Document:

EXHIBIT 4.2

 

AMERICAN REALTY CAPITAL PROPERTIES, INC.

 

OFFICER’S CERTIFICATE

 

The undersigned, Brian S. Block, Executive Vice President and
Chief Financial Officer, Treasurer and Secretary, of American Realty Capital Properties, Inc. (“Parent”), a Maryland
corporation, hereby certifies, on behalf of Parent in its own capacity and as sole general partner of ARC Properties Operating
Partnership, L.P., a Delaware limited partnership (“ARCP OP”), and as sole member of Clark Acquisition, LLC, a Delaware
limited liability company (“Clark” and, together with ARCP OP, the “Issuers”), as sole member of Safari
Acquisition, LLC, a Delaware limited company (“Safari”), and as sole member of Tiger Acquisition, LLC, a Delaware limited
liability company (“Tiger” and, together with Parent and Safari, the “Guarantors”), pursuant to Sections
2.01 and 2.02 of the Indenture, dated as of February 6, 2014 (the “Indenture”), by and among ARCP OP and Clark, as
Issuers, Parent, Safari and Tiger, as Guarantors, and U.S. Bank National Association, a national banking association, as trustee,
as follows:

 

1. The undersigned has read Sections 2.01 and 2.02 of the Indenture
and such other sections of the Indenture and other documents and has made such other inquiries as he has deemed necessary to make
the certifications set forth herein.

 

2. In the opinion of the undersigned, the covenants and conditions
precedent provided for in the Indenture and as set forth in Annex A attached hereto relating to the issuance of the Issuers’
2.000% Senior Notes due 2017 (the “2017 Notes”), 3.000% Senior Notes due 2019 (the “2019 Notes”) and 4.600%
Senior Notes due 2024 (the “2024 Notes” and, together with the 2017 Notes and the 2019 Notes, the “Notes”)
have been complied with.

 

3. The forms of each series of Notes and the guarantees of each
such series of Notes by the Guarantors, and the terms of each series of Notes, as set forth in Exhibits A-1 through A-3 attached
to Annex A hereto, as applicable, have been duly established pursuant to Sections 2.01 and 2.02 of the Indenture and comply with
the Indenture.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[SIGNATURE ON FOLLOWING PAGE]

 

    	 

    	 

    

  

IN WITNESS WHEREOF, the undersigned has
caused this certificate to be duly executed as of this 6th day of February, 2014.

 

 

	 	AMERICAN REALTY CAPITAL PROPERTIES, INC
	 		 
	 	By:	/s/ Brian S. Block
	 	Name:	Brian S. Block
	 	Title: Executive Vice President, Chief
 Financial Officer, Treasurer and Secretary

 

[Signature page to Officer’s Certificate to Indenture]

 

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ANNEX A

 

Pursuant to Sections 2.01 and 2.02 of the Indenture, dated as
of February 6, 2014 (the “Indenture”), among ARC Properties Operating Partnership, L.P. (“ARCP OP”), Clark
Acquisition, LLC (“Clark and, together with ARCP OP, the “Issuers”), American Realty Capital Properties, Inc.
(“Parent”), Tiger Acquisition, LLC, Safari Acquisition, LLC and U.S. Bank National Association, as trustee (the “Trustee”),
the terms of three new series of Securities to be issued pursuant to the Indenture are as set forth below. Certain defined terms
are set forth in paragraph 18(g) hereof. Capitalized terms used but not otherwise defined herein shall have the respective meanings
assigned to them in the Indenture.

 

1. Designation. Three series of Securities are
hereby established under the Indenture and shall be known and designated as the “2.000% Senior Notes due 2017,” the
“3.000% Senior Notes due 2019” and the “4.600% Senior Notes due 2024.”

 

2. Initial Aggregate Principal Amount. The Notes
shall be limited in initial aggregate principal amount to $1,300,000,000 with respect to the 2017 Notes; $750,000,000 with respect
to the 2019 Notes; and $500,000,000 with respect to the 2024 Notes; in each case except for Notes authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Notes of such series pursuant to Sections 2.05, 2.06,
2.07, 3.03, and 9.04 of the Indenture and paragraph 26 hereof.

 

3. Maturity. The date on which the principal of
the 2017 Notes is payable is February 6, 2017; the date on which the principal of the 2019 Notes is payable is February 6, 2019;
and the date on which the principal of the 2024 Notes is payable is February 6, 2024 (in each case, the “Stated Maturity
Date” of each such series).

