on such Payment Date) minus the amounts specified in clause (a) of this definition
and (B) the denominator of which is the related Scheduled Class A-1 Principal Balance for the prior Payment Date.

 

“Scheduled
Class A-2 Principal Payment”: With respect to each Payment Date and the Class A-2 (AAA) Notes, an amount, calculated
by the Property Manager and confirmed by the Indenture Trustee upon receipt of and based upon the Determination Date Report equal to the
sum of (a) any unpaid portion of Scheduled Class A-2 Principal Payment, from any prior Payment Dates and (b) the product of (i)(A) the
related Scheduled Class A-2 Principal Balance for the prior Payment Date minus (B) the Scheduled Class A-2 Principal Balance for the current
Payment Date and (ii) a fraction (A) the numerator of which is equal to the Outstanding Principal Balance of the Class A-2 (AAA) Notes
(without taking into account any payments to be made on such Payment Date) minus the amounts specified in clause (a) of this definition
and (B) the denominator of which is the related Scheduled Class A-2 Principal Balance for the prior Payment Date.

 

“Scheduled
Class A-3 Principal Payment”: With respect to each Payment Date and the Class A-3 (A) Notes, an amount, calculated
by the Property Manager and confirmed by the Indenture Trustee upon receipt of and based upon the Determination Date Report equal to the
sum of (a) any unpaid portion of Scheduled Class A-3 Principal Payment, from any prior Payment Dates and (b) the product of (i)(A) the
related Scheduled Class A-1 Principal Balance for the prior Payment Date minus (B) the Scheduled Class A-3 Principal Balance for the current
Payment Date and (ii) a fraction (A) the numerator of which is equal to the Outstanding Principal Balance of the Class A-3 (A) Notes (without
taking into account any payments to be made on such Payment Date) minus the amounts specified in clause (a) of this definition and (B)
the denominator of which is the related Scheduled Class A-3 Principal Balance for the prior Payment Date.

 

“Scheduled
Class A-4 Principal Payment”: With respect to each Payment Date and the Class A-4 (A) Notes, an amount, calculated
by the Property Manager and confirmed by the Indenture Trustee upon receipt of and based upon the Determination Date Report equal to the
sum of (a) any unpaid portion of Scheduled Class A-4 Principal Payment, from any prior Payment Dates and (b) the product of (i)(A) the
related Scheduled Class A-4 Principal Balance for the prior Payment Date minus (B) the Scheduled Class A-4 Principal Balance for the current
Payment Date and (ii) a fraction (A) the numerator of which is equal to the Outstanding Principal Balance of the Class A-4 (A) Notes (without
taking into account any payments to be made on such Payment Date)

 

     
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minus the amounts specified in clause (a) of this definition and (B)
the denominator of which is the related Scheduled Class A-4 Principal Balance for the prior Payment Date.

 

“Scheduled
Class B-1 Principal Balance”: With respect to any Payment Date and the Class B-1 (BBB) Notes, the amount set forth
for such date on the Amortization Schedule annexed hereto as Schedule II-F.

 

“Scheduled Class
B-2 Principal Balance”: With respect to any Payment Date and the Class B-2 (BBB) Notes, the amount set forth for such date
on the Amortization Schedule annexed hereto as Schedule II-G.

 

“Scheduled
Class B-1 Principal Payment”: With respect to each Payment Date and the Class B-1 (BBB) Notes, an amount, calculated
by the Property Manager and confirmed by the Indenture Trustee upon receipt of and based upon the Determination Date Report equal to the
sum of (a) any unpaid portion of Scheduled Class B-1 Principal Payment, from any prior Payment Dates and (b) the product of (i)(A) the
related Scheduled Class B-1 Principal Balance for the prior Payment Date minus (B) the Scheduled Class A-1 Principal Balance for the current
Payment Date and (ii) a fraction (A) the numerator of which is equal to the Outstanding Principal Balance of the Class B-1 (BBB) Notes
(without taking into account any payments to be made on such Payment Date) minus the amounts specified in clause (a) of this definition
and (B) the denominator of which is the related Scheduled Class B-1 Principal Balance for the prior Payment Date.

 

“Scheduled
Class B-2 Principal Payment”: With respect to each Payment Date and the Class B-2 (BBB) Notes, an amount, calculated
by the Property Manager and confirmed by the Indenture Trustee upon receipt of and based upon the Determination Date Report equal to the
sum of (a) any unpaid portion of Scheduled Class B-2 Principal Payment, from any prior Payment Dates and (b) the product of (i)(A) the
related Scheduled Class B-2 Principal Balance for the prior Payment Date minus (B) the Scheduled Class B-2 Principal Balance for the current
Payment Date and (ii) a fraction (A) the numerator of which is equal to the Outstanding Principal Balance of the Class B-2 (BBB) Notes
(without taking into account any payments to be made on such Payment Date) minus the amounts specified in clause (a) of this definition
and (B) the denominator of which is the related Scheduled Class B-2 Principal Balance for the prior Payment Date.

 

“Scheduled Series
Principal Balance”: The Scheduled Class A-1 Principal Balance, the Scheduled Class A-2 Principal Balance, the Scheduled
Class A-3 Principal Balance, the Scheduled Class A-4 Principal Balance, the Scheduled Class B-1 Principal Balance or the Scheduled Class
B-2 Principal Balance, as the context requires.

 

“Series 2021-1 Early
Refinancing Period”: As defined in Section 2.04.

 

“Series
2021-1 Note”: Any of the Class A-1 (AAA) Notes, the Class A-2 (AAA) Notes, the Class A-3 (A) Notes, the Class A-4
(A) Notes, the Class B-1 (BBB) Notes and the Class B-2 (BBB) Notes.

 

“Series
2021-1 Noteholder”: Any of the Class A-1 (AAA) Noteholders, the Class A-2 (AAA) Noteholders, the Class A-3 (A) Noteholders,
the Class A-4 (A) Noteholders, the Class B-1 (BBB) Noteholders and the Class B-2 (BBB) Noteholders.

 

     
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“Series Class A
(AAA) Adjustment Amount”: On any Payment Date, the lesser of (i) the Outstanding Principal Balance of the Class A (AAA)
Notes before giving effect to any payments of principal on such Payment Date and (ii) the greater of (a) the amount by which the Series
Class A Adjustment Amount exceeds the Series Class A (A) Adjustment Amount and (b) zero.

 

“Series Class A
(A) Adjustment Amount”: On any Payment Date, the lesser of (i) the Outstanding Principal Balance of the Class A (A) Notes
before giving effect to any payments of principal on such Payment Date of the Class A (A) Notes and (ii) the Series Class A Adjustment
Amount for such Payment Date.

 

“Series Closing
Date”: June 3, 2021.

 

“Series Collateral
Release”: As defined in the Property Management Agreement.

 

“Series Disposition
Period Date”: As defined in Section 2.01(f).

 

“Triple A Release
Date”: The Payment Date occurring in May 2037.

 

ARTICLE
II

Creation of the Series 2021-1 Notes; Payments on the Series 2021-1
Notes

 

Section
2.01.      Designation.

 

(a)         
There is hereby created a Series of Notes consisting of the Class A-1 (AAA) Notes, the Class A-2 (AAA) Notes, the Class A-3 (A)
Notes, the Class A-4 (A) Notes, the Class B-1 (BBB) Notes and the Class B-2 (BBB) Notes to be issued by the Issuers pursuant to the Indenture
and this Series 2021-1 Supplement to be known as “Net-Lease Mortgage Notes, Series 2021-1.” The Series 2021-1 Notes shall
have the following Class designations, Initial Principal Balances, Note Rates and ratings:

 

	Class Designation	 	Initial 
 Principal Balance
	 	 	Note Rate	 	 	Ratings (S&P)
	Class A-1 (AAA)	 	$	55,000,000	 	 	 	2.21	%	 	AAA (sf)
	Class A-2 (AAA)	 	$	95,000,000	 	 	 	2.79	%	 	AAA (sf)
	Class A-3 (A)	 	$	35,000,000	 	 	 	3.03	%	 	A (sf)
	Class A-4 (A)	 	$	55,000,000	 	 	 	3.60	%	 	A (sf)
	Class B-1 (BBB)	 	$	30,000,000	 	 	 	4.02	%	 	BBB (sf)
	Class B-2 (BBB)	 	$	48,000,000	 	 	 	4.58	%	 	BBB (sf)
	

 

The Note Interest with respect
to the Series 2021-1 Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

The Series 2021-1 Notes shall
not have preference or priority over the Notes of any other Series except to the extent set forth in the Indenture. The Series 2021-1
Notes shall not be subordinate to any other Series.

 

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(b)         
The initial Payment Date with respect to the Series 2021-1 Notes shall be the Payment Date occurring in June 2021.

 

(c)         
[Reserved].

 

(d)         
On the Series Closing Date, (1) the Series 2021-1 Class A Notes shall be issued in the form of Book-Entry Notes and (2) the Series
2021-1 Class B Notes offered and sold shall be issued in the form of Definitive Notes. For the avoidance of doubt, the Series 2021-1 Notes
may be transferred in accordance with Article II of the Master Indenture, subject to the additional requirements set forth herein.

 

(e)         
Each statement, notice or other document related to the Series 2021-1 Notes required to be provided to any applicable Rating Agency
pursuant to Section 5.14 of the Master Indenture via email shall be sent to the following addresses: servicer_reports@sandp.com, with
a copy to the 17g-5 site at afin202115etb@17g5.com.

 

(f)          
The “Series Disposition Period Date” with respect to the Series 2021-1 Notes shall be the Payment Date
occurring in May 2048.

 

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Section
2.02.      Payments on the Series 2021-1 Notes.
On each Payment Date, the Indenture Trustee will apply the Series Available Amount with respect to the Series 2021-1 Notes for such Payment
Date for the following purposes and in the following order of priority:

 

		1)	on a pro rata basis, (a) to the holders of the Class A-1 (AAA) Notes, the Note Interest with respect to
the Class A-1 (AAA) Notes, plus unpaid Note Interest with respect to the Class A-1 (AAA) Notes from any prior Payment Date, together with
interest on any such unpaid Note Interest at the applicable Note Rate, and (b) to the holders of the Class A-2 (AAA) Notes, the Note Interest
with respect to the Class A-2 (AAA) Notes, plus unpaid Note Interest with respect to the Class A-2 (AAA) Notes from any prior Payment
Date, together with interest on any such unpaid Note Interest at the applicable Note Rate;

 

		2)	on a pro rata basis, (a) to the holders of the Class A-3 (A) Notes, the Note Interest with respect to
the Class A-3 (A) Notes, plus unpaid Note Interest with respect to the Class A-3 (A) Notes from any prior Payment Date, together with
interest on any such unpaid Note Interest at the applicable Note Rate, and (b) to the holders of the Class A-4 (A) Notes, the Note Interest
with respect to the Class A-4 (A) Notes, plus unpaid Note Interest with respect to the Class A-4 (A) Notes from any prior Payment Date,
together with interest on any such unpaid Note Interest at the applicable Note Rate;

 

		3)	on a pro rata basis, (a) to the holders of the Class B-1 (BBB) Notes, the Note Interest with respect to
the Class B-1 (BBB) Notes, plus unpaid Note Interest with respect to the Class B-1 (BBB) Notes from any prior Payment Date, together with
interest on any such unpaid Note Interest at the applicable Note Rate, and (b) to the holders of the Class B-2 (BBB) Notes, the Note Interest
with respect to the Class B-2 (BBB) Notes, plus unpaid Note Interest with respect to the Class B-2 (BBB) Notes from any prior Payment
Date, together with interest on any such unpaid Note Interest at the applicable Note Rate;

 

