Document:

EXECUTION COPY 

 

FOURTH AMENDMENT TO

CREDIT AGREEMENT

 

THIS FOURTH AMENDMENT
TO CREDIT AGREEMENT (this “Fourth Amendment”) is made and entered into as of this 22nd day of July,
2013 by and among ARC Properties Operating Partnership, L.P. (as successor to American
Realty Capital Operating Partnership III, L.P.), a Delaware limited partnership
(“Borrower”), TIGER ACQUISITION, LLC (as successor to American Realty Capital Trust III, Inc.), a Delaware limited
liability company (“Tiger”), AMERICAN REALTY CAPITAL PROPERTIES, INC., a Maryland corporation (“ARCP”),
the Lenders party hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the benefit of the Lenders (in
such capacity, the “Administrative Agent”), as Issuing Bank and as Swingline Lender.

 

W I T N E
S S E T H:

 

WHEREAS, Borrower,
Tiger, ARCP, the Administrative Agent and the Lenders are parties to a certain Credit Agreement dated as of February 14, 2013 (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 and (iii) the Third Amendment dated as of May 28, 2013, together with any other
modifications and amendments, collectively, the “Credit Agreement”);

 

WHEREAS, Borrower has
requested that the Administrative Agent and the Lenders amend certain terms and conditions of the Credit Agreement as described
herein; and

 

WHEREAS, the Administrative
Agent and the Lenders party to this Fourth Amendment have agreed to so amend certain terms and conditions of the Credit Agreement
and to consent and approve the Additional Properties (as defined below) as Acceptable Properties, all on the terms and conditions
set forth below in this Fourth Amendment.

 

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

 

		1.	Definitions. All capitalized undefined terms used in this Fourth Amendment shall have the
meanings ascribed thereto in the Credit Agreement, as amended hereby.

 

		2.	Amendments to Credit Agreement. Effective as set forth in Section 4 below, the Credit Agreement
is amended as follows:

 

		a.	Section 1.01 of the Credit Agreement is hereby amended by inserting in appropriate alphabetical
order the following new definition:

 

“Eligible Cash“
means, as of any date of determination, all balance sheet cash and Cash Equivalents of the Borrower and the Guarantors in excess
of $25,000,000 (after deducting, without duplication, from such balance sheet cash (to the extent such items are included in such
balance sheet cash): encumbered cash (other than cash subject to customary rights of set-off), tenant security and other restricted
cash and deposits shown on the balance sheet and cash and Cash Equivalents that the Borrower and the Guarantors are unable to access
within 

 

    	 

    	 

    

 

thirty (30) days and net of related tax obligations for repatriation and transaction costs and expenses related thereto);
provided that in no event shall Eligible Cash exceed the aggregate outstanding principal amount of all Indebtedness of the Consolidated
Group in respect of which all payments of principal (including any contingent payments of principal in respect thereof and whether
at final maturity or otherwise) shall be due on or before the 12-month anniversary of such date of determination.

 

“Series C Convertible Preferred
Stock” shall mean Parent’s Series C Convertible Preferred Stock, par value $0.01 per share.

 

		b.	Section 1.01 of the Credit Agreement is hereby amended by restating the following definitions
in their entirety and inserting them in appropriate alphabetical order:

 

“Adjusted
Borrowing Base NOI” means, as of any date of determination for any Borrowing Base Property, (i) Borrowing Base NOI for
such Borrowing Base Property for the fiscal quarter most recently ended on or prior to such date of determination, multiplied by
four, less (ii) the Capital Reserve for such Borrowing Base Property.

 

“Borrowing
Base Asset Value” means, as of any date of determination, the sum of (a) (i) the aggregate Adjusted Borrowing
Base NOI from Borrowing Base Properties owned for the entire fiscal quarter most recently ended on or prior to such date of determination
divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Borrowing Base Properties owned as of the
last day of the fiscal quarter most recently ended on or prior to such date of determination for a period less than such fiscal
quarter; provided that (a) the aggregate Borrowing Base Asset Value from Borrowing Base Properties owned pursuant to an Acceptable
Ground Lease shall not exceed twenty percent (20%) of the aggregate Borrowing Base Asset Value, and (b) the aggregate Borrowing
Base Asset Value from Borrowing Base Properties which are convenience stores shall not exceed five percent (5.0%) of the aggregate
Borrowing Base Asset Value.

 

“Borrowing
Base Asset Value Ratio” means, as of any date of determination, the ratio of (a) Borrowing Base Asset Value to (b) the
sum of (i) (x) the Total Outstandings plus (y) from and after the occurrence of the Permitted Bridge Credit Agreement Transaction,
the Total Bridge Facility Outstandings plus (z) the aggregate unsecured Indebtedness of the Consolidated Group minus (ii) Eligible
Cash as of such date of determination.

 

“Consolidated Interest
Expense” means, for any Person for any period, the total interest expense (including that attributable to Capital Lease
Obligations) of such Person for such period with respect to all outstanding Total Funded Debt (including all commissions, discounts
and other fees and charges owed by such 

 

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Person with respect to letters of credit and bankers’ acceptance financing and net
costs of such Person under Swap Contracts in respect of interest rates to the extent such net costs are allocable to such period
in accordance with GAAP). Consolidated Interest Expenses shall exclude (a) interest rate hedge termination payments or receipts,
(b) loan prepayment costs, (c) upfront loan fees, (d) interest expense covered by an interest reserve established under a loan
facility, (e) any interest expense under any construction loan or construction activity that under GAAP is required to be capitalized
and (f) any interest expense in respect of any Indebtedness convertible into the Equity Interests of the Parent or cash or any
combination of cash and Equity Interests of the Parent in excess of the cash coupon on such Indebtedness.