 

4. Rate of Interest; Interest Payment Date; Regular Record
Dates. The 2017 Notes shall bear interest at the rate of 2.000% per annum; the 2019 Notes shall bear interest at the rate
of 3.000% per annum; and the 2024 Notes shall bear interest at the rate of 4.600% per annum; in each case until the principal thereof
is paid. Such interest shall be payable semiannually in arrears on February 6 and August 6 of each year (each, an “Interest
Payment Date”), commencing on August 6, 2014, to the Persons in whose names the Notes are registered at the close of business
on the immediately preceding January 22 or July 22 (each, a “record date”), as the case may be. Interest on the Notes
shall accrue from and including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly
made available for payment (or from and including the date of issue, if no interest has been paid or duly made available for payment
with respect to the Notes) to, but excluding the applicable Interest Payment Date, the Stated Maturity Date or date of earlier
redemption (the Stated Maturity Date or date of earlier redemption referred to collectively herein as the “Maturity Date”),
as the case may be. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. If
any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment of principal, premium,
if any, and/or interest payable on such date will be made on the next succeeding Business Day as if made on the date such payment
was due, and no interest will accrue on such payment for the period from and after such Interest Payment Date or the Maturity Date,
as the case may be, to the date of such payment on the next succeeding Business Day.

  

Additional Interest may accrue on the Notes in certain circumstances
pursuant to the Registration Rights Agreement. All references herein or in the applicable form of Note, in any context, to any
interest or other amount payable on or with respect to the Notes shall be deemed to include any Additional Interest payable pursuant
to the Registration Rights Agreement.

 

5. Place of Payment. Payments of principal, premium,
if any, and interest on the Notes shall be payable, at the office of the Issuers’ paying agent maintained at the Corporate
Trust Office. Payment of principal of, or premium, if any, on a definitive Note may be made only against surrender of the Note
to the Issuers’ paying agent. The Issuers may make interest payments (1) by wire transfer of funds to the person at an account
maintained within the United States, or (2) if no wire transfer is provided, the Issuers may make interest payments by check mailed
to the address of the person entitled to the payment as that address appears in the applicable register for those Notes. However,
while any Notes are represented by a registered Global Security, payment of principal of, premium, if any, or interest on the Notes
may be made by wire transfer to the account of the Depositary or its nominee.

 

    	 

    	 

    

 

6. Special Mandatory Redemption. Each series of
Notes is subject to redemption in whole (but not in part), at a special mandatory redemption price if the closing of the Cole Merger
has not occurred on or prior to October 29, 2014, or if, prior to such date, the Cole Merger Agreement is terminated, in accordance
with the provisions set forth in the form of Note applicable to such series of Notes as set forth in Exhibits A-1 through A-3 hereto,
as applicable, and in Article III of the Indenture.

 

7. Optional Redemption. The Issuers may redeem
all or part of any series of Notes at any time at their option as set for the in the form of Note applicable to such series of
Notes as set forth in Exhibits A-1 through A-3 hereto, as applicable, and in Article III of the Indenture.

 

8. No Sinking Fund. The Notes of each series are
not mandatorily redeemable except as set forth in paragraph 6 above and in the form of Note applicable to such series of Notes
and are not entitled to the benefit of a sinking fund or any analogous provisions.

 

9. Ranking Security. The Notes of each series
are unsecured obligations of the Issuers and rank equally with other unsecured indebtedness of each Issuer that is not subordinated
to such series of Notes.

 

10. Issue Price; Amount Payable Upon Acceleration.
The 2017 Notes will be issued at a price equal to 99.971% of the principal amount thereof; the 2019 Notes will be issued at a price
equal to 99.591% of the principal amount thereof; and the 2024 Notes will be issued at a price equal to 99.841% of the principal
amount thereof. 100% of the principal of and accrued interest, if any, on each series of Notes shall be payable upon declaration
of acceleration pursuant to Section 6.01 of the Indenture.

 

11. Payment Currency—Election. The principal
of, premium, if any, and interest on each series of Notes shall not be payable in a currency other than Dollars.

 

12. Payment Currency—Index. The principal
of, premium, if any, and interest on each series of Notes shall not be determined with reference to an index based on a coin or
currency.

 

13. Registered Securities. Each series of Notes
shall be issued only as registered Securities. Each series of Notes shall be issuable as registered Global Securities in book-entry
form.

 

14. Additional Amounts. The Issuers shall not
pay additional amounts on any series of Notes held by a Person that is not a U.S. Person in respect of taxes or similar charges
withheld or deducted.

 

15. Notes in Definitive Form. Section 2.05
of the Indenture will govern the transferability of the Notes in definitive form.

 

16. Registrar; Paying Agent; Depositary. The Trustee
shall initially serve as the registrar and the paying agent for each series of Notes. The Depository Trust Company shall initially
serve as the Depositary for the registered Global Security representing each series of Notes.

 

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17. Events of Default. There shall be no deletions
from, modifications or additions to the Events of Default set forth in Section 6.01 of the Indenture with respect to any series
of Notes.