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		4)	(a) so long as no Early Amortization Period or Event of Default has occurred and is continuing, on a pro
rata basis, (i) to the holders of the Class A-1 (AAA) Notes, an amount equal to the Scheduled Class A-1 Principal Payment and a pro rata
share (based on the Outstanding Principal Balance of the Class A-1 (AAA) Notes as a percentage of the Outstanding Principal Balance of
the Class A (AAA) Notes) of any Unscheduled Principal Payment allocable to the Series 2021-1 Notes for such Payment Date (until the Outstanding
Principal Balance of the Class A-1 (AAA) Notes has been reduced to zero ($0)), and (ii) to the holders of the Class A-2 (AAA) Notes, an
amount equal to the Scheduled Class A-2 Principal Payment and a pro rata share (based on the Outstanding Principal Balance of the Class
A-2 (AAA) Notes as a percentage of the Outstanding Principal Balance of the Class A (AAA) Notes) of any Unscheduled Principal Payment
allocable to the Series 2021-1 Notes for such Payment Date (until the Outstanding Principal Balance of the Class A-2 (AAA) Notes has been
reduced to zero ($0)), or (b) if an Early Amortization Period or Event of Default has occurred and is continuing, on a pro rata basis
(based on the Outstanding Principal Balance of each Class as a percentage of the Outstanding Principal Balance of the Class A (AAA) Notes),
to the holders of the Class A-1 (AAA) Notes and the Class A-2 (AAA) Notes all remaining Series Available Amounts until the Outstanding
Principal Balance of the Class A (AAA) Notes has been reduced to zero;

 

		5)	to the holders of the Class A-1 (AAA) Notes and the Class A-2 (AAA) Notes, pro rata, the Interest Carry-Forward
Amounts, if any, due on such Payment Date;

 

		6)	(a) so long as no Early Amortization Period or Event of Default has occurred and is continuing, on a pro
rata basis, (i) to the holders of the Class A-3 (A) Notes, an amount equal to the Scheduled Class A-3 Principal Payment and a pro rata
share (based on the Outstanding Principal Balance of the Class A-3 (A) Notes as a percentage of the Outstanding Principal Balance of the
Class A (A) Notes) of any Unscheduled Principal Payment allocable to the Series 2021-1 Notes for such Payment Date (until the Outstanding
Principal Balance of the Class A-3 (A) Notes has been reduced to zero ($0)), and (ii) to the holders of the Class A-4 (A) Notes, an amount
equal to the Scheduled Class A-4 Principal Payment and a pro rata share (based on the Outstanding Principal Balance of the Class A-4 (A)
Notes as a percentage of the Outstanding Principal Balance of the Class A (A) Notes) of any Unscheduled Principal Payment allocable to
the Series 2021-1 Notes for such Payment Date (until the Outstanding Principal Balance of the Class A-4 (A) Notes has been reduced to
zero ($0)), or (b) if an Early Amortization Period or Event of Default has occurred and is continuing, on a pro rata basis (based on the
Outstanding Principal Balance of each Class as a percentage of the Outstanding Principal Balance of the Class A (A) Notes), to the holders
of the Class A-3 (A) Notes and the Class A-4 (A) Notes all remaining Series Available Amounts until the Outstanding Principal Balance
of the Class A (A) Notes has been reduced to zero;

 

		7)	to the holders of the Class A-3 (A) Notes and the Class A-4 (A) Notes, pro rata, the Interest Carry-Forward
Amounts, if any, due on such Payment Date;

 

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		8)	(a) so long as no Early Amortization Period or Event of Default has occurred and is continuing, on a pro
rata basis, (i) to the holders of the Class B-1 (BBB) Notes, an amount equal to the Scheduled Class B-1 Principal Payment and a pro rata
share (based on the Outstanding Principal Balance of the Class B-1 (BBB) Notes as a percentage of the Outstanding Principal Balance of
the Class B Notes) of any Unscheduled Principal Payment allocable to the Series 2021-1 Notes for such Payment Date (until the Outstanding
Principal Balance of the Class B-1 (BBB) Notes has been reduced to zero ($0)) and (ii) to the holders of the Class B-2 (BBB) Notes, an
amount equal to the Scheduled Class B-2 Principal Payment and a pro rata share (based on the Outstanding Principal Balance of the Class
B-2 (BBB) Notes as a percentage of the Outstanding Principal Balance of the Class B Notes) of any Unscheduled Principal Payment allocable
to the Series 2021-1 Notes for such Payment Date (until the Outstanding Principal Balance of the Class B-2 (BBB) Notes has been reduced
to zero ($0)), or (b) if an Early Amortization Period or Event of Default has occurred and is continuing, on a pro rata basis (based on
the Outstanding Principal Balance of each Class as a percentage of the Outstanding Principal Balance of the Class B Notes), to the holders
of the Class B-1 (BBB) Notes and the Class B-2 (BBB) Notes all remaining Series Available Amounts;

 

		9)	to the holders of the Class B-1 (BBB) Notes and the Class B-2 (BBB) Notes, pro rata, the Interest Carry-Forward
Amounts, if any, due on such Payment Date;

 

		10)	to the holders of the Class A-1 (AAA) Notes and the Class A-2 (AAA) Notes, pro rata, based on the amount
payable, the Make Whole Amount allocated to the Class A-1 (AAA) Notes and the Class A-2 (AAA) Notes, if any, due on such Payment Date;

 

		11)	to the holders of the Class A-3 (A) Notes and the Class A-4 (A) Notes, pro rata, based on the amount payable,
the Make Whole Amount allocated to the Class A-3 (A) Notes and the Class A-4 (A) Notes, if any, due on such Payment Date;

 

		12)	to the holders of the Class B-1 (BBB) Notes and the Class B-2 (BBB) Notes, pro rata, based on the amount
payable, the Make Whole Amount allocated to the Class B-1 (BBB) Notes and the Class B-2 (BBB) Notes, if any, due on such Payment Date;

 

		13)	to the holders of the Class A-1 (AAA) Notes and the Class A-2 (AAA) Notes, pro rata, based on the amount
payable, any Post-ARD Additional Interest and Deferred Post-ARD Additional Interest, if any, due to the Class A-1 (AAA) Notes and the
Class A-2 (AAA) Notes on such Payment Date;

 

		14)	to the holders of the Class A-3 (A) Notes and the Class A-4 (A) Notes, pro rata, based on the amount payable,
any Post-ARD Additional Interest and Deferred Post-ARD Additional Interest, if any, due to the Class A-3 (A) Notes and the Class A-4 (A)
Notes on such Payment Date;

 

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		15)	to the holders of the Class B-1 (BBB) Notes and the Class B-2 (BBB) Notes, pro rata, based on the amount
payable, any Post-ARD Additional Interest and Deferred Post-ARD Additional Interest, if any, due to the Class B-1 (BBB) Notes and the
Class B-2 (BBB) Notes on such Payment Date; and

 

		16)	to the Issuers, all remaining Series Available Amounts (such amounts to be released from the lien of the
Indenture).

 

Section
2.03.      Voluntary Prepayment

 

        (a)            
The Issuers may, at their option, elect to make a Voluntary Prepayment with respect to the Series 2021-1 Notes in whole or in part
on the related Redemption Date in accordance with Section 7.01 of the Master Indenture.

 

    
   (b)                The
 “Full Redemption Amount” in connection with a Voluntary Prepayment of the Series 2021-1 Notes in full
shall be an amount equal to the sum of (i) the then Outstanding Principal Balance of the Series 2021-1 Notes, (ii) all accrued and
unpaid interest thereon (plus any Interest Carry-Forward Amount, Post-ARD Additional Interest and Deferred Post-ARD Additional
Interest), (iii) all amounts related to such Series 2021-1 Notes that are outstanding to the Indenture Trustee, the Property
Manager, the Special Servicer, the Back-Up Manager and any other parties to the Transaction Documents and (iv) the required Make
Whole Amount, if applicable.

 

    
(c)             The Partial Redemption Amount in connection with
a Voluntary Prepayment of the Series 2021-1 Notes in part shall be as set forth in Section 7.01(d) of the Master Indenture. For the
avoidance of doubt, proceeds from a Series Collateral Release are not permitted to be used for a Voluntary Prepayment in connection
with a partial prepayment of the Series 2021-1 Notes or any Related Series Notes.

 

   
  (d)            In addition, the Issuers may prepay a Class of
Series 2021-1 Notes in full (without prepaying any Related Series Notes or any other Class of Series 2021-1 Notes) on any Business
Day that is on or following the Payment Date in May 2026, with respect to the Class A-1 (AAA) Notes, the Class A-3 (A) Notes and the
Class B-1 (BBB) Notes and in May 2028, with respect to the Class A-2 (AAA) Notes, the Class A-4 (A) Notes and the Class B-2 (BBB)
Notes; provided, that, except in connection with a Series Collateral Release, such Class of Series 2021-1 Notes may only be
prepaid in full (without prepaying any Related Series Notes or other Class of Series 2021-1 Notes) if no other Class of Series
2021-1 Notes or class of any other Series of Notes with a higher alphabetical designation and an Anticipated Repayment Date that is
the same as or sooner than the Anticipated Repayment Date of the Series 2021-1 Notes is then outstanding.

 

Section
2.04.      Early Refinancings.
With respect to the Series 2021-1 Notes and on any Payment Date, the Issuers have the right to prepay an aggregate amount up to thirty-five
percent (35%) of the Initial Principal Balance of the Series 2021-1 Notes (the “Early Refinancing Prepayment”).
No Make Whole Amount will be due in relation to any Early Refinancing Prepayment; provided, that (i) the prepayment is made with
funds obtained from a Qualified Deleveraging Event, (ii) the Issuers provided no less than thirty (30) days’ notice to the Series
2021-1 Noteholders (such date, the “Early Refinancing Notice Date”) and (iii) such Early Refinancing Prepayment
is used to prepay a portion of the Outstanding Principal Balance of the

 

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Series 2021-1 Notes no later than twelve (12) months following
the Early Refinancing Notice Date (the “Series 2021-1 Early Refinancing Period”); provided, that the
maximum Early Refinancing Prepayments permitted to be made is an amount equal to (A) thirty-five percent (35%) of the Initial Principal
Balance of the Series 2021-1 Notes, minus (B) the amount of Early Refinancing Prepayments and Unscheduled Principal Payments made on the
Notes from Allocated Release Amounts since the Series Closing Date.

 

Section
2.05.      Unscheduled Principal Payments. Prior
to the applicable Refinancing Date, Make Whole Amount will be due to Noteholders of each Class of Series 2021-1 Notes in connection with
the payment of any Unscheduled Principal Payment actually paid on the related Payment Date to such Class of Notes; provided however no
Make Whole Amount will be due at any time for prepayments on the Notes with amounts constituting: (i) Insurance Proceeds or Condemnation
Proceeds, (ii) Early Refinancing Prepayments made in connection with the Qualified Deleveraging Event, (iii) amounts disbursed to the
Payment Account from the DSCR Reserve Account, (iv) amounts received in respect of a Specially Managed Unit or a repurchase due to a
Collateral Defect, (v) amounts received in respect of the transfer of a Defaulted Asset, Delinquent Asset or Terminated Lease Property
or (vi) Allocated Release Amounts in an aggregate amount up to fifteen percent (15%) of the Initial Principal Balance of the Series 2021-1
Notes; provided, however, that when combined with any Early Refinancing Prepayments made since the Series Closing Date, such Allocated
Release Amounts shall not exceed thirty-five percent (35%) of the Initial Principal Balance of the Series 2021-1 Notes (and for any amount
that does exceed thirty-five percent (35%), a Make Whole Amount will be due).

 

ARTICLE
III

Representations and Warranties

 

Section
3.01.      Representations and Warranties.

 

(a)         
The Issuers and the Indenture Trustee hereby restate as of the Series Closing Date, or as of such other date as is specifically
referenced in the body of such representation and warranty, all of the representations and warranties set forth in Section 2.19, Section
2.20, Section 2.21, Section 2.22, Section 5.06 and Section 9.04, as applicable, of the Master Indenture.