 

“Consolidated
Net Income” means, for any Person for any period, the consolidated
net income (or loss) of such Person for such period, determined on a consolidated basis in accordance with GAAP; provided that
in calculating Consolidated Net Income of Parent for any period, there shall be excluded (a) the income (or deficit) of any Person
accrued prior to the date it becomes a Subsidiary or is merged into or consolidated with Parent or any of its Subsidiaries, (b)
the income (or deficit) of any Person (other than a Company) in which any Company has an ownership interest, except to the extent
that any such income is actually received by such Company in the form of dividends or similar distributions, (c) the undistributed
earnings of any Subsidiary of any Company to the extent that the declaration or payment of dividends or similar distributions by
such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or
requirement of Law applicable to such Subsidiary and (d) any interest expense in respect of any Indebtedness convertible into the
Equity Interests of the Parent or cash or any combination of cash and Equity Interests of the Parent in excess of the cash coupon
on such Indebtedness.

 

“Funds
From Operations” shall have the meaning promulgated by the National
Association of Real Estate Investment Trusts at the time of closing (or,
if approved by Borrower and Administrative Agent, as such meaning may be updated from time to time) which is the basis of Parent’s
publicly filed financial statements, as adjusted by real estate acquisition costs and expenses for acquisitions that were consummated
and impairment of real estate assets for the Consolidated Group, plus any interest expense in respect of any Indebtedness
convertible into the Equity Interests of the Parent or cash or any combination
of cash and Equity Interests of the Parent in excess of the cash coupon on such Indebtedness.

 

“Total
Asset Value” means, as of any date of determination, the sum of (a) Consolidated Group’s pro rata share
of NOI for the fiscal quarter most recently ended on or prior to such date of determination, multiplied by four, and divided by
the Capitalization Rate (excluding the Consolidated Group’s pro rata 

 

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share of the NOI for any Property not owned for
the entire fiscal quarter most recently ended on or prior to such date of determination), (b) the acquisition price paid for
any Property acquired during the fiscal quarter most recently ended on or prior to such date of determination and owned as of the
last day of such fiscal quarter, (c) cash and Cash Equivalents as of the end of the fiscal quarter most recently ended on
or prior to such date of determination, (d) vacant land owned as of the last day of the fiscal quarter most recently ended
on or prior to such date of determination, at cost, (e) mortgage notes receivable at GAAP as of the last day of the fiscal
quarter most recently ended on or prior to such date of determination, and (f) Construction In Progress owned as of the last
day of the fiscal quarter most recently ended on or prior to such date of determination, at cost. Borrower’s Ownership Share
of assets held by Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause (c)) will
be included in the calculation of Total Asset Value consistent with the above described treatment for wholly owned assets.

 

		c.	Section 8.02 of the Credit Agreement is hereby amended by (i) deleting the “and” now
appearing at the end of clause (l) thereof, (ii) adding “and” at the end of clause (m) thereof and (iii) inserting
the following new clause (n) immediately following clause (m) thereof:

 

(n) Indebtedness
of the Borrower owing to the Parent provided that such Indebtedness is subordinated to the Obligations in a manner satisfactory
to Administrative Agent;

 

		d.	Section 8.05 of the Credit Agreement is hereby amended by (i) deleting the “ and” now
appearing at the end of clause (i) thereof, (ii) deleting the “.” now appearing at the end of clause (j) thereof and
substituting the following therefor: “;” and (iii) inserting the following new clauses (k) and (l) immediately following
clause (j) thereof:

 

(k)Parent
may make, and Borrower may make dividends or distributions to Parent to allow Parent to make, any (i) mandatory redemption payments
pursuant to the terms of, or any payments that may be required in connection with the conversion of, the Series C Convertible Preferred
Stock and (ii) any dividends on the Series C Convertible Preferred Stock that may be required to be paid, in each case, pursuant
to the terms thereof as in effect as of June 4, 2013 (or as amended in any manner that does not increase the payment obligations
of the Parent in respect thereof); and

 

(l)Parent
or Borrower may make, and Borrower may make dividends or distributions to Parent to allow Parent to make, any (i) redemption or
cash settlement payments and (ii) any cash interest payments, in each case, in accordance with the terms of any series of Indebtedness
convertible into Equity Interests or cash or any combination of cash and Equity Interests of the Parent and 

 

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issued by Parent or
Borrower and otherwise permitted hereunder. For the avoidance of doubt, the dividends and distributions under this clause (l) shall
be permitted so long as no Default shall have occurred and be continuing at the time of the issuance of the relevant Indebtedness.

 

		e.	Section 8.14(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(b)Maximum
Secured Recourse Indebtedness. Recourse Indebtedness of Parent and Borrower (excluding unsecured Indebtedness and any Indebtedness
under this Agreement and, from and after the occurrence of the Permitted Bridge Credit Agreement Transaction, the Bridge Credit
Agreement) to exceed ten percent (10%) of Total Asset Value of the Companies.

 

		f.	Section 9.01 of the Credit Agreement is hereby amended to add the following at the end of the clause
(f) thereof:

 

; provided that
this clause (f) shall not apply to any redemption, conversion or settlement of any such Indebtedness that is convertible into Equity
Interests in the Parent (and cash in lieu of fractional shares or units) and/or cash (in lieu of such Equity Interests in an amount
determined by reference to the price of the common stock of the Parent at the time of such redemption, conversion or settlement)
pursuant to its terms unless such redemption, conversion or settlement results from a default thereunder or an event of a type
that constitutes an Event of Default

 

		3.	Consent.  The Borrower has informed the Administrative Agent and the Lenders of the
acquisition by the Borrower and certain of its Subsidiaries of the Properties identified on Schedule I attached hereto (the
“Additional Properties”).  Subject to the satisfaction or waiver of the conditions precedent set forth
in Section 4 below, solely for the purposes of calculating the financial covenants set forth in Section 8.14 of the
Credit Agreement, the Administrative Agent and the Lenders party hereto acknowledge and approve that each of the Additional Properties
shall be Acceptable Properties, effective as of June 27, 2013, so long as on or before July 26, 2013 (or such later date as the
Administrative Agent may determine in its sole discretion) the requirements set forth in clauses (i) through (iii) of the definition
of “Acceptable Properties” in the Credit Agreement shall have been satisfied with respect to each such Additional Property.
Notwithstanding the foregoing, it us understood and agreed that, except as expressly set forth in the preceding sentence, no Additional
Property shall be included in the calculation of the Borrowing Base under the Credit Agreement (including, without limitation,
for purposes of Section 2.14(b) of the Credit Agreement), unless and until the requirements set forth in clauses (i) through (iii)
of the definition of “Acceptable Properties” in the Credit Agreement shall have been satisfied with respect to such
Additional Property, and the failure to satisfy such requirements with respect to the Additional Properties on or before July 26,
2013 (or such 

 

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			later date as the Administrative Agent may determine in its sole discretion) shall constitute
                                                                          an Event of Default.