 

18. Covenants. There shall be the following additions
to the covenants of the Issuers set forth in Article IV of the Indenture with respect to each series of Notes:

 

(a)Limitation on Incurrence of Total Debt.
Parent will not, and will not permit any Subsidiary to, incur any Debt (including, without limitation, Acquired Debt) if, immediately
after giving effect to the incurrence of such additional Debt and the application of the proceeds therefrom on a pro forma basis,
the aggregate principal amount of all outstanding Debt of Parent and its Subsidiaries on a consolidated basis determined in accordance
with GAAP is greater than 65% of the sum of (1) the Total Assets of Parent and its Subsidiaries as of the end of the latest fiscal
quarter covered in Parent’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently
filed with the Commission (or, if such filing is not required under the Exchange Act, with the Trustee) prior to the incurrence
of such additional Debt, and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the
aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate
assets or mortgages receivable or used to reduce Debt), in each case by Parent or any of its Subsidiaries since the end of such
fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt.

 

(b)Limitation on Incurrence of Secured Debt.
Parent will not, and will not permit any Subsidiary to, incur any Secured Debt (including, without limitation, Acquired Debt that
is secured by a Lien) if, immediately after giving effect to the incurrence of such Secured Debt and the application of the proceeds
therefrom on a pro forma basis, the aggregate principal amount of all outstanding Secured Debt of Parent and its Subsidiaries on
a consolidated basis determined in accordance with GAAP is greater than 40% of the sum of (1) the Total Assets of Parent and its
Subsidiaries as of the end of the latest fiscal quarter covered in Parent’s Annual Report on Form 10-K or Quarterly Report
on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not required under the Exchange
Act, with the Trustee) prior to the incurrence of such additional Debt, and (2) the aggregate purchase price of any real estate
assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such
proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), in each case by Parent or
any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional
Debt.

 

(c)Debt Service Coverage. Parent will not,
and will not permit any Subsidiary to, incur any Debt (including, without limitation, Acquired Debt), other than Intercompany Debt,
if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge for the period consisting of the
four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred is less
than 1.5 to 1.0, on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds therefrom,
and calculated on the following assumptions: (1) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred
by Parent or any of its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom
(including to refinance other Debt since the first day of such four-quarter period) had occurred on the first day of such period,
(2) the repayment or retirement of any other Debt of Parent or any of its Subsidiaries since the first day of such four-quarter
period had occurred on the first day of such period (except that, in making such computation, the amount of Debt under any revolving
credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt during
such period), and (3) in the case of any acquisition or disposition by Parent or any Subsidiary of any asset or group of assets
since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase
or sale, such acquisition or disposition had occurred on the first day of such period with the appropriate adjustments with respect
to such acquisition or disposition being included in such pro forma calculation. If the Debt giving rise to the need to make the
foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating
rate then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro
forma basis by applying the average daily rate which would have been in effect during the entire such four-quarter period to the
greater of the amount of such Debt outstanding at the end of such period or the average amount of such Debt outstanding during
such period.

 

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(d)Maintenance of Total Unencumbered Assets.
Commencing upon completion of the Cole Merger, Parent and its Subsidiaries will not have at any time Total Unencumbered Assets
of less than 150% of the aggregate principal amount of all of the outstanding Unsecured Debt of Parent and its Subsidiaries determined
on a consolidated basis in accordance with GAAP.

 

(e)Provision of Financial Information. This
paragraph (e) shall supplement Section 5.03 of the Indenture.

 

(1)Whether or not the Issuers are subject to Section
13 or 15(d) of the Exchange Act and for so long as any Notes are outstanding, the Issuers will furnish to the Trustee (1) all quarterly
and annual reports that would be required to be filed with the Commission on Forms 10-Q and 10-K if the Issuers were required to
file such reports and (2) all current reports that would be required to be filed with the Commission on Form 8-K if the Issuers
were required to file such reports, in each case within 15 days after the Issuers file such reports with the Commission or would
be required to file such reports with the Commission pursuant to the applicable rules and regulations of the Commission, whichever
is earlier. Reports, information and documents filed with the Commission via the EDGAR system will be deemed to be delivered to
the Trustee as of the time of such filing via EDGAR for purposes of this covenant; provided, that the Trustee shall have no obligation
whatsoever to determine whether or not such information, documents or reports have been filed via EDGAR. Delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein.

 

(2)The Issuers will promptly furnish to the Holders,
beneficial owners and prospective purchasers of the Notes, upon their request, the information required to be delivered pursuant
to Rule 144A(d)(4) to facilitate the resale of the notes pursuant to Rule 144A.

 

(3)Notwithstanding the foregoing, in the event that
the rules and regulations of the Commission (including Rule 3-10 of Regulation S-X) permit the Issuers and Parent to report at
Parent entity’s level on a consolidated basis, and Parent entity is not engaged in any business in any material respect,
other than incidental to its ownership, directly or indirectly of the capital stock of the Issuers, then the information and reports
required by this covenant may be those of Parent on a consolidated basis, rather than those of the Issuers.