 

(b)         
Each of the Issuers and the Indenture Trustee hereby represents and warrants to each other as of the Series Closing Date:

 

(i)                      
it has full corporate power and authority to execute, deliver and perform its obligations under this Series 2021-1 Supplement,
and to consummate the transactions set forth herein. The consummation of the transactions contemplated by this Series 2021-1 Supplement
will not conflict with, or result in a breach of, any of the terms, conditions or provisions of its organizational documents, or any material
agreement or instrument to which it is now a party or by which it is bound, or result in the violation of any law, rule, regulation, order,
judgment or decree to which it or its property is subject, except any such conflict, violation or breach that would not result in a material
adverse effect on such party’s ability to perform its obligations hereunder or the enforceability of any of the Transaction Documents.
The execution, delivery and performance by it of this Series 2021-1 Supplement, and the consummation by it of the transactions contemplated
hereby, have

 

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been duly authorized by all necessary corporate action or limited liability company action, as applicable. This Series 2021-1
Supplement has been duly executed and delivered by it and, assuming due authorization, execution and delivery by each other party hereto,
constitutes the valid and legally binding obligation of it enforceable against it in accordance with its terms (except
as such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws
affecting creditors’ rights generally or by general equitable principles, whether considered in a proceeding at law or in equity
and by an implied covenant of good faith and fair dealing); and

 

(ii)                   
No consent, approval, order or authorization of, or declaration, filing or registration with, any governmental entity is required
to be obtained or made by it in connection with the execution, delivery or performance by it of this Series 2021-1 Supplement, or the
consummation by it of the transactions contemplated hereby, except such as have already been obtained.

 

Section
3.02.      Conditions Precedent Satisfied.
The Issuers hereby represent and warrant to the Indenture Trustee that, as of the Series Closing Date, each of the conditions precedent
set forth in the Master Indenture to the issuance of the Series 2021-1 Notes have been satisfied.

 

Section
3.03.      Collateral Representations and Warranties.
The Issuers hereby represent and warrant to the Indenture Trustee on behalf of the Series 2021-1 Noteholders that the representations
and warranties set forth in Section 2.20 of the Master Indenture and Exhibit A hereto, if any, are true and correct as of the Series
Closing Date (or such other date as is set forth in any such representation or warranty) with respect to the Properties and Leases Granted
by such Issuer on the Series Closing Date, except as otherwise set forth in Schedule I-B hereto. 

 

Section
3.04.      Recycled SPE Representations and Warranties. Each of AFN ABSPROP002-A, LLC, AFN ABSPROP002-B,
LLC and AFN ABSPROP002-C, LLC hereby represents and warrants (on behalf of itself) to the Indenture Trustee on behalf of the Noteholders
that it:

 

(a)         
is and always has been duly formed, validly existing and in good standing in the state of its incorporation and in all other jurisdictions
where it is qualified to do business;

 

(b)         
has no judgments or liens of any nature against it except tax liens not yet due;

 

(c)         
is in compliance with all laws, regulations and orders applicable to it and has received all permits necessary for it to operate;

 

(d)         
is not aware of any pending or threatened litigation against it;

 

(e)         
is not involved in any dispute with any taxing authority;

 

(f)          
has paid all taxes;

 

    17 

     

    

 

(g)         
has never owned any property other than the Property that is the subject of the transaction contemplated by the Indenture and has
never engaged in any business except the ownership and operation of such property;

 

(h)         
is not now, and has never been, party to any lawsuit, arbitration, summons or legal proceeding;

 

(i)           
has no material, contingent or actual obligations not related to the Property it holds; and

 

(j)           
has operated as a bankruptcy remote entity and is not exposed to substantive consolidation risk.

 

ARTICLE
IV

Miscellaneous Provisions

 

Section
4.01.      Ratification of Indenture.
As supplemented by the Series 2019-1 Supplement and this Series 2021-1 Supplement, the Master Indenture is in all respects ratified and
confirmed and the Indenture, as so supplemented by the Series 2019-1 Supplement and this Series 2021-1 Supplement shall be read, taken
and construed as one and the same instrument.

 

(a)         
For purposes of this Series 2021-1 Supplement, any reference to “written” or “in writing” means any form
of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted
by Electronic Transmission. “Electronic Transmission” means any form of communication not directly involving the physical
transmission of paper, including the use of, or participation in, 1 or more electronic networks or databases (including 1 or more distributed
electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that
may be directly reproduced in paper form by such a recipient through an automated process. The Indenture Trustee is authorized to accept
written instructions, directions, reports, notices or other communications delivered by Electronic Transmission and shall not have any
duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or
information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other
communications or information on behalf of the party purporting to send such Electronic Transmission; and the Indenture Trustee shall
not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance
upon or compliance with such instructions, directions, reports, notices or other communications or information to the Indenture Trustee,
including, without limitation, the risk of the Indenture Trustee acting on unauthorized instructions, notices, reports or other communications
or information, and the risk of interception and misuse by third parties.

 

(b)         
Any requirement in this Series 2021-1 Supplement or the Notes that a document, including the Notes, is to be signed or authenticated
by “manual signature” or similar language shall not be deemed to prohibit signature to be by facsimile or electronic signature
and shall not be deemed to prohibit delivery thereof by Electronic Transmission.

 

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(c)         
Notwithstanding anything to the contrary in this Series 2021-1 Supplement, any and all communications (both text and attachments)
by or from the Indenture Trustee that the Indenture Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive
information and sent by Electronic Transmission will be encrypted. The recipient of the Electronic Transmission will be required to complete
a one-time registration process.

 

Section
4.02.      Counterparts.
This Series 2021-1 Supplement may be executed in any number of counterparts, each of which shall be deemed to be an original regardless
of whether delivered in physical or electronic form, but all of which shall constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Series 2021-1 Supplement in Portable Document Format (PDF) or by electronic transmission shall
be as effective as delivery of a manually executed original counterpart of this Series 2021-1 Supplement.

 

Section
4.03.      Governing Law.
THIS SERIES 2021-1 SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO THE CONFLICTS OF LAW PROVISIONS THEREOF, OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section
4.04.      Beneficiaries.
As supplemented by this Series 2021-1 Supplement, the Master Indenture shall inure to the benefit of and be binding upon the parties hereto,
the Series 2021-1 Noteholders, and their respective successors and permitted assigns. No other Person shall have any right or obligation
hereunder.

 

Section
4.05.      Non-Petition.
Each Series 2021-1 Noteholder shall be deemed to have agreed, by acceptance of its Series 2021-1 Note, and the Indenture Trustee hereby
covenant and agrees, not to file or join in filing any petition in any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings, under any federal or state bankruptcy or similar law in respect of any Issuer for a period of two (2)
years and thirty-one (31) days following payment in full of all of the Notes (including the Series 2021-1 Notes) issued or co-issued by
the Issuers under the Indenture provided, however, that nothing in this Section 4.05 shall constitute a waiver of
any right to indemnification, reimbursement or other payment from the Issuers pursuant to the Indenture. In the event that any such Series
2021-1 Noteholder or the Indenture Trustee takes action in violation of this Section 4.05, the applicable Issuer, shall file or
cause to be filed an answer with the bankruptcy court or otherwise properly contesting the filing of such a petition by any such Series
2021-1 Noteholder or the Indenture Trustee against such Issuer or the commencement of such action and raising the defense that such Series
2021-1 Noteholder or the Indenture Trustee has agreed in writing not to take such action and should be estopped and precluded therefrom
and such other defenses, if any, as its counsel advises that it may assert. The provisions of this Section 4.05 shall survive the
termination of the Indenture, and the resignation or removal of the Indenture Trustee. Nothing contained herein shall preclude participation
by any Series 2021-1 Noteholder or the Indenture Trustee in the assertion or defense of its claims in any such proceeding involving any
Issuer.

 

Section
4.06.      Non-Recourse.
Notwithstanding anything to the contrary herein or otherwise in the Indenture, the Series 2021-1 Notes are nonrecourse obligations solely
of the

 

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Issuers and shall be payable
only from the Collateral Pool. Upon the exhaustion of the Collateral included in the Collateral Pool, any liabilities of the Issuers
hereunder shall be extinguished. No recourse shall be had for the payment of any amount owing in respect of any fee hereunder or any
other obligation or claim arising out of or based upon the Indenture against any member, employee, officer or director of the Issuers.
Fees, expenses, costs or other obligations payable by the Issues hereunder shall be payable by the Issuers only to the extent that funds
are then available or thereafter become available for such purpose pursuant to Section 2.11 of the Master Indenture. In the event that
sufficient funds are not available for their payment pursuant to Section 2.11 of the Master Indenture, the excess unpaid amount of such
fees, expenses, costs or other obligations shall in no event constitute a claim (as defined in Section 101 of the Bankruptcy Code)
against, or corporate obligation of, the Issuers. Nothing in this Section 4.06 shall be construed to limit the Indenture Trustee,
on behalf of the Noteholders, from exercising its rights hereunder and otherwise in accordance with Article IV of the Master Indenture
with respect to the Collateral Pool.

 

Section
4.07.      Amendments.
This Series 2021-1 Supplement may, from time to time, be amended, modified or waived in accordance with Article VIII of the Master Indenture.

 

Section
4.08.      Notice to the Rating Agency.
Any communication provided for or permitted hereunder or otherwise pursuant to the Indenture shall be in writing and, unless otherwise
expressly provided herein, shall be deemed to have been duly given if delivered by courier or mailed by first class mail, postage prepaid,
or if transmitted by facsimile and confirmed in a writing delivered or mailed as aforesaid, to, in the case of S&P Global, Inc.,
55 Water Street, 41st Floor, New York, New York, 10004, Attention: Asset-Backed Surveillance Department, facsimile number: (212) 438-2435;
or, as to such Person, such other address or facsimile number as may hereafter be furnished by such Person to the parties hereto in writing.

 

Section
4.09.      Co-Issuer Status. Each Issuer shall be a co-issuer of the Series 2019-1 Notes and the
Series 2021-1 Notes and each Issuer shall have all the rights and obligations of each other Issuer under each of the Transaction Documents. 

 

[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK]

 

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IN WITNESS WHEREOF, the Issuers
and the Indenture Trustee have caused this Series 2021-1 Supplement to be duly executed and delivered by their respective officers thereunto
duly authorized and their respective seals, duly attested, to be hereunto affixed, all as of the day and year first above written.

 

	 	AFN ABSPROP001, LLC
	 	 
	 	By:  	American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	By:  	American Finance Trust, Inc., a Maryland Corporation, its general partner 
	 	 
	 	 	 	By:  	 /s/ Jason F. Doyle
	 	 	 	Name: Jason F. Doyle
	 	 	 	Title: Chief Financial Officer, Secretary and Treasurer

 

Series Supplement (AFIN 2021-1)

 

     

     

    

 

	 	AFN ABSPROP001-A, LLC
	 	 
	 	By:  	American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	By:  	 American Finance Trust, Inc., a Maryland Corporation, its general partner
	 	 
	 	 	 	By:	 /s/ Jason F. Doyle
	 	 	 	Name: Jason F. Doyle
	 	 	 	Title: Chief Financial Officer, Secretary and Treasurer

 

Series Supplement (AFIN 2021-1)

 

     

     

    

 

	 	AFN ABSPROP001-B, LLC
	 	 
	 	By:  	American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	By:  	American Finance Trust, Inc., a Maryland Corporation, its general partner 
	 	 
	 	 	 	By:	 /s/ Jason F. Doyle
	 	 	 	Name: Jason F. Doyle
	 	 	 	Title: Chief Financial Officer, Secretary and Treasurer

 

Series Supplement (AFIN 2021-1)

 

     

     

    

 

	 	AFN ABSPROP002, LLC
	 	 
	 	By:  	American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	By:  	 American Finance Trust, Inc., a Maryland Corporation, its general partner 
	 	 
	 	 	 	By:	 /s/ Jason F. Doyle
	 	 	 	Name: Jason F. Doyle
	 	 	 	Title: Chief Financial Officer, Secretary and Treasurer

 

Series Supplement (AFIN 2021-1)

 

     

     

    

 

	 	AFN ABSPROP002-A, LLC
	 	 
	 	By:  	American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	By:  	American Finance Trust, Inc., a Maryland Corporation, its general partner 
	 	 
	 	 	 	By:	 /s/ Jason F. Doyle
	 	 	 	Name: Jason F. Doyle
	 	 	 	Title: Chief Financial Officer, Secretary and Treasurer

 

Series Supplement (AFIN 2021-1)

 

     

     

    

 