 

		4.	Conditions to Effectiveness.This Fourth Amendment
shall not be effective until the Administrative Agent shall have received counterparts of this Fourth Amendment duly executed
and delivered by the Borrower and the other Loan Parties, the Administrative Agent, the Issuing Bank, the Swingline Lender and
the Required Lenders; provided that upon this Fourth Amendment becoming effective the provisions of Section 2 hereof shall be
deemed to be effective as of June 4, 2013.

 

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

 

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

 

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

 

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			Agent or the Lenders or their counsel
                                                        in entering into this Fourth Amendment. This Fourth Amendment shall constitute
                                                        a Loan Document.

 

[remainder of
page left intentionally blank]

 

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

 

 

	 	 
	 	
        ARC Properties Operating
        Partnership, L.P.,

        a Delaware limited partnership

         

        By: /s/ Jesse C. Galloway_________

        

        Name:Jesse C. Galloway

        Title:Authorized Signatory

         

	 	 
	 	 
	 	
        AMERICAN REALTY CAPITAL PROPERTIES, INC., a Maryland
        corporation

         

        By/s/ Jesse C. Galloway_________

        

        Name:Jesse C. Galloway

        Title:Authorized Signatory

         

         

        TIGER ACQUISITION, LLC, a Delaware limited liability
        company

         

        By/s/ Jesse C. Galloway_________

        

        Name:Jesse C. Galloway

        Title:Authorized Signatory

	 	 

 

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

 

WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as
Administrative Agent, SwingLine 

Lender, Issuing Bank and as a Lender

 

By: /s/ Matthew Ricketts___________________

Name: Matthew Ricketts

Title: Managing Director

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

 

 

BARCLAYS BANK PLC,

as a Lender

 

By: /s/ Noam Azachi______________________

Name: Noam Azachi

Title: Vice President

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

 

BANK OF AMERICA, N.A.,
as a Lender

 

By: /s/ Michael W. Edwards________________

Name: Michael W. Edwards

Title: Senior Vice President

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

JPMORGAN CHASE BANK, N.A.

as a Lender

 

By: /s/ Rita Lai_____________________

Name: Rita Lai

Title: Senior Credit Banker

 

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

RBS CITIZENS NA,

as a Lender

 

By: /s/ Donald Woods__________________

Name: Donald Woods

Title: SVP

 

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

Capital One, N.A.,

as a Lender

 

By: /s/ Frederick H. Denecke________________

Name: Frederick H. Denecke

Title: Vice President

 

Signature Page to

Fourth Amendment to Credit Agreement

 

 

    	 

    	 

    

 

RAYMOND JAMES BANK, N.A.,

as a Lender

 

By: /s/ James M. Armstrong_______________

Name: James M. Armstrong

Title: Senior Vice President

 

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

COMERICA BANK,

as a Lender

 

By: /s/ Charles Weddell__________________

Name: Charles Weddell

Title: Vice President

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

Each of the undersigned,
as Guarantor under that certain Amended and Restated Parent Guaranty Agreement dated as of February 28, 2013, hereby consents to
the foregoing Fourth Amendment to Credit Agreement and acknowledges and agrees that the Amended and Restated Parent Guaranty Agreement
executed by the undersigned dated as of February 28, 2013 remains in full force and effect.

 

AMERICAN REALTY CAPITAL PROPERTIES, INC.,
a Maryland corporation

 

By: /s/ Jesse C. Galloway_________

Name:Jesse
C. Galloway

Title:Authorized Signatory

 

 

TIGER ACQUISITION, LLC, a Delaware limited liability
company

 

By: /s/ Jesse C. Galloway_________

Name:Jesse C. Galloway

Title: Authorized Signatory

 

 

Signature Page to

Fourth Amendment to Credit Agreement

 

 

    	 

    	 

    

 

 

Each of the undersigned,
as Guarantor under that certain Subsidiary Guaranty Agreement dated as of February 14, 2013 (as amended and in effect from time
to time) hereby consents to the foregoing Fourth Amendment to Credit Agreement and acknowledges and agrees that the Subsidiary
Guaranty Agreement and each Pledge Agreement executed by the undersigned remains in full force and effect.

 

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By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

 

    	 

    	 

    

 

 

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By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

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By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

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By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

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By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

 

    	 

    	 

    

 

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By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

