Document:

EXECUTION VERSION

 

SECOND AMENDMENT
TO CREDIT agreement

 

THIS SECOND AMENDMENT
TO CREDIT AGREEMENT (this “Agreement”) is dated as of June 21, 2013, by and among CAPLEASE, LP, a Delaware limited
partnership, PREFCO DIX-NEUF LLC, a Connecticut limited liability company, PREFCO NINETEEN LIMITED PARTNERSHIP, a Connecticut limited
partnership, CLF CANE RUN MEMBER, LLC, a Delaware limited liability company, CLF CANE RUN LOUISVILLE, LLC, a Delaware limited liability
company, CLF LANDMARK OMAHA LLC, a Delaware limited liability company, CLF DODGE OMAHA LLC, a Delaware limited liability company,
KDC BUSCH BOULEVARD LLC, a Delaware limited liability company, CLF 555 N DANIELS WAY LLC, a Delaware limited liability company,
CLF PULCO ONE LLC, a Delaware limited liability company, CLF PULCO TWO LLC, a Delaware limited liability company, and CLF TOLLWAY
PLANO LP, a Delaware limited partnership (each, a “Borrower” and collectively, the “Borrowers”), the Lenders
(as defined below) party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent for the Lenders
(together with its successors and assigns, the “Agent”).

 

W I T
N E S S E T H :

 

WHEREAS, Borrowers,
the lenders party thereto (the “Lenders”), and Agent entered into that certain Credit Agreement dated as of
June 29, 2012, as amended by that certain First Amendment to Credit Agreement dated as of April 16, 2013 (as amended, restated,
supplemented, or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”); and

 

WHEREAS, the Borrowers
have requested and the Agent and the Lenders party hereto have agreed to, subject to the terms and conditions of this Agreement,
certain amendments to the Credit Agreement which shall, among other things, increase the principal amount of the Revolving Commitment
(as defined in the Credit Agreement) by an amount up to $50,000,000; and

 

NOW, THEREFORE, for
and in consideration of the above premises and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by the parties hereto, each of the parties hereto hereby covenant and agree as follows:

 

SECTION 1.Definitions.
Unless otherwise specifically defined herein, each term used herein which is defined in the Credit Agreement shall have the meaning
assigned to such term in the Credit Agreement. Each reference to “hereof,” “hereunder,” “herein,”
and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar
reference contained in the Credit Agreement shall from and after the date hereof refer to the Credit Agreement as amended hereby.

 

SECTION 2.Amendments
to the Credit Agreement. The parties hereto hereby agree that:

 

(a)Section 1.1
of the Credit Agreement is hereby amended by amending the definition of “Revolving Commitment” so that it reads, in
its entirety, as follows:

 

“Revolving
Commitment” means, as to each Lender, such Lender’s obligation to make Revolving Loans pursuant to Section 2.1
and to issue (in the case of the Issuing Bank) and to participate (in the case of the other Lenders) in Letters of Credit pursuant
to Section 2.4(i), in an amount up to, but not exceeding the amount set forth for such Lender on Schedule 1 as such
Lender’s “Revolving Commitment Amount” or as set forth in any applicable Assignment and Assumption, or agreement
executed by a Person becoming a Lender in accordance with Section 2.19, as the same may be reduced from time to time
pursuant to Section 2.13 or Section 2.20 or increased or reduced as appropriate to reflect any assignments
to or by such Lender effected in accordance with Section 13.6 or increased as appropriate to reflect any increase effected
in accordance with Section 2.19.

 

    	 

    	 

    

 

 

(b)Article II
of the Credit Agreement is hereby amended by adding the following new Section 2.20:

 

Section
2.20Mandatory Reduction of the Revolving Commitment

 

On December
21, 2013 (the “Commitment Reduction Date”), the Revolving Commitments shall automatically be reduced to ONE HUNDRED
MILLION DOLLARS ($100,000,000.00), and Borrowers shall be required to make all payments necessary such that the aggregate principal
amount of the outstanding Revolving Loans, together with the aggregate amount of all Letter of Credit Liabilities does not exceed
the Maximum Loan Availability (after taking into account the reduced Revolving Commitments) as of the Commitment Reduction Date;
provided, however, Borrowers shall have a one (1) time option to extend the Commitment Reduction Date for six months
(the “Option to Extend the Commitment Reduction Date”) to June 21, 2014 (the “Extended Commitment Reduction Date”),
effective upon satisfaction of the following conditions precedent: (i) satisfactory payment of the fees described in that certain
fee letter dated June 21, 2013, and executed by Guarantor, and (ii) delivery of written notice of election to exercise the Option
to Extend the Commitment Reduction Date to Administrative Agent at least ten (10) Business Days prior to the Commitment Reduction
Date. The failure of Borrowers to satisfy the aforementioned conditions precedent shall be deemed Borrowers’ election to
reduce the Revolving Commitments on or prior to the Commitment Reduction Date. The Revolving Commitments, when reduced pursuant
to this Section, may not be increased or reinstated. The Borrowers shall pay all interest and fees on the Revolving Loans accrued
to the date of such reduction or termination of the Revolving Commitments to the Administrative Agent for the account of the Revolving
Lenders, including but not limited to any applicable compensation due to each Revolving Lender in accordance with Section 5.4.
The reduction of the Revolving Commitments under this Section 2.20 shall be applied to the respective Commitments of
the Revolving Lenders pro rata according to the amounts of their respective Revolving Commitments.

 

(c)Schedule 1
of the Credit Agreement is hereby amended so that it reads, in its entirety, as follows:

 

	Lender	Commitment	Pro Rata Share
	WELLS FARGO BANK, NATIONAL ASSOCIATION	$150,000,000	100%
	TOTALS	$150,000,000	100%

 

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SECTION 3.Conditions
Precedent. This Agreement shall become effective only upon the satisfaction of the following conditions precedent:

 

(a)Receipt
by the Agent of counterparts of this Agreement duly executed by the Borrowers, Lenders and the Agent;

 

(b)Receipt
by the Agent of counterparts of the Consent, Reaffirmation, and Agreement of Guarantor attached hereto duly executed by the Guarantor;

 

(c)Administrative
Agent shall have received all fees and expenses pursuant to the executed fee letter entered on even date herewith;

 

(d)Recordation
in the applicable real estate records of amendments to the Security Deeds duly executed by the Borrowers and the Agent wherein
the Security Deeds are amended, among other things, to secure the increased Revolving Commitments; and

 

(e)Receipt
by the Agent of title insurance endorsements satisfactory to the Agent insuring the continued enforceability and priority of the
Liens created under the Security Deeds, as amended.