	 	AFN ABSPROP002-B, LLC
	 	 
	 	By:  	American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	By:  	American Finance Trust, Inc., a Maryland Corporation, its general partner 
	 	 
	 	 	 	By:	 /s/ Jason F. Doyle
	 	 	 	Name: Jason F. Doyle
	 	 	 	Title: Chief Financial Officer, Secretary and Treasurer

 

Series Supplement
(AFIN 2021-1)

 

     

     

    

 

	 	AFN ABSPROP002-C, LLC
	 	 
	 	By:  	American Finance Operating Partnership, L.P., a Delaware limited partnership, its sole member
	 	 
	 	 	By:	American Finance Trust, Inc., a Maryland Corporation, its general partner 
	 	 
	 	 	 	By:	 /s/ Jason F. Doyle
	 	 	 	Name: Jason F. Doyle
	 	 	 	Title: Chief Financial Officer, Secretary and Treasurer

 

Series Supplement (AFIN 2021-1)

 

     

     

    

 

	 	CITIBANK, N.A., not
    in its individual capacity but solely as Indenture Trustee 
	 	 
	 	By:  	 /s/ James Polcari
	 	Name: James Polcari
	 	Title: Senior Trust Officer

 

Series Supplement (AFIN 2021-1)

 

     

     

    

 

SCHEDULE II-A

 

SERIES 2019-1 NOTES AMORTIZATION SCHEDULE

 

	Payment Date	Scheduled Class A-1 Principal Balance	Scheduled Class A-2 Principal Balance
	Series Closing Date	$118,580,008	$121,000,000.00
	6/20/2021	$118,530,101	$120,949,074.00
	7/20/2021	$118,480,194	$120,898,148.00
	8/20/2021	$118,430,287	$120,847,222.00
	9/20/2021	$118,380,380	$120,796,296.00
	10/20/2021	$118,330,473	$120,745,370.00
	11/20/2021	$118,280,566	$120,694,444.00
	12/20/2021	$118,230,659	$120,643,518.00
	1/20/2022	$118,180,752	$120,592,592.00
	2/20/2022	$118,130,845	$120,541,666.00
	3/20/2022	$118,080,938	$120,490,740.00
	4/20/2022	$118,031,031	$120,439,814.00
	5/20/2022	$117,981,124	$120,388,888.00
	6/20/2022	$117,931,217	$120,337,962.00
	7/20/2022	$117,881,310	$120,287,036.00
	8/20/2022	$117,831,403	$120,236,110.00
	9/20/2022	$117,781,496	$120,185,184.00
	10/20/2022	$117,731,589	$120,134,258.00
	11/20/2022	$117,681,682	$120,083,332.00
	12/20/2022	$117,631,775	$120,032,406.00
	1/20/2023	$117,581,868	$119,981,480.00
	2/20/2023	$117,531,961	$119,930,554.00
	3/20/2023	$117,482,054	$119,879,628.00
	4/20/2023	$117,432,147	$119,828,702.00
	5/20/2023	$117,382,240	$119,777,776.00
	6/20/2023	$117,332,333	$119,726,850.00
	7/20/2023	$117,282,426	$119,675,924.00
	8/20/2023	$117,232,519	$119,624,998.00
	9/20/2023	$117,182,612	$119,574,072.00
	10/20/2023	$117,132,705	$119,523,146.00
	11/20/2023	$117,082,798	$119,472,220.00
	12/20/2023	$117,032,891	$119,421,294.00
	1/20/2024	$116,982,984	$119,370,368.00
	2/20/2024	$116,933,077	$119,319,442.00
	3/20/2024	$116,883,170	$119,268,516.00
	4/20/2024	$116,833,263	$119,217,590.00
	5/20/2024	$116,783,356	$119,166,664.00
	6/20/2024	$116,733,449	$119,115,738.00
	7/20/2024	$116,683,542	$119,064,812.00

 

    	 	II-A-1	 

     

    

 

	Payment Date	Scheduled Class A-1 Principal Balance	Scheduled Class A-2 Principal Balance
	8/20/2024	$116,633,635	$119,013,886.00
	9/20/2024	$116,583,728	$118,962,960.00
	10/20/2024	$116,533,821	$118,912,034.00
	11/20/2024	$116,483,914	$118,861,108.00
	12/20/2024	$116,434,007	$118,810,182.00
	1/20/2025	$116,384,100	$118,759,256.00
	2/20/2025	$116,334,193	$118,708,330.00
	3/20/2025	$116,284,286	$118,657,404.00
	4/20/2025	$116,234,379	$118,606,478.00
	5/20/2025	$116,184,472	$118,555,552.00
	6/20/2025	$116,134,565	$118,504,626.00
	7/20/2025	$116,084,658	$118,453,700.00
	8/20/2025	$116,034,751	$118,402,774.00
	9/20/2025	$115,984,844	$118,351,848.00
	10/20/2025	$115,934,937	$118,300,922.00
	11/20/2025	$115,885,030	$118,249,996.00
	12/20/2025	$115,835,123	$118,199,070.00
	1/20/2026	$115,785,216	$118,148,144.00
	2/20/2026	$115,735,309	$118,097,218.00
	3/20/2026	$115,685,402	$118,046,292.00
	4/20/2026	$115,635,495	$117,995,366.00
	5/20/2026	-	$117,944,440.00
	6/20/2026	 	$117,893,514.00
	7/20/2026	 	$117,842,588.00
	8/20/2026	 	$117,791,662.00
	9/20/2026	 	$117,740,736.00
	10/20/2026	 	$117,689,810.00
	11/20/2026	 	$117,638,884.00
	12/20/2026	 	$117,587,958.00
	1/20/2027	 	$117,537,032.00
	2/20/2027	 	$117,486,106.00
	3/20/2027	 	$117,435,180.00
	4/20/2027	 	$117,384,254.00
	5/20/2027	 	$117,333,328.00
	6/20/2027	 	$117,282,402.00
	7/20/2027	 	$117,231,476.00
	8/20/2027	 	$117,180,550.00
	9/20/2027	 	$117,129,624.00
	10/20/2027	 	$117,078,698.00
	11/20/2027	 	$117,027,772.00
	12/20/2027	 	$116,976,846.00
	1/20/2028	 	$116,925,920.00

 

    	 	II-A-2	 

     

    

 

	Payment Date	Scheduled Class A-1 Principal Balance	Scheduled Class A-2 Principal Balance
	2/20/2028	 	$116,874,994.00
	3/20/2028	 	$116,824,068.00
	4/20/2028	 	$116,773,142.00
	5/20/2028	 	$116,722,216.00
	6/20/2028	 	$116,671,290.00
	7/20/2028	 	$116,620,364.00
	8/20/2028	 	$116,569,438.00
	9/20/2028	 	$116,518,512.00
	10/20/2028	 	$116,467,586.00
	11/20/2028	 	$116,416,660.00
	12/20/2028	 	$116,365,734.00
	1/20/2029	 	$116,314,808.00
	2/20/2029	 	$116,263,882.00
	3/20/2029	 	$116,212,956.00
	4/20/2029	 	$116,162,030.00
	5/20/2029	 	-

 

    	 	II-A-3	 

     

    

 

SCHEDULE II-B

 

CLASS A-1 (AAA) NOTES AMORTIZATION SCHEDULE

  

	Payment Date	Scheduled Class A-1 Principal Balance
	Series Closing Date	$55,000,000
	6/20/2021	$54,926,667
	7/20/2021	$54,853,333
	8/20/2021	$54,780,000
	9/20/2021	$54,706,667
	10/20/2021	$54,633,333
	11/20/2021	$54,560,000
	12/20/2021	$54,486,667
	1/20/2022	$54,413,333
	2/20/2022	$54,340,000
	3/20/2022	$54,266,667
	4/20/2022	$54,193,333
	5/20/2022	$54,120,000
	6/20/2022	$54,046,667
	7/20/2022	$53,973,333
	8/20/2022	$53,900,000
	9/20/2022	$53,826,667
	10/20/2022	$53,753,333
	11/20/2022	$53,680,000
	12/20/2022	$53,606,667
	1/20/2023	$53,533,333
	2/20/2023	$53,460,000
	3/20/2023	$53,386,667
	4/20/2023	$53,313,333
	5/20/2023	$53,240,000
	6/20/2023	$53,240,000
	7/20/2023	$53,240,000
	8/20/2023	$53,240,000
	9/20/2023	$53,240,000
	10/20/2023	$53,240,000
	11/20/2023	$53,240,000
	12/20/2023	$53,240,000
	1/20/2024	$53,240,000
	2/20/2024	$53,240,000
	3/20/2024	$53,240,000
	4/20/2024	$53,240,000
	5/20/2024	$53,240,000
	6/20/2024	$53,240,000
	7/20/2024	$53,240,000

 

    	 	II-B-1	 

     

    

 

	Payment Date	Scheduled Class A-1 Principal Balance
	8/20/2024	$53,240,000
	9/20/2024	$53,240,000
	10/20/2024	$53,240,000
	11/20/2024	$53,240,000
	12/20/2024	$53,240,000
	1/20/2025	$53,240,000
	2/20/2025	$53,240,000
	3/20/2025	$53,240,000
	4/20/2025	$53,240,000
	5/20/2025	$53,240,000
	6/20/2025	$53,240,000
	7/20/2025	$53,240,000
	8/20/2025	$53,240,000
	9/20/2025	$53,240,000
	10/20/2025	$53,240,000
	11/20/2025	$53,240,000
	12/20/2025	$53,240,000
	1/20/2026	$53,240,000
	2/20/2026	$53,240,000
	3/20/2026	$53,240,000
	4/20/2026	$53,240,000
	5/20/2026	$53,240,000
	6/20/2026	$53,240,000
	7/20/2026	$53,240,000
	8/20/2026	$53,240,000
	9/20/2026	$53,240,000
	10/20/2026	$53,240,000
	11/20/2026	$53,240,000
	12/20/2026	$53,240,000
	1/20/2027	$53,240,000
	2/20/2027	$53,240,000
	3/20/2027	$53,240,000
	4/20/2027	$53,240,000
	5/20/2027	$53,240,000
	6/20/2027	$53,240,000
	7/20/2027	$53,240,000
	8/20/2027	$53,240,000
	9/20/2027	$53,240,000
	10/20/2027	$53,240,000
	11/20/2027	$53,240,000
	12/20/2027	$53,240,000
	1/20/2028	$53,240,000

 

    	 	II-B-2	 

     

    

 

	Payment Date	Scheduled Class A-1 Principal Balance
	2/20/2028	$53,240,000
	3/20/2028	$53,240,000
	4/20/2028	$53,240,000
	5/20/2028	0

 

    	 	II-B-3	 

     

    

 

SCHEDULE II-C

 

CLASS A-2 (AAA) NOTES AMORTIZATION SCHEDULE

 

	Payment Date	Scheduled Class A-2 Principal Balance
	Series Closing Date	$95,000,000
	6/20/2021	$94,873,333
	7/20/2021	$94,746,667
	8/20/2021	$94,620,000
	9/20/2021	$94,493,333
	10/20/2021	$94,366,667
	11/20/2021	$94,240,000
	12/20/2021	$94,113,333
	1/20/2022	$93,986,667
	2/20/2022	$93,860,000
	3/20/2022	$93,733,333
	4/20/2022	$93,606,667
	5/20/2022	$93,480,000
	6/20/2022	$93,353,333
	7/20/2022	$93,226,667
	8/20/2022	$93,100,000
	9/20/2022	$92,973,333
	10/20/2022	$92,846,667
	11/20/2022	$92,720,000
	12/20/2022	$92,593,333
	1/20/2023	$92,466,667
	2/20/2023	$92,340,000
	3/20/2023	$92,213,333
	4/20/2023	$92,086,667
	5/20/2023	$91,960,000
	6/20/2023	$91,960,000
	7/20/2023	$91,960,000
	8/20/2023	$91,960,000
	9/20/2023	$91,960,000
	10/20/2023	$91,960,000
	11/20/2023	$91,960,000
	12/20/2023	$91,960,000
	1/20/2024	$91,960,000
	2/20/2024	$91,960,000
	3/20/2024	$91,960,000
	4/20/2024	$91,960,000
	5/20/2024	$91,960,000
	6/20/2024	$91,960,000