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ARC DGMVLTN001, LLC

ARC DGNBFTX001, LLC

ARC DGNCLOH001, LLC

ARC DGNCYKY001, LLC

ARC DGNGEMI001, LLC

ARC DGNIRLA001, LLC

ARC DGNSAIA001, LLC

ARC DGOLVMN001, LLC

ARC DGOSCMO001, LLC

ARC DGOTWIA001, LLC

ARC DGOZKMO001, LLC

ARC DGPBGMO001, LLC

ARC DGPFCMO001, LLC

ARC DGPMNKS001, LLC

ARC DGPTNLA001, LLC

ARC DGRBVMO001, LLC

ARC DGRCYMN001, LLC

ARC DGRMTMO001, LLC

ARC DGRSCMI001, LLC

ARC DGRSSOK001, LLC

ARC DGSCSKS001, LLC

ARC DGSDLMO001, LLC

ARC DGSDNKS001, LLC

ARC DGSFLMO001, LLC

ARC DGSGRMS001, LLC

ARC DGSKNMO001, LLC

ARC DGSLBTX001, LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

ARC DGSNTTX001, LLC

ARC DGSPGMN001, LLC

ARC DGSRGLA001, LLC

ARC DGSRTLA001, LLC

ARC DGSTLMO001, LLC

ARC DGSTLMO002, LLC

ARC DGSWLMS001, LLC

ARC DGTLRTX001, LLC

ARC DGTRYTX001, LLC

ARC DGTYNNC001, LLC

ARC DGVCTTX001, LLC

ARC DGVRGMN001, LLC

ARC DGWCOTX001, LLC

ARC DGWLCTX001, LLC

ARC DGWSTAR001, LLC

ARC DGZCYLA001, LLC

ARC FDARCID001, LLC

ARC FDAVGTX001, LLC

ARC FDBKNIN001, LLC

ARC FDCHOTX001, LLC

ARC FDCLVOH001, LLC

ARC FDCLVOH003, LLC

ARC FDCMONM001, LLC

ARC FDCMTLA001, LLC

ARC FDCWLTX001, LLC

ARC FDDRTMI002, LLC

ARC FDDVLMS001, LLC

ARC FDELKTX001, LLC

ARC FDGPTMS001, LLC

ARC FDGPTMS002, LLC

ARC FDHBGMS001, LLC

ARC FDKLNMS001, LLC

ARC FDKMRWY001, LLC

ARC FDLNXGA001, LLC

ARC FDMTRNM001, LLC

ARC FDOKTTX001, LLC

ARC FDOLNMS001, LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

ARC FDSSGNV001, LLC

ARC FDSTLMO001, LLC

ARC FDSTLMO003, LLC

ARC FDSTLMO004, LLC

ARC FDTFWLA001, LLC

ARC FDWNNMS001, LLC

ARC FEBYNTX001, LLC

ARC FECCOCA001, LLC

ARC FECCTOH001, LLC

ARC FEEVLIN001, LLC

ARC FEHBTTN001, LLC

ARC FEHZDKY001, LLC

ARC FEKKEIL001, LLC

ARC FELDNKY002, LLC

ARC FELWLAR001, LLC

ARC FEMTPPA001, LLC

ARC FEMTVIL001, LLC

ARC FEOMKWA001, LLC

ARC FERVLMN001, LLC

ARC FEWCANV001, LLC

ARC FEWVRNV001, LLC

ARC FEYMAAZ001, LLC

ARC FMARAIL001, LLC

ARC FMBSRLA001, LLC

ARC FMCARMI001, LLC

ARC FMCGOIL001, LLC

ARC FMDLSTX001, LLC

ARC FMJSNMI001, LLC

ARC FMKMLOH001, LLC

ARC FMPRUIN001, LLC

ARC FMWGNIL001, LLC

ARC FMWSWNC001, LLC

ARC GEAUBAL001, LLC

ARC GMFTWIN001, LLC

ARC GSFTWTX001, LLC

ARC GSGLOVA001, LLC

ARC GSMOBAL001, LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

ARC GSSPRAZ001, LLC

ARC GSSPRMO001, LLC

ARC HBRHLNC001, LLC

ARC IMCLBOH001, LLC

ARC KFCPTCA001, LLC

ARC KGBTVAR001, LLC

ARC KGCYNWY001, LLC

ARC KGFTNCO001, LLC

ARC KGLWLAR001, LLC

ARC KGMCTIA001, LLC

ARC KGMMTCO001, LLC

ARC KGOTMIA001, LLC

ARC KGPGDAR001, LLC

ARC KGRGSAR001, LLC

ARC KGSWDAR001, LLC

ARC KGTGAND001, LLC

ARC KLABYGA001, LLC

ARC KLATLGA001, LLC

ARC KLATLGA002, LLC

ARC KLAUGGA001, LLC

ARC KLCBSGA001, LLC

ARC KLCTNTN001, LLC

ARC KLEPTGA001, LLC

ARC KLGFPMS001, LLC

ARC KLJACFL001, LLC

ARC KLJAKMS001, LLC

ARC KLJAKMS002, LLC

ARC KLKNXTN001, LLC

ARC KLMCNGA001, LLC

ARC KLMDGGA001, LLC

ARC KLMGYAL001, LLC

ARC KLORLFL001, LLC

ARC KLORLFL002, LLC

ARC KLPHCAL001, LLC

ARC KLPLCFL001, LLC

ARC KLPRLMS001, LLC

ARC KLSAGFL001, LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

ARC KLSNVGA001, LLC

ARC KLTCLAL001, LLC

ARC MFBSEID001, LLC

ARC MFCBSIN001, LLC

ARC MFFNCSC001, LLC

ARC MFNDLTX001, LLC

ARC MFRLHNC001, LLC

ARC MFWSNNC001, LLC

ARC NTMRWGA001, LLC

ARC NTSTLMO001, LLC

ARC ORLMIWY001, LLC

ARC ORONAAL001, LLC

ARC PFCNLGA001, LLC

ARC PRRCRNY001, LLC

ARC PSCLSNC001, LLC

ARC PSCLTNC001, LLC

ARC PSCLTNC002, LLC

ARC PSCLTNC003, LLC

ARC PSCLTNC004, LLC

ARC PSCNRNC001, LLC

ARC PSFMLSC001, LLC

ARC PSLTNNC001, LLC

ARC PSMGYAL001, LLC

ARC PSMTSNC001, LLC

ARC PSTVLNC001, LLC

ARC RAHTNWV001, LLC

ARC RAJFVIN001, LLC

ARC RALMAOH001, LLC

ARC RALNGKY001, LLC

ARC RALVLOH001, LLC

ARC RALXNKY001, LLC

ARC RAMAROH001, LLC

ARC RAPRSKY001, LLC

ARC RASFDKY001, LLC

ARC RASVLKY001, LLC

ARC RMWFDKS002, LLC

ARC SBTPAFL001, LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

ARC SEGCTVA001, LLC

ARC SEHPNVA001, LLC

ARC SEHPNVA002, LLC

ARC SESSAFL001, LLC

ARC SSPMTMA001, LLC

ARC STORROH001, LLC

ARC STORROH002, LLC

ARC STORROH003, LLC

ARC TDFMTME001, LLC

ARC TRSEAWA001, LLC

ARC TSGRYLA001, LLC