 

(4)The reporting and filing requirements set forth above
for the applicable period may be satisfied by the Issuers prior to the effectiveness of the registration statement relating to
the exchange offer for the Notes or the shelf registration statement, each as described in the Registration Rights Agreement, by
the filing with the Commission of the reports and information required by clause (a) above with respect to Parent, rather than
the Issuers.

 

(f)Future Subsidiary Guarantors. Parent shall
cause each of its Subsidiaries that (a) owns, directly or indirectly, any Equity Interests issued by the Issuers, or (b) guarantees
other Debt of the Issuers or any Guarantor to execute and deliver to the Trustee an officers’ certificate pursuant to which
such Subsidiary will unconditionally guarantee, on a joint and several basis, the due and punctual payment of principal of and
interest on the Notes, when and as the same become due and payable, whether on the maturity date, by declaration of acceleration,
upon redemption, repurchase or otherwise, and all of the Issuers’ other obligations under the Indenture, as provided in Article
XIII of the Indenture; provided, that the Subsidiaries of Parent that guarantee the CapLease Debt on February 6, 2014 shall not
be required to guarantee the Notes solely by virtue of such guarantees. In addition, the Subsidiaries of Parent that guarantee
ARCP OP’s obligations under the Senior Credit Facility prior to, but not following, the Cole Merger shall not be required
to guarantee the Notes solely by virtue of such guarantees; provided, that if any such Subsidiaries guarantee any obligations under
the Senior Credit Facility following the Cole Merger, such Subsidiaries will be required to guarantee the Notes as provided in
the immediately preceding sentence.

 

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(g)Certain Definitions. As used herein:

 

“Acquired Debt” means Debt of a person (1)
existing at the time such person is merged or consolidated with or into Parent or any of its Subsidiaries or becomes a Subsidiary
of Parent; or (2) is assumed by Parent or any of its Subsidiaries in connection with the acquisition of assets from such person.
Acquired Debt shall be deemed to be incurred on the date the acquired person is merged or consolidated with or into Parent or any
of its Subsidiaries or becomes a Subsidiary of Parent or the date of the related acquisition, as the case may be.

 

“Additional Interest” means all additional
interest then owing pursuant to the Registration Rights Agreement.

 

“Annual Debt Service Charge” means, for any
period, the interest expense of Parent and its Subsidiaries for such period in respect of Debt, determined on a consolidated basis
in accordance with GAAP.

 

“Business Day” means any day, other than
a day on which Federal or State banking institutions in the Borough of Manhattan, The City of New York, or in the city in which
the Corporate Trust Office is located, are authorized or obligated by law, regulation or executive order to close.

 

“CapLease Debt” means, collectively, (1)
the 7.50% Convertible Senior Notes due 2027 originally issued by CapLease, Inc. and assumed by Parent and (2) the $150 million
credit facility originally entered into by CapLease, LP and assumed by ARCP OP.

 

“Cole Merger” means Parent’s acquisition
of Cole Real Estate Investments, Inc. through the merger of Cole Real Estate Investments, Inc. with and into Clark, with Clark
surviving as Parent’s wholly owned subsidiary, pursuant to the Cole Merger Agreement.

 

“Cole Merger Agreement” means the Agreement
and Plan of Merger by and among Parent, Clark and Cole Real Estate Investments, Inc., dated as of October 22, 2013.

 

“Consolidated Income Available for Debt Service”
for any period means Consolidated Net Income of Parent and its Subsidiaries for such period, plus amounts which have been deducted,
and minus amounts which have been added, in determining Consolidated Net Income during such period, for, without duplication: (1)
Consolidated Interest Expense; (2) provision for taxes of Parent and its Subsidiaries based on income; (3) amortization of debt
discount, premium and deferred financing costs; (4) impairment losses and gains or losses on sales or other dispositions of properties;
(5) real estate related depreciation and amortization; (6) the effect of any non-recurring, non-cash items; (7) amortization of
deferred charges; (8) gains or losses on early extinguishment of debt; and (9) acquisition expenses, all determined on a consolidated
basis in accordance with GAAP.

 

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“Consolidated Interest Expense” for any period,
and without duplication, means all interest (including the interest component of rentals on capitalized leases, letter of credit
fees, commitment fees and other like financial charges) and all amortization of debt discount on all Debt (including, without limitation,
payment-in-kind, zero coupon and other like securities) but excluding legal fees, title insurance charges, other out-of-pocket
fees and expenses incurred in connection with the issuance of Debt and the amortization of any such debt issuance costs that are
capitalized, all determined for Parent and its Subsidiaries on a consolidated basis in accordance with GAAP.

 

“Consolidated Net Income” for any period
means the amount of consolidated net income (or loss) of Parent and its Subsidiaries for such period, excluding extraordinary items,
all determined on a consolidated basis in accordance with GAAP.