 

    	 	II-C-1	 

     

    

 

	Payment Date	Scheduled Class A-2 Principal Balance
	7/20/2024	$91,960,000
	8/20/2024	$91,960,000
	9/20/2024	$91,960,000
	10/20/2024	$91,960,000
	11/20/2024	$91,960,000
	12/20/2024	$91,960,000
	1/20/2025	$91,960,000
	2/20/2025	$91,960,000
	3/20/2025	$91,960,000
	4/20/2025	$91,960,000
	5/20/2025	$91,960,000
	6/20/2025	$91,960,000
	7/20/2025	$91,960,000
	8/20/2025	$91,960,000
	9/20/2025	$91,960,000
	10/20/2025	$91,960,000
	11/20/2025	$91,960,000
	12/20/2025	$91,960,000
	1/20/2026	$91,960,000
	2/20/2026	$91,960,000
	3/20/2026	$91,960,000
	4/20/2026	$91,960,000
	5/20/2026	$91,960,000
	6/20/2026	$91,960,000
	7/20/2026	$91,960,000
	8/20/2026	$91,960,000
	9/20/2026	$91,960,000
	10/20/2026	$91,960,000
	11/20/2026	$91,960,000
	12/20/2026	$91,960,000
	1/20/2027	$91,960,000
	2/20/2027	$91,960,000
	3/20/2027	$91,960,000
	4/20/2027	$91,960,000
	5/20/2027	$91,960,000
	6/20/2027	$91,960,000
	7/20/2027	$91,960,000
	8/20/2027	$91,960,000
	9/20/2027	$91,960,000
	10/20/2027	$91,960,000
	11/20/2027	$91,960,000
	12/20/2027	$91,960,000

 

    	 	II-C-2	 

     

    

 

	Payment Date	Scheduled Class A-2 Principal Balance
	1/20/2028	$91,960,000
	2/20/2028	$91,960,000
	3/20/2028	$91,960,000
	4/20/2028	$91,960,000
	5/20/2028	$91,960,000
	6/20/2028	$91,960,000
	7/20/2028	$91,960,000
	8/20/2028	$91,960,000
	9/20/2028	$91,960,000
	10/20/2028	$91,960,000
	11/20/2028	$91,960,000
	12/20/2028	$91,960,000
	1/20/2029	$91,960,000
	2/20/2029	$91,960,000
	3/20/2029	$91,960,000
	4/20/2029	$91,960,000
	5/20/2029	$91,960,000
	6/20/2029	$91,960,000
	7/20/2029	$91,960,000
	8/20/2029	$91,960,000
	9/20/2029	$91,960,000
	10/20/2029	$91,960,000
	11/20/2029	$91,960,000
	12/20/2029	$91,960,000
	1/20/2030	$91,960,000
	2/20/2030	$91,960,000
	3/20/2030	$91,960,000
	4/20/2030	$91,960,000
	5/20/2030	$91,960,000
	6/20/2030	$91,960,000
	7/20/2030	$91,960,000
	8/20/2030	$91,960,000
	9/20/2030	$91,960,000
	10/20/2030	$91,960,000
	11/20/2030	$91,960,000
	12/20/2030	$91,960,000
	1/20/2031	$91,960,000
	2/20/2031	$91,960,000
	3/20/2031	$91,960,000
	4/20/2031	$91,960,000
	5/20/2031	0

 

    	 	II-C-3	 

     

    

 

SCHEDULE II-D

 

CLASS A-3 (A) NOTES AMORTIZATION SCHEDULE

 

	Payment Date	Scheduled Class A-3 Principal Balance
	Series Closing Date	$35,000,000
	6/20/2021	$35,000,000
	7/20/2021	$35,000,000
	8/20/2021	$35,000,000
	9/20/2021	$35,000,000
	10/20/2021	$35,000,000
	11/20/2021	$35,000,000
	12/20/2021	$35,000,000
	1/20/2022	$35,000,000
	2/20/2022	$35,000,000
	3/20/2022	$35,000,000
	4/20/2022	$35,000,000
	5/20/2022	$35,000,000
	6/20/2022	$35,000,000
	7/20/2022	$35,000,000
	8/20/2022	$35,000,000
	9/20/2022	$35,000,000
	10/20/2022	$35,000,000
	11/20/2022	$35,000,000
	12/20/2022	$35,000,000
	1/20/2023	$35,000,000
	2/20/2023	$35,000,000
	3/20/2023	$35,000,000
	4/20/2023	$35,000,000
	5/20/2023	$35,000,000
	6/20/2023	$35,000,000
	7/20/2023	$35,000,000
	8/20/2023	$35,000,000
	9/20/2023	$35,000,000
	10/20/2023	$35,000,000
	11/20/2023	$35,000,000
	12/20/2023	$35,000,000
	1/20/2024	$35,000,000
	2/20/2024	$35,000,000
	3/20/2024	$35,000,000
	4/20/2024	$35,000,000
	5/20/2024	$35,000,000
	6/20/2024	$35,000,000
	7/20/2024	$35,000,000

 

    	 	II-D-1	 

     

    

 

	Payment Date	Scheduled Class A-3 Principal Balance
	8/20/2024	$35,000,000
	9/20/2024	$35,000,000
	10/20/2024	$35,000,000
	11/20/2024	$35,000,000
	12/20/2024	$35,000,000
	1/20/2025	$35,000,000
	2/20/2025	$35,000,000
	3/20/2025	$35,000,000
	4/20/2025	$35,000,000
	5/20/2025	$35,000,000
	6/20/2025	$35,000,000
	7/20/2025	$35,000,000
	8/20/2025	$35,000,000
	9/20/2025	$35,000,000
	10/20/2025	$35,000,000
	11/20/2025	$35,000,000
	12/20/2025	$35,000,000
	1/20/2026	$35,000,000
	2/20/2026	$35,000,000
	3/20/2026	$35,000,000
	4/20/2026	$35,000,000
	5/20/2026	$35,000,000
	6/20/2026	$35,000,000
	7/20/2026	$35,000,000
	8/20/2026	$35,000,000
	9/20/2026	$35,000,000
	10/20/2026	$35,000,000
	11/20/2026	$35,000,000
	12/20/2026	$35,000,000
	1/20/2027	$35,000,000
	2/20/2027	$35,000,000
	3/20/2027	$35,000,000
	4/20/2027	$35,000,000
	5/20/2027	$35,000,000
	6/20/2027	$35,000,000
	7/20/2027	$35,000,000
	8/20/2027	$35,000,000
	9/20/2027	$35,000,000
	10/20/2027	$35,000,000
	11/20/2027	$35,000,000
	12/20/2027	$35,000,000
	1/20/2028	$35,000,000

 

    	 	II-D-2	 

     

    

 

	Payment Date	Scheduled Class A-3 Principal Balance
	2/20/2028	$35,000,000
	3/20/2028	$35,000,000
	4/20/2028	$35,000,000
	5/20/2028	0

 

    	 	II-D-3	 

     

    

 

SCHEDULE II-E

 

CLASS A-4 (A) NOTES AMORTIZATION SCHEDULE

 

	Payment Date	Scheduled Class A-4 Principal Balance
	Series Closing Date	$55,000,000
	6/20/2021	$55,000,000
	7/20/2021	$55,000,000
	8/20/2021	$55,000,000
	9/20/2021	$55,000,000
	10/20/2021	$55,000,000
	11/20/2021	$55,000,000
	12/20/2021	$55,000,000
	1/20/2022	$55,000,000
	2/20/2022	$55,000,000
	3/20/2022	$55,000,000
	4/20/2022	$55,000,000
	5/20/2022	$55,000,000
	6/20/2022	$55,000,000
	7/20/2022	$55,000,000
	8/20/2022	$55,000,000
	9/20/2022	$55,000,000
	10/20/2022	$55,000,000
	11/20/2022	$55,000,000
	12/20/2022	$55,000,000
	1/20/2023	$55,000,000
	2/20/2023	$55,000,000
	3/20/2023	$55,000,000
	4/20/2023	$55,000,000
	5/20/2023	$55,000,000
	6/20/2023	$55,000,000
	7/20/2023	$55,000,000
	8/20/2023	$55,000,000
	9/20/2023	$55,000,000
	10/20/2023	$55,000,000
	11/20/2023	$55,000,000
	12/20/2023	$55,000,000
	1/20/2024	$55,000,000
	2/20/2024	$55,000,000
	3/20/2024	$55,000,000
	4/20/2024	$55,000,000
	5/20/2024	$55,000,000
	6/20/2024	$55,000,000
	7/20/2024	$55,000,000

 

    	 	II-E-1	 

     

    

 

	Payment Date	Scheduled Class A-4 Principal Balance
	8/20/2024	$55,000,000
	9/20/2024	$55,000,000
	10/20/2024	$55,000,000
	11/20/2024	$55,000,000
	12/20/2024	$55,000,000
	1/20/2025	$55,000,000
	2/20/2025	$55,000,000
	3/20/2025	$55,000,000
	4/20/2025	$55,000,000
	5/20/2025	$55,000,000
	6/20/2025	$55,000,000
	7/20/2025	$55,000,000
	8/20/2025	$55,000,000
	9/20/2025	$55,000,000
	10/20/2025	$55,000,000
	11/20/2025	$55,000,000
	12/20/2025	$55,000,000
	1/20/2026	$55,000,000
	2/20/2026	$55,000,000
	3/20/2026	$55,000,000
	4/20/2026	$55,000,000
	5/20/2026	$55,000,000
	6/20/2026	$55,000,000
	7/20/2026	$55,000,000
	8/20/2026	$55,000,000
	9/20/2026	$55,000,000
	10/20/2026	$55,000,000
	11/20/2026	$55,000,000
	12/20/2026	$55,000,000
	1/20/2027	$55,000,000
	2/20/2027	$55,000,000
	3/20/2027	$55,000,000
	4/20/2027	$55,000,000
	5/20/2027	$55,000,000
	6/20/2027	$55,000,000
	7/20/2027	$55,000,000
	8/20/2027	$55,000,000
	9/20/2027	$55,000,000
	10/20/2027	$55,000,000
	11/20/2027	$55,000,000
	12/20/2027	$55,000,000
	1/20/2028	$55,000,000

 

    	 	II-E-2	 

     

    

 

	Payment Date	Scheduled Class A-4 Principal Balance
	2/20/2028	$55,000,000
	3/20/2028	$55,000,000
	4/20/2028	$55,000,000
	5/20/2028	$55,000,000
	6/20/2028	$55,000,000
	7/20/2028	$55,000,000
	8/20/2028	$55,000,000
	9/20/2028	$55,000,000
	10/20/2028	$55,000,000
	11/20/2028	$55,000,000
	12/20/2028	$55,000,000
	1/20/2029	$55,000,000
	2/20/2029	$55,000,000
	3/20/2029	$55,000,000
	4/20/2029	$55,000,000
	5/20/2029	$55,000,000
	6/20/2029	$55,000,000
	7/20/2029	$55,000,000
	8/20/2029	$55,000,000
	9/20/2029	$55,000,000
	10/20/2029	$55,000,000
	11/20/2029	$55,000,000
	12/20/2029	$55,000,000
	1/20/2030	$55,000,000
	2/20/2030	$55,000,000
	3/20/2030	$55,000,000
	4/20/2030	$55,000,000
	5/20/2030	$55,000,000
	6/20/2030	$55,000,000
	7/20/2030	$55,000,000
	8/20/2030	$55,000,000
	9/20/2030	$55,000,000
	10/20/2030	$55,000,000
	11/20/2030	$55,000,000
	12/20/2030	$55,000,000
	1/20/2031	$55,000,000
	2/20/2031	$55,000,000
	3/20/2031	$55,000,000
	4/20/2031	$55,000,000
	5/20/2031	0

 

    	 	II-E-3	 

     

    

 

SCHEDULE II-F

 

CLASS B-1 (BBB) NOTES AMORTIZATION SCHEDULE

 