ARC TSNGNMI001, LLC

ARC TSPYMNH001, LLC

ARC WGABOPR001, LLC

ARC WGACWGA002, LLC

ARC WGANDIN001, LLC

ARC WGCDVTN001, LLC

ARC WGCGOIL001, LLC

ARC WGCGOIL002, LLC

ARC WGCLBMS001, LLC

ARC WGCTPMI001, LLC

ARC WGESYSC001, LLC

ARC WGETNOH001, LLC

ARC WGGVLSC001, LLC

ARC WGLNPMI001, LLC

ARC WGLVSNV001, LLC

ARC WGMEMTN001, LLC

ARC WGNCNSC001, LLC

ARC WGPORAZ001, LLC

ARC WGTLQOK001, LLC

ARC WGTRYMI001, LLC

ARC WGWRNMI001, LLC

ARC WMDVLVA001, LLC

ARC3 DGADYTX01, LLC

ARC3 DGBKLMO01, LLC

ARC3 DGLKCLA001, LLC

ARC3 DGNCZMS001, LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

ARC3 DGNHNMO01, LLC

ARC3 DGWMRLA001, LLC

ARC3 FDHLKMS01, LLC

ARC3 FEEWCWA001, LLC

ARC3 FEKKMIN01, LLC

ARC3 FEPBGWV001, LLC

ARC3 FEQNCIL01, LLC

ARC3 GSSTUFL001, LLC

ARC3 WGSTNNY001, LLC

ARCP AAFNTMI001, LLC

ARCP AAYLNMI001, LLC

ARCP DGAFTAR01, LLC

ARCP DGAPCMO001, LLC

ARCP DGASDMO001, LLC

ARCP DGASGMO001, LLC

ARCP DGBLFMO001, LLC

ARCP DGBLVAR001, LLC

ARCP DGBRNMO001, LLC

ARCP DGCCDMO01, LLC

ARCP DGCMROK001, LLC

ARCP DGCNYKS01, LLC

ARCP DGCRLAR001, LLC

ARCP DGCTNMO001, LLC

ARCP DGCVRMO01, LLC

ARCP DGDMDMO001, LLC

ARCP DGFPNAR01, LLC

ARCP DGGFDMO01, LLC

ARCP DGGRFAR001, LLC

ARCP DGHVLMO01, LLC

ARCP DGJNBIL001, LLC

ARCP DGLSNMO001, LLC

ARCP DGNWTOK01, LLC

ARCP DGOGVMO01, LLC

ARCP DGPCYFL01, LLC

ARCP DGPMRMO001, LLC

ARCP DGSJSMO01, LLC

ARCP DGSNCMO01, LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

ARCP DGSNTMO01, LLC

ARCP DGWNAMO01, LLC

ARCP DGWSGMO01, LLC

ARCP GSFRENY001, LLC

ARCP GSPLTNY01, LLC

ARCP GSWARPA001, LLC

ARCP JDDPTIA01, LLC

ARCP MBDLSTX01, LLC

ARCP TSRGCTX01, LLC

ARCP WGEPTMI001, LLC

ARCP WGMRBSC001, LLC

CRE JV Mixed Five IL 2 Branch Holdings LLC

CRE JV Mixed Five IL 3 Branch Holdings LLC

CRE JV Mixed Five IL 5 Branch Holdings LLC

CRE JV Mixed Five MI 1 Branch Holdings LLC

CRE JV Mixed Five MI 2 Branch Holdings LLC

CRE JV Mixed Five MI 3 Branch Holdings LLC

CRE JV Mixed Five MI 4 Branch Holdings LLC

CRE JV Mixed Five MI 5 Branch Holdings LLC

CRE JV Mixed Five MI 6 Branch Holdings LLC

CRE JV Mixed Five MI 7 Branch Holdings LLC

CRE JV Mixed Five NH Branch Holdings LLC

CRE JV Mixed Five OH 1 Branch Holdings LLC

CRE JV Mixed Five OH 2 Branch Holdings LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement

 

    	 

    	 

    

 

CRE JV Mixed Five OH 3 Branch Holdings LLC

CRE JV Mixed Five OH 4 Branch Holdings LLC

CRE JV Mixed Five OH 5 Branch Holdings LLC

CRE JV Mixed Five OH 6 Branch Holdings LLC

CRE JV Mixed Five OH 7 Branch Holdings LLC

CRE JV Mixed Five VT Branch Holdings LLC

ARC AABBVKY001, LLC

ARC AAMSEMI001, LLC

ARC AASNAKS001, LLC

ARC AALBYKY001, LLC

ARC AZCGOIL001, LLC

ARC CBSFDMA001, LLC

ARC CVSCDFL001, LLC

ARC DDOSCAR001, LLC

ARC FDDRTMI003, LLC

ARC FDKBYID001, LLC

ARC FDSTLMO002, LLC

ARC FMABLNC001, LLC

ARC FMAGRNC001, LLC

ARC FMABONC001, LLC

ARC FMTVLNC001, LLC

ARC HVVMNSD001, LLC

ARC KHHWLMI001, LLC

ARC KGWKEIA001, LLC

ARC QBFNTMI001, LLC

ARC TBHGHMA001, LLC

ARC TSOCTAL001, LLC

ARC VSEPKIL001, LLC

ARC WGDBNMI001, LLC

ARC WGLPSPR001, LLC

ARC WGLVSNV001, LLC

ARC WGLVNMI001, LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit Agreement 

 

    	 

    	 

    

 

 

ARC WGPHXAZ001, LLC

ARC INCOME PROPERTIES, LLC

 

By: /s/ Jesse C. Galloway____________

Name: Jesse C. Galloway

Title: Authorized Signatory

 

Signature Page to

Fourth Amendment to Credit AgreementEXECUTION COPY

 

AUGMENTING LENDER AND INCREASING LENDER
SUPPLEMENT AND INCREMENTAL AMENDMENT

 

THIS AUGMENTING LENDER
AND INCREASING LENDER SUPPLEMENT AND INCREMENTAL AMENDMENT, dated as of August 1, 2013 (this “Supplement”),
to the Credit Agreement, dated as of February 14, 2013 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among ARC Properties Operating Partnership, L.P. (as successor to American Realty Capital
Operating Partnership III, L.P., the “Borrower”), Tiger Acquisition, LLC (as successor to American Realty Capital
Trust III, Inc.), American Realty Capital Properties, Inc., the Lenders party thereto and Wells Fargo Bank, National Association,
as administrative agent (in such capacity, the “Administrative Agent”), Issuing Bank and Swingline Lender.