 

SECTION 4.Miscellaneous.

 

(a)Effect
of Agreement. Except as set forth expressly hereinabove, all terms of the Credit Agreement and the other Loan Documents shall
be and remain in full force and effect, and shall constitute the legal, valid, binding, and enforceable obligations of the Borrowers.

 

(b)No
Novation or Mutual Departure. Each Borrower expressly acknowledges and agrees that (i) there has not been, and this Agreement
does not constitute or establish, a novation with respect to the Credit Agreement or any of the other Loan Documents, or a mutual
departure from the strict terms, provisions, and conditions thereof, other than with respect to the amendments contained in Section 2
above; and (ii) nothing in this Agreement shall affect or limit the Agent’s or Lenders’ right to demand payment of
liabilities owing from the Borrowers to the Agent or any Lender under, or to demand strict performance of the terms, provisions
and conditions of, the Credit Agreement and the other Loan Documents, to exercise any and all rights, powers, and remedies under
the Credit Agreement or the other Loan Documents or at law or in equity, or to do any and all of the foregoing, immediately at
any time after the occurrence of a Default or an Event of Default under the Credit Agreement or the other Loan Documents.

 

(c)Ratification.
Each Borrower (i) hereby restates, ratifies, and reaffirms each and every term, covenant, and condition set forth in the Credit
Agreement, the other Loan Documents and the Hazardous Materials Indemnity Agreement to which
it is a party effective as of the date hereof and (ii) restates and renews each and every representation and warranty heretofore
made by it in the Credit Agreement, the other Loan Documents and the Hazardous Materials Indemnity Agreement
as fully as if made on the date hereof and with specific reference to this Agreement and any other Loan Documents executed or delivered
in connection herewith (except with respect to representations and warranties made as of an expressed date, in which case such
representations and warranties shall be true and correct as of such date).

 

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(d)No
Default. To induce the Agent and the Lenders party hereto to enter into this Agreement and to continue to make advances pursuant
to the Credit Agreement (subject to the terms and conditions thereof), each Borrower hereby acknowledges and agrees that, as of
the date hereof, and after giving effect to the terms hereof, there exists (i) no Default or Event of Default and (ii) no
right of offset, defense, counterclaim, claim, or objection in favor of the Borrowers or arising out of or with respect to any
of the Loans or other obligations of the Borrowers owed to the Agent and the Lenders party hereto under the Credit Agreement or
any other Loan Document.

 

(e)Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute
but one and the same instrument. This Agreement may be executed by each party on separate copies, which copies, when combined so
as to include the signatures of all parties, shall constitute a single counterpart of the Agreement.

 

(f)Fax
or Other Transmission. Delivery by one or more parties hereto of an executed counterpart of this Agreement via facsimile, telecopy,
or other electronic method of transmission pursuant to which the signature of such party can be seen (including, without limitation,
Adobe Corporation’s Portable Document Format) shall have the same force and effect as the delivery of an original executed
counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by facsimile or other electronic
method of transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity,
enforceability, or binding effect of this Agreement.

 

(g)Recitals
Incorporated Herein. The preamble and the recitals to this Agreement are hereby incorporated herein by this reference.

 

(h)Section
References. Section titles and references used in this Agreement shall be without substantive meaning or content of any kind
whatsoever and are not a part of the agreements among the parties hereto evidenced hereby.

 

(i)Further
Assurances. Borrowers agree to take, at Borrowers’ expense, such further actions as the Agent shall reasonably request
from time to time to evidence the amendments set forth herein and the transactions contemplated hereby.

 

(j)Governing
Law. This Agreement shall be governed by and construed and interpreted in accordance with the internal laws of the State of
New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any
jurisdiction other than the laws of the State of New York.

 

 

[SIGNATURES ON FOLLOWING
PAGES.]

 

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IN WITNESS WHEREOF,
each of the Borrowers, the Agent, and the Lenders party hereto has caused this Agreement to be duly executed by its duly authorized
officer as of the day and year first above written.

 

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Lender

 

 

By: /s/ D. Bryan Gregory

D. Bryan Gregory

Director

 

    	 

    	 

    

 

“BORROWERS”

 

CAPLEASE, LP,

a Delaware limited partnership

 

By:  CLF OP General Partner
LLC,

a Delaware limited liability company,

its general partner

 

By:  CapLease, Inc.,

a Maryland corporation,

its sole member

 

By:
/s/ Robert C. Blanz          

Robert C. Blanz

Senior Vice President

 

PREFCO DIX-NEUF LLC,

a Connecticut limited liability company

 

By: /s/ Robert C.
Blanz          

Robert C. Blanz

Senior Vice President

 

PREFCO NINETEEN LIMITED PARTNERSHIP,

a Connecticut limited partnership

 

By:  PREFCO Dix-Neuf LLC,

a Connecticut limited liability company,

its general partner

 

By:
/s/ Robert C. Blanz          

Robert C. Blanz

Senior Vice President

 

CLF CANE RUN LOUISVILLE, LLC,

a Delaware limited liability company

 

By: /s/ Robert C.
Blanz          

Robert C. Blanz

Senior Vice President

 

CLF CANE RUN MEMBER, LLC,

a Delaware limited liability company

 

By: /s/ Robert C.
Blanz          

Robert C. Blanz

Senior Vice President

 

    	 

    	 

    

 

 

CLF LANDMARK OMAHA LLC,

a Delaware limited liability company

 

By: /s/ Robert C.
Blanz          

Robert C. Blanz

Senior Vice President

 

CLF DODGE OMAHA LLC,

a Delaware limited liability company

 

By: /s/ Robert C.
Blanz          

Robert C. Blanz

Senior Vice President

 

 

KDC BUSCH BOULEVARD LLC,

a Delaware limited liability company

 

By: /s/ Robert C.
Blanz          

Robert C. Blanz

Senior Vice President

 

CLF 555 N DANIELS WAY LLC,

a Delaware limited liability company

 

By: /s/ Robert C.
Blanz          

Robert C. Blanz

Senior Vice President

 

CLF PULCO ONE LLC,

a Delaware limited liability company

 

By: /s/ Robert C.
Blanz          

Robert C. Blanz

Senior Vice President

 

CLF PULCO TWO LLC,

a Delaware limited liability company

 

By: /s/ Robert C.
Blanz          

Robert C. Blanz

Senior Vice President

 