	Payment Date	Scheduled Class B-1 Principal Balance
	Series Closing Date	$30,000,000
	6/20/2021	$30,000,000
	7/20/2021	$30,000,000
	8/20/2021	$30,000,000
	9/20/2021	$30,000,000
	10/20/2021	$30,000,000
	11/20/2021	$30,000,000
	12/20/2021	$30,000,000
	1/20/2022	$30,000,000
	2/20/2022	$30,000,000
	3/20/2022	$30,000,000
	4/20/2022	$30,000,000
	5/20/2022	$30,000,000
	6/20/2022	$30,000,000
	7/20/2022	$30,000,000
	8/20/2022	$30,000,000
	9/20/2022	$30,000,000
	10/20/2022	$30,000,000
	11/20/2022	$30,000,000
	12/20/2022	$30,000,000
	1/20/2023	$30,000,000
	2/20/2023	$30,000,000
	3/20/2023	$30,000,000
	4/20/2023	$30,000,000
	5/20/2023	$30,000,000
	6/20/2023	$30,000,000
	7/20/2023	$30,000,000
	8/20/2023	$30,000,000
	9/20/2023	$30,000,000
	10/20/2023	$30,000,000
	11/20/2023	$30,000,000
	12/20/2023	$30,000,000
	1/20/2024	$30,000,000
	2/20/2024	$30,000,000
	3/20/2024	$30,000,000
	4/20/2024	$30,000,000
	5/20/2024	$30,000,000
	6/20/2024	$30,000,000
	7/20/2024	$30,000,000
	8/20/2024	$30,000,000

 

    	 	II-F-1	 

     

    

 

	Payment Date	Scheduled Class B-1 Principal Balance
	9/20/2024	$30,000,000
	10/20/2024	$30,000,000
	11/20/2024	$30,000,000
	12/20/2024	$30,000,000
	1/20/2025	$30,000,000
	2/20/2025	$30,000,000
	3/20/2025	$30,000,000
	4/20/2025	$30,000,000
	5/20/2025	$30,000,000
	6/20/2025	$30,000,000
	7/20/2025	$30,000,000
	8/20/2025	$30,000,000
	9/20/2025	$30,000,000
	10/20/2025	$30,000,000
	11/20/2025	$30,000,000
	12/20/2025	$30,000,000
	1/20/2026	$30,000,000
	2/20/2026	$30,000,000
	3/20/2026	$30,000,000
	4/20/2026	$30,000,000
	5/20/2026	$30,000,000
	6/20/2026	$30,000,000
	7/20/2026	$30,000,000
	8/20/2026	$30,000,000
	9/20/2026	$30,000,000
	10/20/2026	$30,000,000
	11/20/2026	$30,000,000
	12/20/2026	$30,000,000
	1/20/2027	$30,000,000
	2/20/2027	$30,000,000
	3/20/2027	$30,000,000
	4/20/2027	$30,000,000
	5/20/2027	$30,000,000
	6/20/2027	$30,000,000
	7/20/2027	$30,000,000
	8/20/2027	$30,000,000
	9/20/2027	$30,000,000
	10/20/2027	$30,000,000
	11/20/2027	$30,000,000
	12/20/2027	$30,000,000
	1/20/2028	$30,000,000
	2/20/2028	$30,000,000

 

    	 	II-F-2	 

     

    

 

	Payment Date	Scheduled Class B-1 Principal Balance
	3/20/2028	$30,000,000
	4/20/2028	$30,000,000
	5/20/2028	0

 

    	 	II-F-3	 

     

    

 

SCHEDULE II-G

 

CLASS B-2 (BBB) NOTES AMORTIZATION SCHEDULE

 

	Payment Date	Scheduled Class B-2 Principal Balance
	Series Closing Date	$48,000,000
	6/20/2021	$48,000,000
	7/20/2021	$48,000,000
	8/20/2021	$48,000,000
	9/20/2021	$48,000,000
	10/20/2021	$48,000,000
	11/20/2021	$48,000,000
	12/20/2021	$48,000,000
	1/20/2022	$48,000,000
	2/20/2022	$48,000,000
	3/20/2022	$48,000,000
	4/20/2022	$48,000,000
	5/20/2022	$48,000,000
	6/20/2022	$48,000,000
	7/20/2022	$48,000,000
	8/20/2022	$48,000,000
	9/20/2022	$48,000,000
	10/20/2022	$48,000,000
	11/20/2022	$48,000,000
	12/20/2022	$48,000,000
	1/20/2023	$48,000,000
	2/20/2023	$48,000,000
	3/20/2023	$48,000,000
	4/20/2023	$48,000,000
	5/20/2023	$48,000,000
	6/20/2023	$48,000,000
	7/20/2023	$48,000,000
	8/20/2023	$48,000,000
	9/20/2023	$48,000,000
	10/20/2023	$48,000,000
	11/20/2023	$48,000,000
	12/20/2023	$48,000,000
	1/20/2024	$48,000,000
	2/20/2024	$48,000,000
	3/20/2024	$48,000,000
	4/20/2024	$48,000,000
	5/20/2024	$48,000,000
	6/20/2024	$48,000,000
	7/20/2024	$48,000,000

 

    	 	II-G-1	 

     

    

 

	Payment Date	Scheduled Class B-2 Principal Balance
	8/20/2024	$48,000,000
	9/20/2024	$48,000,000
	10/20/2024	$48,000,000
	11/20/2024	$48,000,000
	12/20/2024	$48,000,000
	1/20/2025	$48,000,000
	2/20/2025	$48,000,000
	3/20/2025	$48,000,000
	4/20/2025	$48,000,000
	5/20/2025	$48,000,000
	6/20/2025	$48,000,000
	7/20/2025	$48,000,000
	8/20/2025	$48,000,000
	9/20/2025	$48,000,000
	10/20/2025	$48,000,000
	11/20/2025	$48,000,000
	12/20/2025	$48,000,000
	1/20/2026	$48,000,000
	2/20/2026	$48,000,000
	3/20/2026	$48,000,000
	4/20/2026	$48,000,000
	5/20/2026	$48,000,000
	6/20/2026	$48,000,000
	7/20/2026	$48,000,000
	8/20/2026	$48,000,000
	9/20/2026	$48,000,000
	10/20/2026	$48,000,000
	11/20/2026	$48,000,000
	12/20/2026	$48,000,000
	1/20/2027	$48,000,000
	2/20/2027	$48,000,000
	3/20/2027	$48,000,000
	4/20/2027	$48,000,000
	5/20/2027	$48,000,000
	6/20/2027	$48,000,000
	7/20/2027	$48,000,000
	8/20/2027	$48,000,000
	9/20/2027	$48,000,000
	10/20/2027	$48,000,000
	11/20/2027	$48,000,000
	12/20/2027	$48,000,000
	1/20/2028	$48,000,000
	2/20/2028	$48,000,000

 

    	 	II-G-2	 

     

    

 

	Payment Date	Scheduled Class B-2 Principal Balance
	3/20/2028	$48,000,000
	4/20/2028	$48,000,000
	5/20/2028	$48,000,000
	6/20/2028	$48,000,000
	7/20/2028	$48,000,000
	8/20/2028	$48,000,000
	9/20/2028	$48,000,000
	10/20/2028	$48,000,000
	11/20/2028	$48,000,000
	12/20/2028	$48,000,000
	1/20/2029	$48,000,000
	2/20/2029	$48,000,000
	3/20/2029	$48,000,000
	4/20/2029	$48,000,000
	5/20/2029	$48,000,000
	6/20/2029	$48,000,000
	7/20/2029	$48,000,000
	8/20/2029	$48,000,000
	9/20/2029	$48,000,000
	10/20/2029	$48,000,000
	11/20/2029	$48,000,000
	12/20/2029	$48,000,000
	1/20/2030	$48,000,000
	2/20/2030	$48,000,000
	3/20/2030	$48,000,000
	4/20/2030	$48,000,000
	5/20/2030	$48,000,000
	6/20/2030	$48,000,000
	7/20/2030	$48,000,000
	8/20/2030	$48,000,000
	9/20/2030	$48,000,000
	10/20/2030	$48,000,000
	11/20/2030	$48,000,000
	12/20/2030	$48,000,000
	1/20/2031	$48,000,000
	2/20/2031	$48,000,000
	3/20/2031	$48,000,000
	4/20/2031	$48,000,000
	5/20/2031	0

 

    	 	II-G-3Exhibit 10.1

 

EXECUTION VERSION

 

AMENDED AND RESTATED GUARANTY

 

This
AMENDED AND RESTATED GUARANTY (this “Guaranty”) is executed as of June 3, 2021, by American
Finance Operating Partnership, L.P., a Delaware limited partnership (the “Support Provider”), for
the benefit of CITIBANK, N.A., a national banking association, as Indenture Trustee (“Indenture Trustee”) under
the Indenture (as defined below) for the benefit of the holders of the Notes (as hereinafter defined) (the
“Noteholders”).

 

WITNESSETH:

 

WHEREAS, pursuant to an Indenture,
dated May 30, 2019, as amended by Amendment No. 1 dated as of June 3, 2021
(as from time to time may be amended or supplemented, the “Master Indenture”), by and among AFN ABSPROP001, LLC (“AFN”),
AFN ABSPROP001-A, LLC (“AFN-A”), AFN ABSPROP001-B, LLC (“AFN-B”), AFN ABSPROP002, LLC (“AFN2”),
AFN ABSPROP002-A, LLC (“AFN-2A”), AFN ABSPROP002-B, LLC (“AFN-2B”), AFN ABSPROP002-C, LLC (“AFN-2C”;
collectively with AFN, AFN-A, AFN-B, AFN2, AFN-2A, AFN-2B and any other party designated as an “Issuer” in any Series Supplement,
the “Issuers”) and the Indenture Trustee, as supplemented by the Series 2019-1 Supplement (“Series 2019-1
Supplement”), dated as of May 30, 2019, among AFN, AFN-A, AFN-B
(collectively, the “Series 2019-1 Issuers”) and the Indenture Trustee, and as further supplemented by the Series 2021-1
Supplement (the “Series 2021-1 Supplement”; collectively with the Master Indenture, the Series 2019-1 Supplement and any other
indenture supplement thereto, the “Indenture”), dated as of June 3, 2021 among the Issuers and the Indenture Trustee,
as of the date hereof, the Issuers have issued their Net-Lease Mortgage Notes, Series 2021-1 (the “Series 2021-1 Notes”)
and the Issuers in the future may issue or co-issue additional series of notes (“Related Series Notes” and, collectively
with the Series 2019-1 Notes and the Series 2021-1 Notes, the “Notes”). Such indebtedness of the Issuers to the Noteholders
will be secured by, among other things, all of the Issuers’ right, title and interest in the Properties and the related Leases;

 

WHEREAS, the parties hereto
entered into a Guaranty, dated as of May 30, 2019 (the “Existing Guaranty”);

 

WHEREAS, the Indenture requires,
as a condition of the issuance of the Notes, among other things, that the Support Provider execute and provide to Indenture Trustee this
Guaranty, which amends and restates the Existing Guaranty;

 

WHEREAS, the Support Provider
is the owner of a direct or indirect interest in Issuers, and Support Provider will directly benefit from the issuance of indebtedness
of Issuers evidenced by the Notes (such indebtedness, “Debt”);

 

     

     

    

 

WHEREAS, capitalized terms
used herein but not otherwise defined shall have the meaning specified in the Indenture or, if not defined therein, in the Master Indenture
or the Property Management Agreement, as the context requires;

 

NOW, THEREFORE, as an inducement
to the Noteholders to acquire the Notes, and to extend such additional credit as may from time to time be extended under the Master Indenture
and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties do hereby
agree as follows:

 

ARTICLE I

 

NATURE AND
SCOPE OF GUARANTY

 

1.1.          Guaranty
of Obligation.The Support Provider hereby irrevocably and unconditionally guarantees to the Indenture Trustee, for the benefit
of the Noteholders, the payment and the full and prompt performance of the Guaranteed Obligations as and when the same shall be due and
payable, whether by lapse of time, by acceleration of maturity or otherwise. Support Provider hereby irrevocably and unconditionally
covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