 

WITNESSETH

 

WHEREAS, the Credit Agreement
provides in Section 2.15 thereof that any bank, financial institution or other entity may extend Revolving Commitments and
participate in tranches of Incremental Term Loans under the Credit Agreement subject to the approval of the Borrower, the Issuing
Bank, the Swingline Lender and the Administrative Agent, by executing and delivering to the Borrower and the Administrative Agent
documentation acceptable to the Administrative Agent; and

 

WHEREAS, the undersigned
Increasing Lender is currently party to the Credit Agreement and now desires to provide Incremental Term Loans of $50,000,000,
subject to the terms and conditions of this Supplement;

 

WHEREAS, the undersigned
Augmenting Lender has committed to provide a Revolving Commitment of $120,000,000 on the date hereof and to provide Incremental
Term Loans of $80,000,000, subject to the terms and conditions of this Supplement;

 

WHEREAS, to implement
the increase in the Revolving Commitments and the Incremental Term Loans pursuant to this Supplement, the parties hereto hereby
agree to amend the Credit Agreement in accordance with Section 2.15 of the Credit Agreement;

 

NOW, THEREFORE, each
of the parties hereto hereby agrees as follows:

 

1.            Increasing Lender.
As of the effective date of this Supplement pursuant to Section 4 below, the undersigned Increasing Lender agrees to extend a commitment
with respect to Incremental Term Loans, in such amounts as set forth on Exhibit B hereto.

 

2.            Augmenting Lender.

 

a.            The undersigned
Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the effective date
of this Supplement pursuant to Section 4 below, become a Lender for all purposes of the Credit Agreement to the same extent as
if originally a party thereto, with a Revolving Commitment and with a commitment for Incremental Term Loans (with respect to such
Incremental Term Loans and the Incremental Term Loans provided by the undersigned Increasing Lender, the “August 2013
Incremental Term Loan Lenders”, such commitments to extend Incremental Term Loans, the “August 2013 Incremental
Term Loan Commitments”, and such Incremental Term Loans, the “August 2013 Incremental Term Loans”),
in each case, in such amounts as set forth on Exhibit B hereto. Unless otherwise specified in this Supplement, for all purposes
of the Credit Agreement (as amended hereby), the August 2013 Incremental Term Loans, the August 2013 Incremental

 

    	 

    	 

    

 

Term Loan Lenders
and the August 2013 Incremental Term Loan Commitments shall be deemed to constitute “Term Loans,” “Term Loan
Lenders” and “Term Loan Commitments,” respectively, under and as defined in the Credit Agreement.

 

b.            The undersigned
Augmenting Lender (a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms
that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant
to Section 5.01 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it will, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any other instrument
or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action
as agent on its behalf and to exercise such powers and discretion under the Credit Agreement or any other instrument or document
furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers
as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform
in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it
as a Lender.

 

3.            Amendments to
Credit Agreement. As of the date hereof, the Credit Agreement is amended as follows:

 

a.            The definition
of “Availability Period” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety
as follows:

 

“Availability
Period” means, (a) with respect to Term Loans other than March 2013 Incremental Term Loans and August 2013 Incremental
Term Loans, the period from and including the Effective Date to the earlier of (i) the date of termination of the Initial Term
Loan Commitments pursuant to Section 2.06(b), and (ii) the date of termination of the commitment of each Lender to make Loans pursuant
to Section 9.02 (the “Initial Availability Period”), (b) with respect to March 2013 Incremental Term Loans,
the period from and including the Initial Term Loan Commitment Expiration Date to the earlier of (i) the date of termination of
the March 2013 Incremental Term Loan Commitments pursuant to Section 2.06(b), and (ii) the date of termination of the commitment
of each Lender to make Loans pursuant to Section 9.02 (the “March 2013 Availability Period”) and (c) with respect
to August 2013 Incremental Term Loans, the period from and including the March 2013 Incremental Term Loan Commitment Expiration
Date to the earlier of (i) the date of termination of the August 2013 Incremental Term Loan Commitment pursuant to Section 2.06(b),
and (ii) the date of termination of the commitment of each Lender to make Loans pursuant to Section 9.02 (the “August
2013 Availability Period”).

 

b.            The definition
of “Term Loan Commitment” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety
as follows:

 

“Term
Loan Commitment” means, as to each Term Loan Lender, such Lender’s obligation to make Term Loans during the applicable
Availability Period pursuant to Section 2.01(b), in an amount up to, but not exceeding, the amount set forth for such Lender on
Schedule 2.01 as such Lender’s “Initial Term Loan Commitment

 

    	2

    	 

    

 

Amount”,
“March 2013 Term Loan Commitment Amount” or “August 2013 Term Loan Commitment Amount”, as applicable, as
such Schedule 2.01 may be modified from time to time in accordance with the terms hereof.

 

c.            Section
1.01 of the Credit Agreement is hereby amended by inserting in appropriate alphabetical order the following new definitions:

 

“Applicable
August 2013 Incremental Term Loan Percentage” means, as to each Term Loan Lender during the August 2013 Availability
Period, the ratio, expressed as a percentage of (a) (i) the amount of such Term Loan Lender’s August 2013 Incremental Term
Loan Commitment plus (ii) the amount of such Lender’s outstanding August 2013 Incremental Term Loans to (b) (i) the aggregate
amount of the August 2013 Incremental Term Loan Commitment of all Term Loan Lenders plus (ii) aggregate amount of all outstanding
August 2013 Incremental Term Loans.