 

“Corporate Trust Office” means the corporate
trust office of the Trustee at which this Indenture is administered, currently located at (a) for purposes of payment and presentment
of the Securities of a series, U.S. Bank National Association, EP-MN-WS2N, 60 Livingston Ave., St. Paul, MN 55107, Attention: Bondholder
Services and (b) for all other purposes, U.S. Bank National Association, One Federal Street, Tenth Floor, Boston, MA 02110, Attention:
Corporate Trust Services Reference: ARC Properties Operating Partnership L.P./Clark Acquisition, LLC or such other address as the
Trustee may designate from time to time by notice to the Holders and the Issuers or the principal corporate trust office of any
successor Trustee.

 

“Debt” means any indebtedness of Parent or
any Subsidiary, whether or not contingent, in respect of (1) money borrowed or evidenced by bonds, notes, debentures or similar
instruments, in each case, whether or not such Debt is secured by any Lien existing on any property or assets owned by Parent or
any Subsidiary, (2) indebtedness secured by a Lien on any property or assets owned by Parent or any Subsidiary, (3) letters of
credit or amounts representing the balance deferred and unpaid of the purchase price of any property except any such balance that
constitutes an accrued expense or trade payable, or (4) any lease of property by Parent or any Subsidiary as lessee that is reflected
on Parent’s consolidated balance sheet as a capitalized lease in accordance with GAAP, and Debt also includes, to the extent
not otherwise included, any obligation of Parent or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise
(other than for purposes of collection in the ordinary course of business), indebtedness of another person (other than Parent or
any Subsidiary) of the type referred to in (1), (2), (3), or (4) above (it being understood that Debt shall be deemed to be incurred
by Parent or any Subsidiary whenever Parent or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect
thereof).

 

“Equity Interests” means, with respect to
any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants,
options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares
(or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or
trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests
are outstanding on any date of determination.

 

“GAAP” means generally accepted accounting
principles, as in effect as of the date of determination, as used in the United States applied on a consistent basis.

 

“Guarantors” means, collectively, Parent
and each Subsidiary Guarantor, and “Guarantor” means any one of the Guarantors.

 

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“Holder” means the person in whose name a
note is registered in the security register maintained by the Trustee.

 

“Intercompany Debt” means indebtedness owed
by Parent or any Subsidiary solely to Parent or any Subsidiary; provided, that with respect to any such Debt of which either Issuer
or any Guarantor is the borrower, such Debt is subordinate in right of payment to the Notes or such Guarantee, as applicable.

 

“Intermediate Holdco Guarantors” means Tiger
Acquisition, LLC, a Delaware limited liability company, and Safari Acquisition, LLC, a Delaware limited liability company.

 

“Lien” means any mortgage,
lien, charge, encumbrance, trust deed, deed of trust, deed to secure debt, security agreement, pledge, security interest, security
agreement or other encumbrance of any kind.

 

“Person” means any individual, corporation,
limited liability company, partnership, joint-venture, joint-stock company, trust, unincorporated organization or government or
agency or political subdivision thereof.

 

“Registration Rights Agreement” means the
Registration Rights Agreement, among the Issuers, the Guarantors, Barclays Capital Inc. and Citigroup Global Markets, Inc., dated
as of February 6, 2014.

 

“Secured Debt” means Debt secured by a Lien
on any property or assets of Parent or any of its Subsidiaries.

 

“Senior Credit Facility” means the senior
credit facility, dated as of February 14, 2013, among ARCP OP, Parent, Wells Fargo, National Association, as administrative agent,
and other lenders party thereto, as amended on February 4, 2014, which amendment shall be effective upon the date of consummation
of the Cole Merger.

 

“Subsidiary” of a Person
means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the
Equity Interests having ordinary voting power for the election of directors or other governing body (other than Equity Interests
having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which
is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified,
all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries
of Parent.

 

“Subsidiary Guarantors” means, as of any
date, all Subsidiaries of Parent (including the Intermediate Holdco Guarantors) that guarantee the obligations of the Issuers under
the Indenture and the Notes in accordance with the provisions of the Indenture, and “Subsidiary Guarantor” means any
one of the Subsidiary Guarantors; provided that upon the release or discharge of such Subsidiary Guarantor from its guarantee in
accordance with the Indenture, such Subsidiary shall cease to be a Subsidiary Guarantor.

 

“Total Assets” as of any date means the sum
of (1) Undepreciated Real Estate Assets, and (2) all other assets of Parent and its Subsidiaries determined on a consolidated basis
in accordance with GAAP (but excluding accounts receivable and non-real estate intangibles).

 

“Total Unencumbered Assets” as of any date
means Total Assets of Parent and its Subsidiaries that are not subject to a Lien securing Debt, determined on a consolidated basis
in accordance with GAAP; provided, that in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt
for purposes of paragraph 18(d) of this Annex A, all investments in any person that is not consolidated with Parent for financial
reporting purposes in accordance with GAAP shall be excluded from Total Unencumbered Assets.