    	 

    	 

    

 

CLF TOLLWAY PLANO LP,

a Delaware limited partnership

 

By: CLF Tollway Plano GP LLC,

a Delaware limited liability company

 

By:
/s/ Robert C. Blanz          

Robert C. Blanz

Senior Vice President

 

    	 

    	 

    

 

CONSENT, REAFFIRMATION, AND AGREEMENT
OF GUARANTOR

 

 

Guarantor (a) acknowledges
receipt of the foregoing Second Amendment to Credit Agreement (the “Agreement”), (b) consents to the execution
and delivery of the Agreement, and (c) reaffirms all of its obligations and covenants under the (i) Guaranty (as defined in the
Credit Agreement defined in the Agreement), (ii) Hazardous Materials Indemnity Agreement (as defined in the Credit Agreement defined
in the Agreement), and (iii) each of the Loan Documents (as defined in the Credit Agreement defined in the Agreement) to which
it is a party, and agrees that none of its obligations and covenants shall be reduced or limited by the execution and delivery
of the Agreements.

 

Delivery of an executed
counterpart of this consent via facsimile, telecopy, or other electronic method of transmission pursuant to which the signature
of Guarantor can be seen (including, without limitation, Adobe Corporation’s Portable Document Format) shall have the same
force and effect as the delivery of an original executed counterpart of this consent. Guarantor’s delivery of an executed
counterpart of this consent by facsimile or other electronic method of transmission shall be made in conjunction with Guarantor’s
delivery of an original executed counterpart, but Guarantor’s failure to deliver said original executed counterpart shall
not affect the validity, enforceability, or binding effect of this consent.

 

 

 

“GUARANTOR”

 

CAPLEASE, INC.,

a Maryland corporation,

 

By: /s/ Robert C. Blanz          

Robert C. Blanz

Senior Vice PresidentTHIRD AMENDMENT
TO CREDIT agreement

 

THIS THIRD AMENDMENT
TO CREDIT AGREEMENT (this “Agreement”) is dated as of November 5, 2013 (the “Agreement Date”),
by and among ARC Properties Operating Partnership, L.P., a Delaware limited partnership,
as successor by merger to Caplease, LP (“ARCOP”), a Delaware limited partnership, PREFCO DIX-NEUF LLC, a Connecticut
limited liability company, PREFCO NINETEEN LIMITED PARTNERSHIP, a Connecticut limited partnership, CLF CANE RUN MEMBER, LLC, a
Delaware limited liability company, CLF CANE RUN LOUISVILLE, LLC, a Delaware limited liability company, CLF LANDMARK OMAHA LLC,
a Delaware limited liability company, CLF DODGE OMAHA LLC, a Delaware limited liability company, KDC BUSCH BOULEVARD LLC, a Delaware
limited liability company, CLF 555 N DANIELS WAY LLC, a Delaware limited liability company, CLF PULCO ONE LLC, a Delaware limited
liability company, CLF PULCO TWO LLC, a Delaware limited liability company, CLF TOLLWAY PLANO LP, a Delaware limited partnership,
CLF ASHLAND LLC, a Delaware limited liability company, and CLF WESTBROOK MALVERN BUSINESS TRUST, a Virginia business trust (each,
a “Borrower” and collectively, the “Borrowers”), the Lenders (as defined below) party hereto,
and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as Administrative Agent for the Lenders (together with its successors
and assigns, the “Agent”).

 

W I T
N E S S E T H :

 

WHEREAS, Borrowers,
the lenders party thereto (the “Lenders”), and Agent entered into that certain Credit Agreement dated as of
June 29, 2012, as amended by that certain First Amendment to Credit Agreement dated as of April 16, 2013, and Second Amendment
to Credit Agreement dated as of June 21, 2013 (as amended, restated, supplemented, or otherwise modified from time to time
prior to the date hereof, the “Credit Agreement”); and

 

WHEREAS, in connection
with (a) a merger between Caplease, Inc., a Maryland corporation, and Safari Acquisition, LLC, a Delaware limited liability company
(“Safari”), which entity is wholly owned by American Realty Capital Properties, Inc., a Maryland corporation
(“ARCP”) and (b) a merger between Caplease, LP, a Delaware limited partnership and ARCOP, an entity majority
owned and controlled by ARCP (such transactions, collectively, the “Merger”), the Borrowers and Guarantor have
requested, and the Agent and the Lenders party hereto have agreed to, subject to the terms and conditions of this Agreement, certain
amendments to the Credit Agreement which shall, among other things, convert the facility from revolving to non-revolving, shorten
the Maturity Date, modify certain covenants, and allow the Loan to remain outstanding notwithstanding the Merger; and

 

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

 

SECTION 1.Definitions.
Unless otherwise specifically defined herein, each term used herein which is defined in the Credit Agreement shall have the meaning
assigned to such term in the Credit Agreement. Each reference to “hereof,” “hereunder,” “herein,”
and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar
reference contained in the Credit Agreement shall from and after the date hereof refer to the Credit Agreement as amended hereby.

 

    	 

    	 

    

 

SECTION 2.Amendments
to the Credit Agreement. The parties hereto hereby agree that:

 

(a)Modification
of Maturity Date. The definition of “Maturity Date” is hereby modified to mean “December 31, 2014”.

 

(b)Modification
of Guarantor. The definition of “Guarantor” is hereby replaced in its entirety with the following:

 

“Guarantor”
means, collectively, jointly and severally, Safari Acquisition, LLC, a Delaware limited liability company, and American
Realty Capital Properties, Inc., a Maryland corporation.

 

(c)Modification
of Loan Party. The definition of “Loan Party” is hereby replaced in its entirety with the following:

 

“Loan
Party” means, each Borrower, Parent, Guarantor, and each other Person who guarantees all or a portion of the Obligations
and/or who pledges any Collateral to secure all or a portion of the Obligations.

 

(d)Modification
of Parent. The definition of “Parent” is hereby replaced in its entirety with the following:

 

“Parent”
means American Realty Capital Properties, Inc., a Maryland corporation.

 

(e)Modification
of Borrowing Base Values. In order to modify the Borrowing Base Values of certain Properties, the following changes are made:

 

(i)Each of
the following definitions are hereby amended as follows:

 

(A)“Borrowing
Base Value” means, with respect to a Borrowing Base Property, an amount equal to (i) the Kroger Borrowing Base Value,
(ii) the Michelin, Abbott and Baxter Borrowing Base Value, as applicable, (iii) the Dodge and Landmark Borrowing Base Value, as
applicable, (iv) the CLF Pulco Borrowing Base Value, as applicable, (v) the CLF Tollway Borrowing Base Value, (vi) the CLF Ashland
Borrowing Base Value, or (vii) the CLF Westbrook Malvern Borrowing Base Value, as applicable.