1.2.          Definition
of Guaranteed Obligations. (a) As used herein, the term “Guaranteed Obligations” means the obligations
or liabilities of Issuers to the Indenture Trustee, for the benefit of the Noteholders, for any loss, damage, cost, expense, liability,
claim or other obligation incurred by Indenture Trustee (including but not limited to attorneys’ fees and costs reasonably incurred)
arising out of or in connection with the following:

 

(i)           fraud or intentional misrepresentation by any Issuer or Support Provider in connection with the Debt;

 

(ii)          the
gross negligence or willful misconduct or bad faith of any Issuer;

 

(iii)         intentional destruction or waste of the Properties by any Issuer;

 

(iv)         the breach of any representation, warranty, covenant or indemnification provision in the Indenture concerning Environmental Laws,
Hazardous Substances or Asbestos and, with respect to any Property operating in the NAICS industry group Gas/Convenience Stores, any representation,
warranty, covenant or indemnification with respect to the required insurance policies;

 

(v)          the removal or disposal of any portion of any Property during the continuation of an Event of Default (other than as permitted
by the Indenture and the Property Management Agreement);

 

    2 

     

    

 

(vi)         the
misapplication or conversion by any Issuer of (A) any insurance proceeds paid by reason of any loss, damage or destruction to the Properties,
(B) any awards or other amounts received in connection with the condemnation of all or a portion of the Properties, (C) any Monthly Lease
Payments following an Event of Default, (D) any Monthly Lease Payments paid more than one month in advance, (E) premiums for the Property
Insurance Policies (as defined in the Property Management Agreement) required under the Property Management Agreement and received by
such Issuer from any third party or Tenant under the Leases (as defined in the Property Management Agreement) or (F) any funds received
by such Issuer for payment of Taxes or other charges that can create liens on any portion of the Properties;

 

(vii)        any
security deposits (including letters of credit) collected with respect to any Property which are not delivered to Indenture Trustee upon
a foreclosure of such Property or action in lieu thereof, except to the extent any such security deposits were applied in accordance
with the terms and conditions of any of the Leases prior to the occurrence of the Event of Default that gave rise to such foreclosure
or action in lieu thereof; and

 

(viii)       any
lis pendens that has been filed against the Properties identified as “Children of America 2-Pack” on the Property
Schedule or any adverse judgment arising from the related litigation.

 

(b)           In
addition, the Support Provider shall guaranty and be liable for the full amount of the Debt in the event that within ninety (90) days
from the date hereof, (A) a receiver, liquidator or trustee of any Issuer shall be appointed at the request of, or with the consent of,
such Issuer or Support Provider, (B) any voluntary petition for bankruptcy, reorganization or arrangement related to any Issuer pursuant
to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, any Issuer
or Support Provider or (C) any proceeding for the dissolution or liquidation of any Issuer shall be instituted by such Issuer or Support
Provider.

 

(c)           In
the event of a breach by any Issuer of its obligation to cure a Collateral Defect (as defined in the Property Management Agreement) or
cause a release or substitution of the related Property as required under the Property Management Agreement, the Support Provider shall
guaranty and be liable for curing such breach or exchanging one or more Qualified Substitute Properties for such Property or shall be
obligated to purchase the related Property for the Payoff Amount (as defined in the Property Management Agreement).

 

(d)           Any
obligations or liabilities incurred by Support Provider under subparagraphs (b) and (c) immediately above shall be included in the definition
of “Guaranteed Obligations”.

 

    3 

     

    

 

(e)            Notwithstanding
anything to the contrary in any of the Transaction Documents, Indenture Trustee shall not be deemed to have waived any right which Indenture
Trustee may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full
amount of the Debt secured by the Mortgages or to require that all collateral shall continue to secure all of the Debt owing to Indenture
Trustee in accordance with the Transaction Documents.

 

1.3.          Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance
and not a guaranty of collection. This Guaranty may not be revoked by Support Provider and shall continue to be effective with respect
to any Guaranteed Obligations arising or created after any attempted revocation by Support Provider and after (if Support Provider is
a natural person) Support Provider’s death (in which event this Guaranty shall be binding upon Support Provider’s estate and
Support Provider’s legal representatives and heirs). The fact that at any time or from time to time the Guaranteed Obligations may
be increased or reduced shall not release or discharge the obligation of Support Provider to Indenture Trustee with respect to the Guaranteed
Obligations. This Guaranty may be enforced by Indenture Trustee and any subsequent holder of the Notes and shall not be discharged by
the assignment or negotiation of all or part of the Notes.

 

1.4.          Guaranteed
Obligations Not Reduced by Offset. The Notes, the Guaranteed Obligations and the liabilities and obligations of Support
Provider to Indenture Trustee hereunder, shall not be reduced, discharged or released because or by reason of any existing or future
offset, claim or defense of Issuer, or any other party, against Indenture Trustee or any other party or against payment of the Guaranteed
Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations
(or the transactions creating the Guaranteed Obligations) or otherwise.

 

1.5.          Payment
By Support Provider. If all or any part of the Guaranteed Obligations shall not be punctually paid when due, whether at
demand, maturity, acceleration or otherwise, Support Provider shall, immediately upon demand by Indenture Trustee, and without presentment,
protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity,
or any other notice whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed Obligations to
Indenture Trustee at Indenture Trustee’s address as set forth herein. Such demand(s) may be made at any time coincident with or
after the time for payment of all or part of the Guaranteed Obligations, and may be made from time to time with respect to the same or
different items of Guaranteed Obligations. Such demand shall be deemed made, given and received if made, given or received in accordance
with the notice provisions hereof.

 

    4 

     

    

 

1.6.          No Duty To Pursue Others. It shall not be necessary for Indenture Trustee (and Support Provider hereby waives
any rights which Support Provider may have to require Indenture Trustee), in order to enforce the obligations of Support Provider hereunder,
first to (i) institute suit or exhaust its remedies against Issuers or others liable on the Debt or the Guaranteed Obligations or any
other person, (ii) enforce Indenture Trustee’s rights against any collateral which shall ever have been given to secure the Debt,
(iii) enforce Indenture Trustee’s rights against any other guarantors of the Guaranteed Obligations, (iv) join Issuers or any others
liable on the Guaranteed Obligations in any action seeking to enforce this Guaranty, (v) exhaust any remedies available to Indenture Trustee
against any collateral which shall ever have been given to secure the Debt, or (vi) resort to any other means of obtaining payment of
the Guaranteed Obligations. Indenture Trustee shall not be required to mitigate damages or take any other action to reduce, collect or
enforce the Guaranteed Obligations.

 

1.7.          Waivers. Support Provider agrees to the provisions of the Transaction Documents, and hereby waives notice
of (i) any loans or advances made by Indenture Trustee to Issuer, (ii) acceptance of this Guaranty, (iii) any amendment or extension of
the Notes, the Indenture, the Mortgages or of any other Transaction Documents, (iv) the execution and delivery by any Issuer and Indenture
Trustee of any other loan or credit agreement or of any Issuer’s execution and delivery of any promissory notes or other documents
arising under the Transaction Documents or in connection with the Properties, (v) the occurrence of any breach by any Issuer or a Default
or an Event of Default, (vi) Indenture Trustee’s transfer or disposition of the Guaranteed Obligations, or any part thereof, (vii)
sale or foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest,
proof of non-payment or default by any Issuer or any other party, (ix) any other action at any time taken or omitted by Indenture Trustee,
and, generally, all presentments, demands and notices of every kind in connection with this Guaranty, the Transaction Documents, any documents
or agreements evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby guaranteed, or (x) existence
or creation or nonpayment of any of the Guaranteed Obligations.

 

1.8.          Payment
of Expenses. In the event that Support Provider
should breach or fail to timely perform any provisions of this Guaranty, Support Provider shall, promptly
upon demand by Indenture Trustee, pay Indenture Trustee all reasonable costs and expenses (including but not limited to court costs and
attorneys’ fees) incurred by Indenture Trustee in the enforcement hereof or the preservation of Indenture Trustee’s rights
hereunder. The covenant contained in this Section 1.8 shall survive the payment and performance of the Guaranteed Obligations.

 

    5 

     

    

 

1.9.          Effect
of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy, reorganization, receivership or other debtor
relief law, or any judgment, order or decision thereunder, Indenture Trustee must rescind or restore any payment, or any part thereof,
received by Indenture Trustee in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge from
the terms of this Guaranty given to Support Provider by Indenture Trustee shall be without effect, and this Guaranty shall remain in
full force and effect. It is the intention of Issuers and Support Provider that Support Provider’s obligations hereunder shall
not be discharged except by Support Provider’s performance of such obligations and then only to the extent of such performance.

 

1.10.        Waiver
of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained in this Guaranty, Support
Provider hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under
any agreement, at law or in equity (including, without limitation, any law subrogating Support Provider to the rights of Indenture Trustee),
to assert any claim against or seek contribution, indemnification or any other form of reimbursement from Issuers or any other party
liable for payment of any or all of the Guaranteed Obligations for any payment made by Support Provider under or in connection with this
Guaranty or otherwise.

 

1.11.        Issuers.
The term “Issuers” as used herein shall include any new or successor corporation, association, limited liability
company, partnership (general or limited), joint venture, trust or other individual or organization formed as a result of any merger,
reorganization, sale, transfer, devise, gift or bequest of any Issuer or any interest in any Issuer.

 

ARTICLE II. 

 

EVENTS AND CIRCUMSTANCES NOT REDUCING

OR DISCHARGING SUPPORT PROVIDER’S OBLIGATIONS

 

Support Provider hereby consents
and agrees to each of the following, and agrees that Support Provider’s obligations under this Guaranty shall not be released, diminished,
impaired, reduced or adversely affected by any of the following, and waives any common law, equitable, statutory or other rights (including
without limitation rights to notice) which Support Provider might otherwise have as a result of or in connection with any of the following:

 

2.1.          Modifications.
Any renewal, extension, increase, modification, alteration or rearrangement of all or any part of the Notes, the Indenture, the Mortgages,
the other Transaction Documents, or any other document, instrument, contract or understanding between any Issuer and Indenture Trustee,
or any other parties, pertaining to the Guaranteed Obligations or any failure of Indenture Trustee to notify Support Provider of any
such action.

 

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2.2.          Condition
of Issuers or Support Provider. The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability,
dissolution or lack of power of any Issuer, Support Provider or any other party at any time liable for the payment of all or part of
the Guaranteed Obligations; or any dissolution of any Issuer or Support Provider, or any sale, lease or transfer of any or all of the
assets of any Issuer or Support Provider, or any changes in the shareholders, partners or members of any Issuer or Support Provider;
or any reorganization of any Issuer or Support Provider.

 

2.3.          Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part of the Guaranteed
Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including
without limitation the fact that (i) the Guaranteed Obligations, or any part thereof, exceeds the amount permitted by law, (ii) the act
of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or representatives executing the Notes,
the Indenture, the Mortgages or the other Transaction Documents or otherwise creating the Guaranteed Obligations acted in excess of their
authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) Issuers have valid defenses, claims or offsets (whether
at law, in equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from Issuers, (vi) the creation,
performance or repayment, of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument representing
part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to secure the repayment of the
Guaranteed Obligations) is illegal, uncollectible or unenforceable, or (vii) the Notes, the Indenture, the Mortgages or any of the other
Transaction Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Support Provider shall
remain liable hereon regardless of whether Issuers or any other person be found not liable on the Guaranteed Obligations or any part thereof
for any reason.

 

2.4.          Release of Obligors. Any full or partial release of the liability of Issuers on the Guaranteed Obligations,
or any part thereof, or of any co-guarantors, or any other person or entity now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof,
it being recognized, acknowledged and agreed by Support Provider that Support Provider may be required to pay the Guaranteed Obligations
in full without assistance or support of any other party, and Support Provider has not been induced to enter into this Guaranty on the
basis of a contemplation, belief, understanding or agreement that other parties will be liable to pay or perform the Guaranteed Obligations,
or that Indenture Trustee will look to other parties to pay or perform the Guaranteed Obligations.

 

2.5.          Other
Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance of payment, for
all or any part of the Guaranteed Obligations.