 

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“Undepreciated Real Estate Assets” as of
any date means the cost (original cost plus capital improvements) of real estate assets and related intangibles of Parent and its
Subsidiaries on such date, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP.

 

“Unsecured Debt” means Debt of Parent or
any Subsidiary that is not Secured Debt.

 

19. Guarantee. Each series of Notes is guaranteed
by the Guarantors as provided in Article XIII of the Indenture. Each of Parent and each Intermediate Holdco Guarantor is hereby
designated a “Guarantor” under the Indenture with respect to each series of Notes on the original issue date. Each
other Subsidiary of Parent shall become a Guarantor of each series of Notes as provided in the Indenture and paragraph 18(f) of
this Annex A. Each Guarantor’s guarantee of the Notes (the “Guarantees”) is an unsecured obligation of such Guarantor
and ranks equally with other unsecured indebtedness of such Guarantor that is not subordinated to its Guarantee of the Notes. Parent
shall not be released from its Guarantee of any series of Notes so long as any Notes of such series remain outstanding.

 

 20. Conversion and Exchange.
The Notes of each series shall not be convertible into or exchangeable into any other security.

 

21. Further Issues. The Issuers may, without the
consent of the holders of any series of Notes, create and issue additional Securities ranking equally and ratably with the Notes
of such series in all respects and having the same terms as the Notes of such series (other than date of original issuance, the
issue price, the date on which interest begins to accrue and, in some cases, the first interest payment date of such additional
Securities), so that such additional Securities shall be consolidated and form a single series with the applicable series of Notes
established hereby for all purposes, including voting.

 

22. Merger, Consolidation or Sale of Assets. The
terms and conditions of Article X of the Indenture shall apply to each series of Notes.

 

23. Covenant Defeasance. Article XI of the Indenture
shall apply to each series of the Notes. The covenants set forth in paragraph 18 of this Annex A shall be subject to the Covenant
Defeasance provisions set forth in Article XI of the Indenture.

 

24. Modification, Amendment and Waiver. The terms
and provisions of each series of Notes may be modified, amended, supplemented or waived as set forth in the Indenture.

 

25. Other Terms. The Notes of each series shall
have the other terms, and the Notes and the Guarantees shall be substantially in the forms set forth in, Exhibits A-1 through A-3
hereto, as applicable. In case of any conflict between this Annex A and the Notes of any series, the form of the applicable series
of Notes shall control.

 

26.Transfer and Exchange. The following provisions
shall apply to the Notes of each series in addition to Section 2.05 of the Indenture.

 

(a)Exchanges between Regulation S Global Notes and
Rule 144A Global Notes

 

Prior to the 40th day following the original issue date (the
“Restricted Period”), beneficial interests in a Global Security of any series (a “Regulation S Global Note”)
issued pursuant to Regulation S promulgated under the Securities Act (“Regulation S”) may be exchanged for beneficial
interests in a Global Security of such series (the “Rule 144A Global Note”) issued pursuant to Rule 144A promulgated
under the Securities Act (“Rule 144A”) only if: (1) such exchange occurs in connection with a transfer of such Notes
pursuant to Rule 144A; and (2) the Notes are being transferred to a person:

 

    	A-8

    	 

    

 

(1) who the transferor reasonably believes
to be a qualified institutional buyer within the meaning of Rule 144A;

 

(2) purchasing for its own account or the
account of a qualified institutional buyer in a transaction meeting the requirements of Rule 144A; and

 

(3) in accordance with all applicable securities
laws of the states of the United States and other jurisdictions.

 

Beneficial interests in a Rule 144A Global Note may be transferred
to a person who takes delivery in the form of an interest in the Regulation S Global Note, whether before or after the expiration
of the Restricted Period, only if such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule 144 promulgated
under the Securities Act (“Rule 144”) (if available) and that, if such transfer occurs prior to the expiration of the
Restricted Period, the interest transferred will be held immediately thereafter through Euroclear Bank SA/NV and Clearstream Banking,
société anonyme.

 

Transfers involving exchanges of beneficial interests between
the Regulation S Global Notes and the Rule 144A Global Notes will be effected by Depositary by means of an instruction originated
by the Depositary participant through the DTC Deposit/Withdraw at Custodian system. Accordingly, in connection with any such transfer,
appropriate adjustments will be made to reflect a decrease in the principal amount of the Regulation S Global Note and a corresponding
increase in the principal amount of the Rule 144A Global Note or vice versa, as applicable. Any beneficial interest in one of the
Global Securities that is transferred to a person who takes delivery in the form of an interest in the other Global Security will,
upon transfer, cease to be an interest in such Global Security and will become an interest in the other Global Security and, accordingly,
will thereafter be subject to all transfer restrictions and other procedures applicable to beneficial interests in such other Global
Security for so long as it remains such an interest.