 

(B)“Dodge
and Landmark Borrowing Base Value” means, with respect to the Dodge Property or Landmark Property, an amount equal to
the sum of the lesser of (a) 65% of the As-Is Appraised Value of such Borrowing Base Property and (b) the Debt Yield Amount divided
by 1.0.

 

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(C)“Michelin,
Abbott and Baxter Borrowing Base Value” means, with respect to the Michelin Property, Abbott Property or Baxter Property,
an amount equal to the sum of the lesser of (a) 65% of the As-Is Appraised Value of such Borrowing Base Property
and (b) the Debt Yield Amount for such Borrowing Base Property divided by 1.0.

 

(ii)The following
new definitions are hereby inserted as follows:

 

(A)“CLF
Ashland Borrowing Base Value” means, with respect to the Vitamin Shoppe Property, an amount equal to the lesser
of (a) 65% of the As-Is Appraised Value of such Borrowing Base Property and (ii) the Debt Yield Amount for such Borrowing
Base Property divided by 1.0.

 

(B)“CLF
Pulco Borrowing Base Value” means, with respect to the South Iola Property or South Joliet Property, an amount equal
to the sum of the lesser of (a) 65% of the As-Is Appraised Value of such Borrowing Base Property and (ii)
the Debt Yield Amount for such Borrowing Base Property divided by 1.0.

 

(C)“CLF
Tollway Borrowing Base Value” means, with respect to the Capital One Property, an amount equal to the lesser
of (a) FOURTEEN MILLION DOLLARS ($14,000,000.00), and (ii) the Debt Yield Amount for such Borrowing Base Property divided
by 1.0.

 

(D)“CLF
Westbrook Malvern Borrowing Base Value” means, with respect to the Teva Property, an amount equal to the lesser
of (a) 65% of the As-Is Appraised Value of such Borrowing Base Property, and (ii) the Debt Yield Amount for such Borrowing
Base Property divided by 1.0.

 

(E)“Capital
One Property” means that certain property located at 3905 Dallas Parkway, Suite 100, Plano, Texas 75093.

 

(F)“South
Iola Property” means that certain property located at 7390 South Iola Street, Englewood, Colorado.

 

(G)“South
Joliet Property” means that certain property located at 7475 South Joliet Street, Englewood, Colorado.

 

(H)“Teva
Property” means that certain property located at 41 Moores Road, Malvern, Pennsylvania.

 

(I)“Vitamin
Shoppe Property” means that certain property located at 12 The Vitamin Shoppe Way, Ashland, Virginia 23005.

 

(f)Modification
of Applicable Facility Fee. The definition of “Applicable Facility Fee” is hereby replaced in its entirety with
the following:

 

“Applicable
Facility Fee” means 0.25%.

 

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(g)Addition
of New Definitions. The following new definitions are hereby inserted into the Credit Agreement as follows:

 

(A)“ARC
Credit Agreement” means the Credit Agreement dated as of February 14, 2013, by and among ARCOP, TIGER ACQUISITION, LLC,
a Delaware limited liability company, AMERICAN REALTY CAPITAL PROPERTIES, INC., a Maryland corporation, the lenders party hereto,
and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, as amended by (i) the First Amendment dated as of March 18,
2013, (ii) the Augmenting Lender and Increasing Lender Supplement and Incremental Amendment dated as of March 28, 2013, (iii) the
Third Amendment dated as of May 28, 2013, (iv) the Fourth Amendment dated as of July 22, 2013, (v) the Augmenting Lender and Increasing
Lender Supplement and Incremental Amendment dated as of August 1, 2013 and (vi) the Sixth Amendment to Credit Agreement dated as
of November 4, 2013.

 

(B)
“ARCOP” means ARC Properties Operating Partnership, L.P.,
a Delaware limited partnership

 

(C) “Change
of Control” means an event or series of events by which:

 

(a) any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding
any employee benefit plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent
or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership”
of all Equity Interests that such person or group has the right to acquire, whether such right is exercisable immediately or only
after the passage of time (such right, an “option right”)), directly or indirectly, of thirty-five percent (35%) or
more of the Equity Interests of Parent entitled to vote for members of the board of directors or equivalent governing body of Parent
on a fully-diluted basis (and taking into account all such Equity Interests that such person or group has the right to acquire
pursuant to any option right);

 

(b) during any period of twelve
consecutive months ending after the Effective Date, individuals who at the beginning of any such twelve month period constituted
the Board of Directors of ARCOP (together with any new directors whose election by such Board or whose nomination for election
by the shareholders of ARCOP was approved by a vote of a majority of the directors then still in office who were either directors
at the beginning of such period or whose election or nomination for election was previously so approved but excluding any director
whose initial nomination for, or assumption of office as, a director occurs as a result of an actual or threatened solicitation
of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for
the election of one or more directors by or on behalf of the Board of Directors) cease for any reason to constitute a majority
of the Board of Directors of ARCOP then in office; or

 

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(c) Parent shall cease to (i) either
be the sole general partner of, or wholly own and control the general partner of, ARCOP or (ii) own, directly or indirectly, greater
than fifty percent (50%) of the Equity Interests of ARCOP; or

 

(d) ARCOP shall cease to own, directly
or indirectly, one hundred percent (100%) of the Equity Interests of any Borrower that owns a Borrowing Base Property free and
clear of any Liens (other than Liens in favor of Administrative Agent) unless such Borrowing Base Property is removed in accordance
with Section 4.2(d).

 

(h)Conversion
to Non-Revolving Term Loan. In order to convert the facility from a revolving facility to a term facility the following changes
are made:

 

(i)Each
of the following definitions are hereby amended as follows:

 

(A)“Commitment”
means, as to a Lender, such Lender’s Term Loan Commitment.

 

(B)“Loan”
means a Term Loan.

 

(C)“Maximum
Loan Availability” is hereby amended as follows:

 

“Maximum
Loan Availability” means, at any time, the Borrowing Base.

 

(D)“Revolving
Commitment” is hereby deleted and replaced with the following:

 

“Term
Loan Commitment” means, as to each Lender, such Lender’s obligation to make Term Loans on the Effective Date pursuant
to Section 2.1, in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule 1 as such Lender’s
“Commitment”.