 

“August
2013 Incremental Term Loans” has the meaning set forth in that certain Augmenting Lender and Increasing Lender Supplement
and Incremental Amendment hereto dated as of August 1, 2013.

 

“August
2013 Incremental Term Loan Commitment” has the meaning set forth in that certain Augmenting Lender and Increasing Lender
Supplement and Incremental Amendment hereto dated as of August 1, 2013.

 

“August
2013 Incremental Term Loan Effective Date” means August 1, 2013.

 

“March
2013 Incremental Term Loans” has the meaning set forth in that certain Augmenting Lender and Increasing Lender Supplement
and Incremental Amendment hereto dated as of March 28, 2013.

 

“March
2013 Incremental Term Loan Commitments” has the meaning set forth in that certain Augmenting Lender and Increasing Lender
Supplement and Incremental Amendment hereto dated as of March 28, 2013.

 

“March
2013 Incremental Term Loan Commitment Expiration Date” means the date occurring on the earlier of (a) the date on which
the March 2013 Incremental Term Loan Commitments are reduced to zero in accordance with the first sentence of Section 2.06(b) and
(b) the six (6) month anniversary of the March 2013 Incremental Term Loan Effective Date.

 

d.            Section
2.01(b) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

(b)            Term
Loans. Subject to the terms and conditions set forth herein, including without limitation, Section 2.14, each Term Loan Lender
severally and not jointly agrees to make Term Loans to Borrower from time to time, on any Business Day during the applicable Availability
Period (each such date, a “Term Loan Borrowing Date”) in an aggregate amount not to exceed such Term Loan Lender’s
applicable Term Loan Commitment; provided that Borrower shall not be permitted to request a Borrowing of Term Loans on more than
three (3) occasions during the Availability Period applicable to such Term Loans. The Borrowings of Term Loans may be ratable Floating
Rate

 

    	3

    	 

    

 

Borrowings or
ratable Fixed Rate Borrowings. Amounts repaid or prepaid in respect of the Term Loans may not be reborrowed.

 

e.            Section
2.02(b) of the Credit Agreement is hereby amended by deleting the first sentence thereof in its entirety and replacing it with
the following:

 

(b)            Following
receipt of a Loan Notice, Administrative Agent shall promptly notify each Lender of the amount of its Applicable Revolving Percentage,
Applicable Initial Term Loan Percentage, Applicable March 2013 Incremental Term Loan Percentage or Applicable August 2013 Incremental
Term Loan Percentage, as applicable, of the applicable Loans, and if no timely notice of a conversion or continuation is provided
by Borrower, Administrative Agent shall notify each Lender of the details of any automatic continuation described in the preceding
subsection.

 

f.            Section
2.06(b) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

(b)  Term
Loan Commitments. The applicable Term Loan Commitment of each Term Loan Lender shall be immediately and permanently reduced
on each Term Loan Borrowing Date upon such Term Loan Lender making a Term Loan to Borrower on such Term Loan Borrowing Date in
an amount corresponding to such Term Loan Lender’s Applicable Initial Term Loan Percentage, Applicable March 2013 Incremental
Term Loan Percentage or Applicable August 2013 Incremental Term Loan Percentage, as applicable, of the aggregate principal amount
of the Term Loans made by the applicable Term Loan Lenders to Borrower on such Term Loan Borrowing Date. The aggregate remaining
Initial Term Loan Commitments shall terminate at 5:00 p.m. on the six (6) month anniversary of the Effective Date. The aggregate
remaining March 2013 Incremental Term Loan Commitments shall terminate at 5:00 p.m. on the six (6) month anniversary of the March
2013 Incremental Term Loan Effective Date. The aggregate remaining August 2013 Incremental Term Loan Commitment shall terminate
at 5:00 p.m. on the six (6) month anniversary of the August 2013 Incremental Term Loan Effective Date.

 

g.            Section
2.09(c) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

(c)  Term
Loan Facility Fees. During the period (i) with respect to the Initial Term Loan Commitments, from the Effective Date and until
the termination of the Initial Availability Period, (ii) with respect to the March 2013 Incremental Term Loan Commitments, from
the March 2013 Incremental Term Loan Effective Date and until the termination of the March 2013 Availability Period and (iii) with
respect to the August 2013 Incremental Term Loan Commitment, from the August 2013 Incremental Term Loan Effective Date and until
the termination of the August 2013 Availability Period, Borrower agrees to pay to Administrative Agent for the account of the applicable
Term Loan Lenders an unused term loan facility fee equal to (x) the amount by which the aggregate amount of the applicable Term
Loan Commitments exceeds the average daily amount of the aggregate outstanding principal balance of applicable Term Loans multiplied
by (y) a rate per annum equal to 0.25%. Such fee shall be computed on a daily basis and payable monthly in arrears on the last
Business Day of each calendar month ending after the Effective Date during the term of the applicable Availability Period and on
the last day of the applicable Availability Period (or, if earlier, on the date the

 

    	4

    	 

    

 

applicable Term
Loan Commitments shall have been reduced to zero in accordance with Section 2.06(b) or otherwise terminated).

 

h.            Schedule
2.01 to the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.01 attached hereto as Exhibit B.

 

4.            This Supplement
shall become effective upon (a) the satisfaction of the conditions precedent specified in Section 2.15 of the Credit Agreement,
which shall occur no later than August 1, 2013 (the “Termination Date”) and (b) receipt on or prior to the Termination
Date by the undersigned Augmenting Lender and the undersigned Increasing Lender of such fees as are due and owing to such Augmenting
Lender or Increasing Lender in connection with the increase of commitments pursuant to this Supplement.

 

5.            The Borrower hereby
elects to increase the Revolving Commitments and enter into one or more
tranches of Incremental Term Loans and has delivered to the Administrative Agent a certificate signed by a Responsible Officer
of the Borrower pursuant to Section 2.15 of the Credit Agreement, substantially in the form attached hereto as Exhibit A.