 

(b)Exchange Offer

 

Upon the occurrence of the Exchange Offer (as defined in the
Registration Rights Agreement) with respect to a particular series of Notes in accordance with the Registration Rights Agreement,
the Issuers will issue and, upon receipt of an Authentication Order in accordance with Section 2.04 of the Indenture, the Trustee
will authenticate:

 

(1) one or more Global Securities of such
series that do not bear the private placement legend (an “Unrestricted Global Note”) in an aggregate principal amount
equal to the principal amount of the beneficial interests in the Global Security of such series bearing the private placement legend
(a “Restricted Global Note”) accepted for exchange in the Exchange Offer by Persons that certify in the applicable
Letters of Transmittal that (A) they are not each a broker or dealer registered under the Exchange Act (“Broker-Dealer”),
(B) they are not participating in a distribution of the Exchange Notes (as defined in the Registration Rights Agreement) and (C)
they are not affiliates (as defined in Rule 144) of the Issuers; and

 

(2) definitive notes of such series that
do not bear the private placement legend (Unrestricted Definitive Notes”) in an aggregate principal amount equal to the principal
amount of the definitive notes of such series bearing the private placement legend (the “Restricted Definitive Notes”)
accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are
not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes, and (C) they are not affiliates (as
defined in Rule 144) of the Issuers.

 

    	A-9

    	 

    

 

Concurrently with the issuance of such unrestricted Notes as
provided above and in accordance with the Authentication Order, the Trustee will cause the aggregate principal amount of the applicable
Restricted Global Notes to be reduced accordingly, and the Issuers will execute and the Trustee will authenticate and deliver to
the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal
amount. In addition, concurrently with such Authentication Order, the Issuers will deliver to the Trustee an Officer’s Certificate
and Opinion of Counsel, each stating that all the conditions precedent to the consummation of the Exchange Offer and issuance and
authentication of the Exchange Notes have been complied with.

 

(c)Legends.

 

(1)Until the Notes of any series are registered under
the Securities Act or are otherwise freely transferable, the Notes shall bear the following private placement legend.

 

“THIS NOTE WAS ORIGINALLY ISSUED IN
A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS
NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.
EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY
THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE
144 THEREUNDER (IF AVAILABLE), (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) INACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S,
OR THE REGISTRAR’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, RESALE, PLEDGE OR TRANSFER PURSUANT TO CLAUSE (III) OR
(V) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B)
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.”

 

(2)Each Global Security will bear a legend in substantially
the following form:

 

“[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO EITHER OF ARC PROPERTIES OPERATING PARTNERSHIP,
L.P. OR CLARK ACQUISITION, LLC (THE “ISSUERS”) OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    	A-10

    	 

    

 

EXCEPT AS PROVIDED IN SECTION 2.11 OF THE INDENTURE, THIS NOTE
MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO DTC, ANOTHER NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE
OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.]”

 

(3)Each Global Security issued pursuant to Regulation S
shall bear the following Regulation S legend if required by Rule 903 of Regulation S under the Securities Act.

 

“THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES
OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY
GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.”

 

    	A-11

    	 

    

 

 

EXHIBIT A-1

 

[Rule 144A] [Regulation S] Global Note

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO EITHER OF ARC PROPERTIES OPERATING PARTNERSHIP,
L.P. OR CLARK ACQUISITION, LLC (THE “ISSUERS”) OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

EXCEPT AS PROVIDED IN SECTION 2.11 OF THE INDENTURE, THIS NOTE
MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO DTC, ANOTHER NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE
OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.]1

 

[THIS NOTE WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY
THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE
144 THEREUNDER (IF AVAILABLE), (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) INACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S,
OR THE REGISTRAR’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, RESALE, PLEDGE OR TRANSFER PURSUANT TO CLAUSE (III) OR
(V) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B)
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.]2

 

[THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY
GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.]3

 

 

1
Exclude from Notes in definitive form.

 

2
Include private placement legend, if applicable.

 

3
Include Regulation S legend, if applicable.

 

    	A-2

    	 

    

 

ARC PROPERTIES OPERATING PARTNERSHIP,
L.P.

CLARK ACQUISITION, LLC

 

2.000% Notes due 2017

 

CUSIP No. [            ]

ISIN No. [             ]
 

	No.[ ]	$[             ]

 