 

(E)“Revolving
Credit Exposure” is hereby deleted.

 

(F)“Revolving
Lender” is hereby deleted and replaced with the following:

 

“Term
Loan Lender” means a Lender holding a Loan.

 

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(G)“Revolving
Loan” is hereby deleted and replaced with the following:

 

“Term
Loan” means a loan made by a Lender to the Borrowers pursuant to Section 2.1(a).

 

(H) “Revolving
Note” is hereby deleted and replaced with the following.

 

“Term
Note” means a promissory note of the Borrowers, substantially in the form of Exhibit I, payable to the order of
a Lender in a principal amount equal to the amount of such Lender’s Term Loan Commitment.

 

In furtherance
of the foregoing, each usage of “Commitment”, “Loan”, “Loan Party”, “Revolving Commitment”,
“Revolving Lender”, “Revolving Loan” and “Revolving Note” in the Credit Agreement shall be
automatically replaced by the new definitions as set forth above.

 

(ii)Conversion.
All outstanding Revolving Loans on the Agreement Date are hereby converted to Term Loans, and Borrower may draw down any unused
Revolving Commitments on the Agreement Date as Term Loans. The Borrowers may not reborrow any portion of the Term Loans once repaid.
Accordingly, Section 2.1 of the Credit Agreement is hereby deleted.

 

(iii)Section
2.9(b)(ii) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(ii)Maximum
Loan Availability Overadvance. If at any time the aggregate principal amount of all outstanding Loans exceeds the Maximum Loan
Availability, the Borrowers shall within ten (10) Business Days of the Borrowers obtaining knowledge of the occurrence of any such
excess, either (A) pay to the Administrative Agent for the account of the Lenders then holding Term Loans, the amount of such excess,
or (B) deposit with Administrative Agent cash collateral to be held in a blocked collateral account controlled by Administrative
Agent (the “Collateral Account”) in an amount sufficient to cover the amount of such excess; provided,
however, if at the end of the fiscal quarter following the date such sums were deposited into the Collateral Account the
aggregate principal amount of all outstanding Loans continues to exceed the Maximum Loan Availability, then Administrative Agent
may apply all amounts then on deposit in the Collateral Account to pay down the principal outstanding under the Loans; provided
further, however, if at the end of the fiscal quarter following the date such cash collateral was deposited into the
Collateral Account pursuant to the foregoing, the Maximum Loan Availability increases in an amount necessary to reach or exceed
the aggregate principal amount of all outstanding Loans, then provided there does not then exist a Default, any funds remaining
in the Collateral Account (including any accrued interest, if applicable), shall thereafter be promptly released to Borrowers.
Amounts repaid pursuant to this Section 2.9 may not be reborrowed.

 

    	Page 6

    	 

    

 

(iv)Section
2.9(b)(i), Section 2.16, Section 2.19 and Section 2.20 of the Credit Agreement are hereby deleted
in their entirety.

 

(i)Deletion
of Letters of Credit. As Letters of Credit shall no longer be available under the Credit Agreement, Section 2.4, Section 2.15,
Section 3.5(c), Section 3.9(d), Section 3.9(e), Section 3.9(g), Section 5.1(d) and Section 11.6
of the Credit Agreement are hereby deleted in their entirety, along with all related definitions, as the context shall dictate.

 

(j)Deletion
of Reduction of Commitment. In light of the fact that the facility is now a term facility, Section 2.13 of the
Credit Agreement is hereby deleted in its entirety.

 

(k)Deletion
of Extension Options. In order to delete any remaining extension options, Section 2.14 and Section 3.5(d) of
the Credit Agreement are hereby deleted in their entirety.

 

(l)Deletion
of Additional Properties. In light of the fact that the Borrower will no longer be permitted to add Property to the Borrowing
Base, Section 4.1(b) and 4.1(c) of the Credit Agreement is hereby deleted in its entirety.

 

(m)Release of
Properties. Section 4.2(d) of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

 

(d)Prior written approval
of the Administrative Agent shall be required prior to the release of any Property, and Borrower acknowledges and understands that
as a condition to approving any requested release Administrative Agent may require a concurrent principal paydown in an amount
in excess of the amount required simply to comply with subsection (b) above.

 

(n)Modification
of Financial Covenants. Section 10.1 of the Credit Agreement is hereby deleted in its entirety and the covenants set
forth, as of November 4, 2013, in Section 8.02, Section 8.05, Section 8.06 and Section 8.14 of
the Credit Agreement dated as of February 14, 2013, by and among ARCOP, TIGER ACQUISITION, LLC, a Delaware limited liability company,
AMERICAN REALTY CAPITAL PROPERTIES, INC., a Maryland corporation, the lenders party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, as amended by (i) the First Amendment dated as of March 18, 2013, (ii) the Augmenting Lender and Increasing
Lender Supplement and Incremental Amendment dated as of March 28, 2013, (iii) the Third Amendment dated as of May 28, 2013, (iv)
the Fourth Amendment dated as of July 22, 2013, (v) the Augmenting Lender and Increasing Lender Supplement and Incremental Amendment
dated as of August 1, 2013 and (vi) the Sixth Amendment to Credit Agreement dated as of November 4, 2013 (as amended, the “ARC
Credit Agreement”), and all applicable definitions therein, are hereby incorporated by reference into the Credit Agreement,
which incorporation shall survive any subsequent termination of the ARC Credit Agreement for any reason. In the event that any
such covenants (or applicable definitions) set forth in the ARC Credit Agreement are modified or amended with the consent of Administrative
Agent (in its capacity as a “Lender” under such ARC Credit Agreement”) then such amendments or modifications
shall automatically and without further action be deemed incorporated herein (and any modifications or amendments made without
the consent of Administrative Agent shall not be incorporated herein).

 

    	Page 7

    	 

    

 

(o)Modification
of Negative Pledge. Section 10.2 of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

 

Section 10.2Negative
Pledge.

 

The Borrowers
and Parent shall not, and shall not permit any other Loan Party or Subsidiary to, (a) create, assume, incur, permit or suffer to
exist any Lien on any Borrowing Base Property or any direct or, except as permitted pursuant to the ARC Credit Agreement, indirect
ownership interest of the Borrowers in any Person owning any Borrowing Base Property, now owned or hereafter acquired, except for
Permitted Liens, (b) permit any Borrowing Base Property or any direct or, except as permitted pursuant to the ARC Credit Agreement,
indirect ownership interest of the Borrowers or in any Person owning a Borrowing Base Property, to be subject to a Negative Pledge,
or (c) create, assume, incur, permit or suffer to exist any Lien on other Collateral, or any direct or, except as permitted
pursuant to the ARC Credit Agreement, indirect ownership interest of the Borrowers in any Person owning any other Collateral, except
for Permitted Liens.