 

6.            This Supplement
shall constitute a Loan Document.

 

7.            Capitalized terms
defined in the Credit Agreement shall have their defined meanings when used herein.

 

8.            This Supplement
shall be governed by, and construed in accordance with, the laws of the State of New York.

 

9.            This Supplement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same document.

 

[remainder of this page intentionally left
blank]

 

    	5

    	 

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above
written.

 

	 	BARCLAYS BANK PLC, 
	 	as an Increasing Lender
	 	 
	 	By:  	/s/ Noam Azachi
	 	Name:  Noam Azachi
	 	Title:    Vice President

 

Signature
Page to

Augmenting
Lender and Increasing Lender Supplement and Incremental Amendment

 

    	 

    	 

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above
written.

 

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

 

Signature
Page to

Augmenting
Lender and Increasing Lender Supplement and Incremental Amendment

 

    	 

    	 

    

 

 

Accepted and agreed to as of the date first written above:

 

ARC PROPERTIES OPERATING PARTNERSHIP, L.P.

 

	By:	/s/ James A. Tanaka	 
	Name:	James A. Tanaka	 
	Title:	Authorized Signatory	 

 

Signature
Page to

Augmenting
Lender and Increasing Lender Supplement and Incremental Amendment

 

    	 

    	 

    

 

Accepted and agreed to as of the date first written above:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent, Issuing Bank and Swingline Lender

 

	By:	/s/ D. Bryan Gregory	 
	Name:	D. Bryan Gregory	 
	Title:	Director	 

 

Signature
Page to

Augmenting
Lender and Increasing Lender Supplement and Incremental Amendment

 

    	 

    	 

    

 

EXHIBIT A

OFFICER’S CERTIFICATE

 

August 1, 2013

 

The undersigned, Brian
Block of ARC Properties Operating Partnership, L.P., a Delaware limited partnership (“ARCPOP”), in connection
with (i) that certain Credit Agreement dated as of February 14th, 2013 (as amended, restated, replaced, supplemented
or otherwise modified from time to time, the “Credit Agreement”) by and among ARCPOP (as successor to
American Realty Capital Operating Partnership III, L.P., the “Borrower”), Tiger Acquisition, LLC (as
successor to American Realty Capital Trust III, Inc.), American Realty Capital Properties, Inc., Wells Fargo Bank, National Association
(“Wells Fargo”), as Administrative Agent (the “Administrative Agent”) and the
Lenders from time to time party thereto, and (ii) that certain Augmenting Lender and Increasing Lender Supplement and Incremental
Amendment, dated as of August 1, 2013 to the Credit Agreement (the “Supplement”), among the Borrower,
Citibank, N.A., as an Augmenting Lender, Barclays Bank PLC, as an Increasing Lender, and Wells Fargo, as administrative agent,
Issuing Bank and Swingline Lender, hereby certifies as follows (terms used herein and not defined herein shall have the meanings
assigned to such terms in the Credit Agreement or, if not defined therein, in the Supplement):

 

1.            No consents,
licenses or approvals are required in connection with the execution and delivery of the Supplement or performance of the Loan Documents
(including the Supplement).

 

2.            The
conditions specified in Sections 5.02(a) and (b) of the Credit
Agreement have been satisfied.

 

3.            After giving
effect to the increase in the Revolving Commitments, the Incremental Term Loan Commitment and the Incremental Term Loans to be
made on the date hereof, the sum of (a) Total Outstandings plus (b) Total Bridge Facility Outstandings will not exceed the Borrowing
Base.

 

4.            ARCPOP is in
pro forma compliance with the covenants set forth in Section 8.14 of the Credit Agreement after giving effect to the Loans to be
made on the date hereof and the application of the proceeds therefrom as if made and applied on the date hereof, as evidenced by
the calculations in Schedule 1 attached hereto.

 

	 	ARC PROPERTIES OPERATING PARTNERSHIP, L.P.
	 	 
	 	By:	 
	 	 	Brian Block
	 	 	Chief Financial Officer

 

    	 

    	 

    

 

Schedule 1

 

Calculations showing Pro-Forma Compliance

 

    	 

    	 

    

 

EXHIBIT B

 

SCHEDULE 2.01

 

COMMITMENTS

 

	Lender	 	Revolving Loan 

Commitment	 	 	Initial Term 

Loan 

Commitment	 	 	March 2013 

Incremental 

Term Loan 

Commitment	 	 	August 2013

 Incremental

 Term Loan 

Commitment	 
	Wells Fargo Bank	 	$	100,000,000	 	 	$	50,000,000	 	 	$	75,000,000	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of America, N.A.	 	$	100,000,000	 	 	$	75,000,000	 	 	$	75,000,000	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Citibank, N.A.	 	$	120,000,000	 	 	$	0	 	 	$	0	 	 	$	80,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Regions Bank	 	$	48,000,000	 	 	$	72,000,000	 	 	$	0	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RBS Citizens, N.A.	 	$	40,000,000	 	 	$	60,000,000	 	 	$	0	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	JPMorgan Chase Bank, N.A.	 	$	88,000,000	 	 	$	72,000,000	 	 	$	60,000,000	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Capital One, N.A.	 	$	40,000,000	 	 	$	60,000,000	 	 	$	0	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Barclays Bank PLC	 	$	100,000,000	 	 	$	0	 	 	$	0	 	 	$	50,000,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TD Bank, N.A.	 	$	30,000,000	 	 	$	45,000,000	 	 	$	0	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	U.S. Bank National Association	 	$	30,000,000	 	 	$	70,000,000	 	 	$	0	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Union Bank, National Association	 	$	30,000,000	 	 	$	45,000,000	 	 	$	0	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Raymond James Bank, FSB	 	$	14,800,000	 	 	$	22,200,000	 	 	$	0	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Comerica Bank	 	$	12,000,000	 	 	$	18,000,000	 	 	$	0	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	First Tennessee Bank National Association	 	$	7,200,000	 	 	$	10,800,000	 	 	$	0	 	 	$	0	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	$	760,000,000	 	 	$	600,000,000	 	 	$	210,000,000	 	 	$	130,000,000

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