 

    7 

     

    

 

2.6.          Release of Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment
(including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at
any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations.

 

2.7.          Care and Diligence. The failure of Indenture Trustee or any other party to exercise diligence or reasonable
care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of such collateral, property
or security, including but not limited to any neglect, delay, omission, failure or refusal of Indenture Trustee (i) to take or prosecute
any action for the collection of any of the Guaranteed Obligations or (ii) to foreclose, or initiate any action to foreclose, or, once
commenced, prosecute to completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action in connection
with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.

 

2.8.          Unenforceability.
The fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security
for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be
unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by Support Provider that Support
Provider is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility
or value of any of the collateral for the Guaranteed Obligations.

 

2.9.           Merger. The reorganization, merger or consolidation of any Issuer into or with any other corporation or entity.

 

2.10.        Preference.
Any payment by any Issuer to Indenture Trustee is held to constitute a preference under bankruptcy laws, or for any reason Indenture
Trustee is required to refund such payment or pay such amount to such Issuer or someone else.

 

2.11.        Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Transaction
Documents, the Guaranteed Obligations, or the security and collateral therefor, whether or not such action or omission prejudices Support
Provider or increases the likelihood that Support Provider will be required to pay the Guaranteed Obligations pursuant to the terms hereof.

 

It is the unambiguous and unequivocal intention
of Support Provider that Support Provider shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence,
circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly
described herein, which

 

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obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed Obligations.

 

ARTICLE III.

 

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

To induce Indenture Trustee
to enter into the Transaction Documents, Support Provider represents and warrants to, and covenants with, Indenture Trustee as follows:

 

3.1.          Benefit.
Support Provider is an Affiliate of Issuers, is the owner of a direct or indirect interest in Issuers, and has received, or will
receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.

 

3.2.          Familiarity and Reliance. Support Provider is familiar with, and has independently reviewed books and records
regarding, the financial condition of Issuers and is familiar with the value of any and all collateral intended
to be created as security for the payment of the Notes or Guaranteed Obligations; however, Support Provider is not relying on such financial
condition or the collateral as an inducement to enter into this Guaranty.

 

3.3.          No Representation By Indenture Trustee. Neither Indenture Trustee nor any other party has made any representation,
warranty or statement to Support Provider in order to induce Support Provider to execute this Guaranty.

 

3.4.          Support Provider’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty
and the contingent obligation evidenced hereby, Support Provider is, and will be, solvent, and has and will have assets which, fairly
valued, exceed its obligations, liabilities (including contingent liabilities) and debts.

 

3.5.          Organization.
Support Provider has been duly organized and is validly existing and in good standing under the laws of the state of its incorporation
with requisite power and authority to own its assets and to transact the businesses in which it is now engaged. Support Provider is duly
qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its
assets, businesses and operations. Support Provider possesses all rights, licenses, permits and authorizations, governmental or otherwise,
necessary to entitle it to own its assets and to transact the businesses in which it is now engaged.

 

3.6.          Proceedings.
Support Provider has taken all necessary action to authorize its execution, delivery and performance of this Guaranty. Support Provider
has all necessary power, authority and legal right to execute, deliver and perform its obligations under this Guaranty. This Guaranty
has been duly executed and delivered by or on behalf of Support

 

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Provider and constitutes the legal,
valid and binding obligation of Support Provider enforceable against Support Provider in accordance with its respective terms, subject
only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability,
to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

 

3.7.          Legality.
The execution, delivery and performance by Support Provider of this Guaranty and the consummation of the transactions contemplated
hereunder do not, and will not, contravene or conflict with any law, statute or regulation whatsoever to which Support Provider is subject
or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or result in the breach
of, or result in the imposition of a lien on any of its property under, any indenture, mortgage, deed of trust, charge, lien, or any
contract, agreement or other instrument to which Support Provider is a party or which may be applicable to Support Provider. This Guaranty
is a legal and binding obligation of Support Provider and is enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to the enforcement of creditors’ rights.

 

3.8.          Survival.
All representations and warranties made by Support Provider herein shall survive the execution hereof.

 

ARTICLE IV.

 

SUBORDINATION OF CERTAIN INDEBTEDNESS

 

4.1.          Subordination of All Support Provider Claims. As used herein, the term “Support Provider Claims”
shall mean all debts and liabilities of Issuers to Support Provider, whether such debts and liabilities now exist or are hereafter incurred
or arise, or whether the obligations of Issuers thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise,
and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of
the person or persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be created, or the
manner in which they have been or may hereafter be acquired by Support Provider. The Support Provider Claims shall include without limitation
all rights and claims of Support Provider against any Issuer (arising as a result of subrogation or otherwise) as a result of Support
Provider’s payment of all or a portion of the Guaranteed Obligations. During the existence of an Event of Default, Support Provider
shall not receive or collect, directly or indirectly, from Issuers or any other party any amount upon the Support Provider Claims.

 

4.2.          Claims
in Bankruptcy. In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s relief, or other
insolvency proceedings involving

 

    10 

     

    

 

Support Provider as debtor, Indenture Trustee shall have the right to prove its claim
in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian
dividends and payments which would otherwise be payable upon Support Provider Claims. Support Provider hereby assigns such dividends and
payments to Indenture Trustee. Should Indenture Trustee receive, for application upon the Guaranteed Obligations, any such dividend or
payment which is otherwise payable to Support Provider, and which, as between Issuers and Support Provider, shall constitute a credit
upon the Support Provider Claims, then upon payment to Indenture Trustee in full of the Guaranteed Obligations, Support Provider shall
become subrogated to the rights of Indenture Trustee to the extent that such payments to Indenture Trustee on the Support Provider Claims
have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation shall be with respect to that proportion of
the Guaranteed Obligations which would have been unpaid if Indenture Trustee had not received dividends or payments upon the Support Provider
Claims.

 

4.3.          Payments Held in Trust. In the event that, notwithstanding anything to the contrary in this Guaranty, Support
Provider should receive any funds, payment, claim or distribution which is prohibited by this Guaranty, Support Provider agrees to hold
in trust for Indenture Trustee an amount equal to the amount of all funds, payments, claims or distributions so received, and agrees that
it shall have absolutely no dominion over the amount of such funds, payments, claims or distributions so received except to pay them promptly
to Indenture Trustee, and Support Provider covenants promptly to pay the same to Indenture Trustee.

 

4.4.          Liens
Subordinate. Support Provider agrees that any liens, security interests, judgment liens, charges or other encumbrances
upon Issuers’ assets securing payment of the Support Provider Claims shall be and remain inferior and subordinate to any liens,
security interests, judgment liens, charges or other encumbrances upon Issuers’ assets securing payment of the Guaranteed Obligations,
regardless of whether such encumbrances in favor of Support Provider or Indenture Trustee presently exist or are hereafter created or
attach. Without the prior written consent of Indenture Trustee, Support Provider shall not (i) exercise or enforce any creditor’s
right it may have against Issuers, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings
(judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy, rearrangement,
debtor’s relief or insolvency proceeding) to enforce any liens, mortgages, deeds of trust, security interests, collateral rights,
judgments or other encumbrances on assets of Issuers held by Support Provider.

 

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ARTICLE V.

MISCELLANEOUS

 

5.1.          Waiver.
No failure to exercise, and no delay in exercising, on the part of Indenture Trustee, any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right. The rights of Indenture Trustee hereunder shall be in addition to all other rights provided
by law. No modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall be effective unless in
writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any
case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand.

 

5.2.          Notices.
Any notice, demand, statement, request or consent made hereunder shall be in writing, addressed to the address, as set forth below, of
the party to whom such notice is to be given, or to such other address as Support Provider or Indenture Trustee, as the case may be,
shall designate in writing, and shall be deemed to be received by the addressee on (i) the day such notice is personally delivered to
such addressee, (ii) the third (3rd) day following the day such notice is deposited with the United States postal service first class
certified mail, return receipt requested, or (iii) the day following the day on which such notice is delivered to a nationally recognized
overnight courier delivery service.

 

	If to Indenture Trustee:	
    Citibank, N.A.

    388 Greenwich Street

    New York, New York 10013

    Attention: Agency & Trust -
    AFIN 2021-1

     

	

If to Support Provider:	
    American Finance Operating Partnership, L.P.

    650 Fifth Avenue

    30th Floor

    New York, New York 10019

     

5.3.          GOVERNING
LAW.

 

(a)         THIS
GUARANTY WAS NEGOTIATED IN THE STATE OF NEW YORK AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE
THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS,
INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS GUARANTY AND THE

 

    12 

     

    

 

OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES
OF AMERICA, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL
GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF THIS GUARANTY AND ALL OF THE OBLIGATIONS ARISING HEREUNDER. TO THE FULLEST EXTENT
PERMITTED BY LAW, SUPPORT PROVIDER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION
GOVERNS THIS GUARANTY, AND THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT
TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

(b)         ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST SUPPORT PROVIDER ARISING OUT OF OR RELATING TO THIS GUARANTY SHALL BE INSTITUTED IN ANY FEDERAL
OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND SUPPORT
PROVIDER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION
OR PROCEEDING, AND SUPPORT PROVIDER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.

 

5.4.          Invalid
Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective
during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty
shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings
and intentions of the parties as expressed herein.

 

5.5.          Amendments.
This Guaranty may be amended only by an instrument in writing executed by the party or an authorized representative of the party against
whom such amendment is sought to be enforced.

 

    13 

     

    

 

5.6.          Parties
Bound; Assignment; Joint and Several. This Guaranty shall be binding upon and inure to the benefit of Indenture Trustee and its
successors, assigns and legal representatives; provided, however, that Support Provider may not, without the prior written consent of
Indenture Trustee, assign any of its rights, powers, duties or obligations hereunder. If Support Provider consists of more than one person
or party, the obligations and liabilities of each such person or party shall be joint and several.

 

5.7.          Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation of
this Guaranty.

 

5.8.          Recitals. The recital and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall
be considered prima facie evidence of the facts and documents referred to therein.

 

5.9.          Counterparts.
To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. 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 instrument. It shall not be necessary in making proof of this Guaranty to produce
or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any
signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon
and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages.

 

5.10.        Rights
and Remedies. If Support Provider becomes liable for any indebtedness owing by Issuers to Indenture Trustee, by endorsement or
otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Indenture
Trustee hereunder shall be cumulative of any and all other rights that Indenture Trustee may ever have against Support Provider. The
exercise by Indenture Trustee of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude
the concurrent or subsequent exercise of any other right or remedy.

 

5.11.        ENTIRETY.
THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF SUPPORT PROVIDER AND INDENTURE TRUSTEE WITH RESPECT TO SUPPORT PROVIDER’S
GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS,
WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY SUPPORT PROVIDER AND INDENTURE TRUSTEE AS
A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THIS GUARANTY, AND NO COURSE OF DEALING BETWEEN SUPPORT PROVIDER

 

    14 

     

    

 

AND INDENTURE TRUSTEE, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES,
AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL
BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL AGREEMENTS BETWEEN SUPPORT PROVIDER AND
INDENTURE TRUSTEE.

 

5.12.        WAIVER
OF RIGHT TO TRIAL BY JURY. EACH OF SUPPORT PROVIDER AND INDENTURE TRUSTEE HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE DEED OF TRUST, OR THE OTHER TRANSACTION DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER
ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH OF SUPPORT PROVIDER
AND INDENTURE TRUSTEE, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY
WOULD OTHERWISE ACCRUE. EACH OF SUPPORT PROVIDER AND INDENTURE TRUSTEE IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY.

 

5.13.       
Amendment and Restatement. This Guaranty amends and restates in its entirety the Existing Guaranty.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    15 

     

    

 

EXECUTED as of the day and
year first above written.

 

	 	American Finance Operating Partnership, 

L.P., as Support Provider
	 	 	 	 
	 	 	 	 
	 	By: 	American Finance Trust, Inc., a Maryland Corporation,

 its general partner
	 	 	 	 
	 	 	By: 	/s/ Michael R. Anderson
	 	 	Name: 	Michael R. Anderson
	 	 	Title: 	Authorized Signatory

 

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