 

(p)Modification
of Restrictions on Intercompany Transfers. Section 10.3 of the Credit Agreement is hereby deleted in its entirety and
replaced by the following:

 

Section 10.3Restrictions
on Intercompany Transfers.

 

Except as permitted
pursuant to the ARC Credit Agreement, the Borrowers and Parent shall not, and shall not permit any other Loan Party or any of their
respective Subsidiaries (other than an Excluded Subsidiary) to, create or otherwise cause or suffer to exist or become effective
any consensual encumbrance or restriction of any kind on the ability of any Subsidiary to: (a) pay dividends or make any other
distribution on any of such Subsidiary’s capital stock or other Equity Interests owned by the Borrowers or any Subsidiary
to the extent that it would cause a violation of Section 8.12,; (b) pay any Indebtedness owed to the Borrowers or any
Subsidiary; (c) make loans or advances to the Borrowers or any Subsidiary; or (d) transfer any of its property or assets
to the Borrowers or any Subsidiary; other than (i) with respect to clauses (a) through (d) those encumbrances or restrictions contained
in any Loan Document or, (ii) with respect to clause (d), customary provisions restricting assignment of any agreement entered
into by the Borrowers, any other Loan Party or any Subsidiary in the ordinary course of business.

 

    	Page 8

    	 

    

 

(q)Modification
of Merger, Consolidation, Sales of Assets and Other Arrangements. Section 10.4 of the Credit Agreement is hereby deleted
in its entirety and replaced by the following:

 

Section 10.4Merger,
Consolidation, Sales of Assets and Other Arrangements.

 

Except as permitted
pursuant to the ARC Credit Agreement, the Borrowers and Parent shall not, and shall not permit any other Loan Party to, directly
or indirectly, (a) enter into any transaction of merger or consolidation; (b) liquidate, windup or dissolve itself (or suffer any
liquidation or dissolution); or (c) convey, sell, lease, sublease, transfer or otherwise dispose of, in one transaction or series
of transactions, all or any substantial part of its business or assets, whether now owned or hereafter acquired; provided,
however, that:

 

(i)any Loan
Party (other than Parent or ARCOP) may merge with (a) Parent or ARCOP, provided that Parent or ARCOP, as applicable, shall be the
continuing or surviving Person, or (b) any other Loan Party.

 

(ii)any Loan
Party may sell, transfer or dispose of its assets to another Loan Party;

 

(iii)Parent
or any Borrower may merge or consolidate with another Person so long as either Parent or such Borrower, as the case may be, is
the surviving entity, shall remain in pro forma compliance with the covenants set forth in the “Financial Covenants”
section of Section 10.1 above after giving effect to such transaction, and Borrowers obtain the prior written consent of
the Requisite Lenders in their sole discretion;

 

(iv)During
the Initial Covenant Adjustment Period (as defined in the ARC Credit Agreement) and other than with respect to the Specified Transactions
(as defined in the ARC Credit Agreement), any Loan Party may make an Acquisition (as defined in the ARC Credit Agreement) solely
with the prior consent of the Administrative Agent in the exercise of its reasonable discretion.

 

For avoidance of doubt,
the reference to Section 10.1 in Section 10.4(c)(iii) above is made to correspond to Section 8.14 of the ARC Credit
Agreement as provided in Section 2(n) of this Agreement.

 

(r)Modification
of Transactions with Affiliates. Section 10.8 of the Credit Agreement is hereby deleted in its entirety and replaced
by the following:

 

Section 10.8Transactions
with Affiliates.

 

Except as permitted
pursuant to the ARC Credit Agreement, the Borrowers and Parent shall not permit to exist or enter into, and shall not permit any
other Loan Party or any of their respective Subsidiaries to permit to exist or enter into, any transaction (including the purchase,
sale, lease or exchange of any property or the rendering of any service) with any Affiliate other than transactions in the ordinary
course of and pursuant to the reasonable requirements of the business of the Borrowers, such other Loan Party or such other Subsidiary
and upon fair and reasonable terms which are no less favorable to the Borrowers, such other Loan Party or such other Subsidiary
than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate, except:

 

    	Page 9

    	 

    

 

(a)reasonable
and customary fees paid to, and indemnification arrangements with, members of the board of directors (or similar governing body)
of any of the Loan Parties or the issuance of directors’ or nominees’ qualifying shares;

 

(b)compensation
and indemnification arrangements for directors (or equivalent), officers and employees of Parent, Borrowers and the Subsidiaries,
including retirement, health, option and other benefit plans, bonuses, performance-based incentive plans, and other similar forms
of compensation, the granting of Equity Interest to directors (or equivalent), officers and employees of Parent, Borrowers and
the Subsidiaries in connection with the implementation of any such arrangement, and the funding of any such arrangement;

 

(c)Restricted
Payments permitted under Section 10.1 above;

 

(d)Investments
permitted under Section 10.1 above;

 

(e)transactions
between or among Borrowers and the Subsidiaries permitted under Section 10.4 not involving any other Affiliate; and

 

(f)(i)
the performance of obligations under the Existing Advisory Agreement, the Existing Property Management Agreement, the Existing
Management Agreements Side Letter (each of the Existing Advisory Agreement, the Existing Property Management Agreement, the Existing
Management Agreements Side Letter, as defined in the ARC Credit Agreement).

 

For avoidance of doubt,
the reference Section 10.1 in Section 10.8(c) and 10.8(d) above is made to correspond to Section 8.05 and Section
8.02(F) of the ARC Credit Agreement, respectively, as provided in Section 2(n) of this Agreement.

 

(s)ARC Credit
Agreement. The parties agree that any action permitted by Article VIII of the ARC Credit Agreement is expressly consented to
by Administrative Agent and Lenders, except to the extent any such action relates to a Borrowing Base Property, other Collateral
or a Person directly owning a Borrowing Base Property in which event the terms and provisions of this Credit Agreement shall govern.

 

(t)Change of
Control/Change in Management. For avoidance of doubt, the Merger has been consented to by Administrative Agent and Lenders
and shall not (i) constitute a default under Sections 10.4, 10.7 or 13.6 of the Credit Agreement, or (ii)
constitute an Event of Default pursuant to Section 11.1(l) of the Credit Agreement. Such consent shall be effective only
in this specific instance and for the specific purpose for which it has been given, and shall not be deemed to be consent to any
subsequent merger or other violation of Sections 10.4, 10.7, 11.1(f) or 13.6 of the Credit Agreement.

 

    	Page 10

    	 

    

 

(u)Section 11.1(a)
of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

 

(a)Default
in Payment. (i) The Borrowers shall fail to pay when due under this Agreement or any other Loan Document (whether upon demand,
at maturity, by reason of acceleration or otherwise) the principal of any of the Loans or any Reimbursement Obligation, (ii) the
Borrowers shall fail to pay interest on the Loans or any Reimbursement Obligation within five (5) days of the same being due (iii)
or the Borrowers shall fail to pay any of the other payment Obligations owing by the Borrowers or any other Loan Party under this
Agreement, any other Loan Document or the Fee Letter within ten (10) days of the same being due.

 

(v)Section 11.1(b)(iii)
of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

 

(iii)Any
Loan Party shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other
Loan Document to which it is a party and not otherwise mentioned in this Section, and in the case of this subsection (b)(iii) only,
such failure shall continue for a period of thirty (30) days after the earlier of (x) the date upon which a Responsible Officer
of the Borrowers or such other Loan Party obtains knowledge of such failure or (y) the date upon which the Borrowers has received
written notice of such failure from the Administrative Agent, and in the case of a default that cannot be cured within such thirty
(30) day period despite Borrower’s diligent efforts but is susceptible of being cured within ninety (90) days of Borrower’s
receipt of Administrative Agent’s original notice or such other Loan Party obtaining knowledge of such failure, as applicable,
then Borrower shall have such additional time as is reasonably necessary to effect such cure, but in no event in excess of ninety
(90) days from Borrower’s receipt of Administrative Agent’s original notice or such other Loan Party obtaining knowledge
of such failure, as applicable.

 

(w)Section 11.1(c)
of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

 

(c)Misrepresentations.
Any statement (written or oral), representation or warranty made or deemed made by or on behalf of any Loan Party under this Agreement
or under any other Loan Document, or any amendment hereto or thereto, or in any other writing or statement at any time furnished
by, or at the direction of, any Loan Party to the Administrative Agent, the Issuing Bank or any Lender, shall at any time prove
to have been incorrect or misleading in any material respect when furnished or made or deemed made and shall not be cured or remedied
so that such representation, warranty, certification or statement of fact is no longer incorrect or misleading in any material
respect within ten (10) days after the earlier of notice from Administrative Agent or the actual knowledge of any Loan Party thereof.

 

    	Page 11

    	 

    

 

(x)Section 11.1(d)
of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

 

		(A)	Indebtedness Cross-Default.

 

(a)The
Borrowers or any other Loan Party shall permit there to exist any default, event or condition resulting in (or permitting the)
acceleration, mandatory repurchase or mandatory prepayment of, or any failure to pay at maturity, (x) any Recourse Indebtedness
in excess of $35,000,000 in the aggregate, or (y) any Nonrecourse Indebtedness in excess of $75,000,000 in the aggregate (other
than, during the thirty (30) day period following November 5, 2013 or such longer period as Administrative Agent shall determine
in its reasonable discretion, Indebtedness set forth on Schedule 11.1(d)).

 

(b)The
Borrowers or any other Loan Party shall permit there to exist a default in, or resulting in, the payment of amounts in excess of
(x) $35,000,000 in the aggregate in respect of any Derivatives Contracts related to Recourse Indebtedness, or (y) $75,000,000 in
the aggregate in respect of any Derivatives Contracts related to Nonrecourse Indebtedness.

 

(c)The
Borrowers or any other Loan Party shall permit there to exist a default, event or condition resulting in (or permitting the) acceleration,
mandatory repurchase or mandatory prepayment of, or any failure to pay at maturity, the ARC Credit Agreement.

 

(y)Section 11.1(h)
of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

 

(h)Judgments.
There is entered against any one or more Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate
amount (as to all such judgments or orders) exceeding $35,000,000.00 (to the extent not covered by independent third-party insurance
as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or would have,
individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any
creditor upon such judgment or order, or (B) there is a period of sixty (60) consecutive days during which a stay of enforcement
of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

(z)Section 11.1(j)
of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

 

(j)ERISA.

 

(a)Any
ERISA Event shall have occurred that results or could reasonably be expected to result in liability to any member of the ERISA
Group aggregating in excess of $20,000,000; or

 

    	Page 12

    	 

    

 

 

(b)The
“benefit obligation” of all Plans exceeds the “fair market value of plan assets” for such Plans by more
than $20,000,000, all as determined, and with such terms defined, in accordance with FASB ASC 715.

 

(aa)Section
11.1(l) of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

 

(l) Change
of Control. There occurs any Change of Control.

 

(bb)The following
new Section 11.1(o) is hereby added to the Credit Agreement:

 

(o) REIT
Status of Parent. Parent ceases to be treated as a REIT in any taxable year.

 

(cc)Modification
of Exhibit I. Exhibit I to the Credit Agreement is hereby deleted and replaced with Exhibit I attached hereto.

 

(dd)Modification
of Schedule 4.1. Schedule 4.1 to the Credit Agreement is hereby deleted and replaced with Schedule 4.1 attached hereto.

 

(ee)New Schedule
11.1(d). A new Schedule 11.1(d) to the Credit Agreement is hereby added to the Credit Agreement in the form attached hereto
as Schedule 11.1(d).

 

SECTION 3.Conditions
Precedent. This Agreement shall become effective only upon the satisfaction of the following conditions precedent:

 

(a)Receipt by the
Agent of counterparts of this Agreement duly executed by the Borrowers, Lenders and the Agent;

 

(b)Receipt by the
Agent of counterparts of an amended and restated Guaranty executed by Safari and ARCP, jointly and severally, as Guarantors;

 

(c)Receipt by the
Agent of a fully executed Term Note, which shall amend, restate and replace the existing Revolving Note;

 

(d)Receipt by the
Agent of a satisfactory fully executed estoppel from Kroger with respect to the Kroger Portfolio;

 

(e)Agent shall
have received all fees and expenses pursuant to the executed fee letter entered on even date herewith;

 

(f)Receipt of amendments
to the Security Deeds in recordable form duly executed by the Borrowers and the Agent;

 

(g)Receipt by the
Agent of opinions of counsel to Guarantors and appropriate authorizing resolutions and certificates with respect to Borrowers and
Guarantor.

 

    	Page 13

    	 

    

 

(h)Receipt by the
Agent of title insurance endorsements satisfactory to the Agent insuring the continued enforceability and priority of the Liens
created under the Security Deeds, as amended; and

 

(i)Receipt by the
Agent of such other documents, agreements and instruments as the Administrative Agent, or any Lender through the Administrative
Agent, may reasonably request.

 

SECTION 4.Miscellaneous.

 

(a)Effect of
Agreement. Except as set forth expressly hereinabove, all terms of the Credit Agreement and the other Loan Documents shall
be and remain in full force and effect, and shall constitute the legal, valid, binding, and enforceable obligations of the Borrowers.

 

(b)No Novation
or Mutual Departure. Each Borrower expressly acknowledges and agrees that (i) there has not been, and this Agreement does not
constitute or establish, a novation with respect to the Credit Agreement or any of the other Loan Documents, or a mutual departure
from the strict terms, provisions, and conditions thereof, other than with respect to the amendments contained in Section 2
above; and (ii) nothing in this Agreement shall affect or limit the Agent’s or Lenders’ right to demand payment of
liabilities owing from the Borrowers to the Agent or any Lender under, or to demand strict performance of the terms, provisions
and conditions of, the Credit Agreement and the other Loan Documents, to exercise any and all rights, powers, and remedies under
the Credit Agreement or the other Loan Documents or at law or in equity, or to do any and all of the foregoing, immediately at
any time after the occurrence of a Default or an Event of Default under the Credit Agreement or the other Loan Documents.

 

(c)Ratification.
Each Borrower (i) hereby restates, ratifies, and reaffirms each and every term, covenant, and condition set forth in the Credit
Agreement, the other Loan Documents and the Hazardous Materials Indemnity Agreement to which it is a party effective as of the
date hereof and (ii) restates and renews each and every representation and warranty heretofore made by it in the Credit Agreement,
the other Loan Documents and the Hazardous Materials Indemnity Agreement as fully as if made on the date hereof and with specific
reference to this Agreement and any other Loan Documents executed or delivered in connection herewith (except with respect to representations
and warranties made as of an expressed date, in which case such representations and warranties shall be true and correct as of
such date).

 

(d)No Default.
To induce the Agent and the Lenders party hereto to enter into this Agreement, each Borrower hereby acknowledges and agrees that,
as of the date hereof, and after giving effect to the terms hereof, there exists (i) no Default or Event of Default and (ii) no
right of offset, defense, counterclaim, claim, or objection in favor of the Borrowers or arising out of or with respect to any
of the Loans or other obligations of the Borrowers owed to the Agent and the Lenders party hereto under the Credit Agreement or
any other Loan Document.

 

(e)Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed to be an original and all of which counterparts, taken together, shall constitute
but one and the same instrument. This Agreement may be executed by each party on separate copies, which copies, when combined so
as to include the signatures of all parties, shall constitute a single counterpart of the Agreement.

 

    	Page 14

    	 

    

 

(f)Fax or Other
Transmission. Delivery by one or more parties hereto of an executed counterpart of this Agreement via facsimile, telecopy,
or other electronic method of transmission pursuant to which the signature of such party can be seen (including, without limitation,
Adobe Corporation’s Portable Document Format) shall have the same force and effect as the delivery of an original executed
counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by facsimile or other electronic
method of transmission shall also deliver an original executed counterpart, but the failure to do so shall not affect the validity,
enforceability, or binding effect of this Agreement.

 

(g)Recitals
Incorporated Herein. The preamble and the recitals to this Agreement are hereby incorporated herein by this reference.

 

(h)Section References.
Section titles and references used in this Agreement shall be without substantive meaning or content of any kind whatsoever and
are not a part of the agreements among the parties hereto evidenced hereby.

 

(i)Further Assurances.
Borrowers agree to take, at Borrowers’ expense, such further actions as the Agent shall reasonably request from time to time
to evidence the amendments set forth herein and the transactions contemplated hereby.

 

(j)Governing
Law. This Agreement shall be governed by and construed and interpreted in accordance with the internal laws of the State of
New York but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any
jurisdiction other than the laws of the State of New York.

 

 

[SIGNATURES ON FOLLOWING
PAGES.]

 

    	Page 15

    	 

    

 

IN WITNESS WHEREOF,
each of the Borrowers, the Agent, and the Lenders party hereto has caused this Agreement to be duly executed by its duly authorized
officer as of the day and year first above written.

 

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent and Lender

 

 

By: /s/ D. Bryan Gregory                     

D. Bryan Gregory

Director

 

    	 

    	 

    

 

“BORROWERS”

 

ARC PROPERTIES OPERATING PARTNERSHIP, L.P.,

a Delaware limited partnership

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

PREFCO DIX-NEUF LLC,

a Connecticut limited liability company

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

PREFCO NINETEEN LIMITED PARTNERSHIP,

a Connecticut limited partnership

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

CLF CANE RUN LOUISVILLE, LLC,

a Delaware limited liability company

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

CLF CANE RUN MEMBER, LLC,

a Delaware limited liability company

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

    	 

    	 

    

 

CLF LANDMARK OMAHA LLC,

a Delaware limited liability company

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

CLF DODGE OMAHA LLC,

a Delaware limited liability company

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

KDC BUSCH BOULEVARD LLC,

a Delaware limited liability company

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

CLF 555 N DANIELS WAY LLC,

a Delaware limited liability company

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

CLF PULCO ONE LLC,

a Delaware limited liability company

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

    	 

    	 

    

 

CLF PULCO TWO LLC,

a Delaware limited liability company

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

 

CLF TOLLWAY PLANO LP,

a Delaware limited partnership

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

CLF ASHLAND LLC,

a Delaware limited liability company

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

CLF WESTBROOK MALVERN BUSINESS TRUST,

a Virginia business trust

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

    	 

    	 

    

 

“PARENT”

 

AMERICAN REALTY CAPITAL PROPERTIES, INC.,

a Maryland corporation

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

    	 

    	 

    

 

Acknowledged and Agreed:

 

 

“GUARANTOR”

 

AMERICAN REALTY CAPITAL PROPERTIES, INC.,

a Maryland corporation

 

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

 

Safari Acquisition,
LLC, a

Delaware limited liability company

 

By:_/s/ Jesse C. Galloway________________________

Name: Jesse C. Galloway

Title: Authorized Signatory

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