ARC PROPERTIES OPERATING PARTNERSHIP, L.P., a limited partnership
duly organized and existing under the laws of the State of Delaware (hereinafter referred to as “ARCP OP”), and CLARK
ACQUISITION, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
referred to as “Clark” and, together with ARCP OP, the “Issuers,” which term includes any successor thereof
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its registered
assigns, the principal sum of [ ] ($[ ]) on February 6, 2017 (the “Stated Maturity Date” with respect to the principal
of this Note), unless previously redeemed on any Redemption Date (as defined below) in accordance with the provisions set forth
on the reverse hereof (the Stated Maturity Date or any Redemption Date is referred herein as the “Maturity Date” with
respect to principal repayable on such date) and to pay interest thereon semiannually in arrears on February 6 and August 6 of
each year (each, an “Interest Payment Date”), commencing on August 6, 2014, at the rate of 2.000% per annum, until
payment of said principal has been made or duly provided for. Interest on this Note payable on an Interest Payment Date will accrue
from and including the immediately preceding Interest Payment Date to which interest has been paid or duly made available for payment,
or from and including February 6, 2014 if no interest has been paid or duly made available for payment, to but excluding the applicable
Interest Payment Date or the Maturity Date, as the case may be. Interest on this Note will be computed on the basis of a 360-day
year consisting of twelve 30-day months.

 

Capitalized terms used but not otherwise defined herein shall
have the respective meanings assigned to them in the Indenture (as defined on the reverse hereof).

 

The interest so payable and punctually paid or duly made available
for payment on any Interest Payment Date will be paid to the Holder in which name this Note (or one or more predecessor Notes)
is registered in the Security register at the close of business on the “Regular Record Date” for such payment, which
shall be the January 22 or July 22, as the case may be, immediately preceding such Interest Payment Date (regardless of whether
such day is a Business Day (as defined below)). Any such interest not so punctually paid or duly made available for payment shall
forthwith cease to be payable to the Holder on such Regular Record Date, and shall be paid to the Person in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a subsequent “Special Record Date” for
the payment of such defaulted interest (which shall be not more than 5 Business Days prior to the date of the payment of such defaulted
interest) established by notice given by mail by or on behalf of the Issuers to the Holders of the Notes not less than 15 calendar
days preceding such subsequent Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided
in the Indenture.

 

The principal of, and premium, if any, with respect to, this
Note payable on the Maturity Date will be paid against presentation and surrender of this Note at the Corporate Trust Office of
the Trustee or other office or agency of the Issuer maintained for that purpose in the Borough of Manhattan, The City of New York.
The Issuers hereby initially designate the Corporate Trust Office of the Trustee (as defined on the reverse hereof) as the office
to be maintained by it where Notes may be presented for payment, registration of transfer or exchange and where notices or demands
to or upon the Issuers in respect of the Notes or the Indenture may be served.

 

    	A-3

    	 

    

 

 

If any Interest Payment Date or the Maturity Date falls on a
day that is not a Business Day, the payment required to be made on such date will, instead, be made on the next Business Day with
the same force and effect as if it were made on the date such payment was due, and no interest shall accrue on the amount so payable
for the period from and after such Interest Payment Date or the Maturity Date, as the case may be. “Business Day” means
any day, other than a Saturday, a Sunday or other day on which banking institutions in The City of New York or the Corporate Trust
Office of the Trustee are authorized or obligated by law, regulation or executive order to be closed.

 

Payments of principal, premium, if any, and interest in respect
of this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for
the payment of public and private debts (i) in the case of payments on the Maturity Date, in immediately available funds,
and (ii) in the case of payments of interest on an Interest Payment Date other than the Maturity Date, (a) by wire transfer
of immediately available funds to an account maintained by the payee with a bank located in the United States of America, or (b)
if no wire transfer is provided, by check mailed to the Holder entitled thereto at the applicable address appearing in the Security
Register; provided, however, that so long as Cede & Co. is the Holder of this Note, payments of interest on an Interest
Payment Date may be made in immediately available funds.

 

Additional Interest may accrue on the Notes in certain circumstances
pursuant to the Registration Rights Agreement. All references herein, in any context, to any interest or other amount payable on
or with respect to the Notes shall be deemed to include any Additional Interest payable pursuant to the Registration Rights Agreement.

 

Reference is made to the further provisions of this Note set
forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this
place.

 

This Note shall not be entitled to the benefits of the Indenture
or the Guarantee (as defined on the reverse of this Note) or be valid or become obligatory for any purpose until the certificate
of authentication hereon shall have been executed by manual signature by the Trustee.

 

    	A-4

    	 

    

 

IN WITNESS WHEREOF, the Issuers have caused
this instrument to be duly executed, manually or by facsimile by an authorized signatory.

 

Date: February 6, 2014

 

	 	ARC PROPERTIES OPERATING PARTNERSHIP, L.P.
	 	 	 
	 	 	 
	 	By: American Realty Capital Properties, Inc.
	 	its sole general partner
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	CLARK ACQUISITION, LLC
	 	 	 
	 	By: American Realty Capital Properties, Inc.
	 	its sole member
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated herein, referred to in the within-mentioned Indenture.

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	 
	 	Authorized Signatory

 

    	A-5

    	 

    

 

[FORM OF REVERSE OF NOTE]

 

ARC PROPERTIES OPERATING PARTNERSHIP,
L.P.

CLARK ACQUISITION, LLC

 

2.000% Senior Notes due 2017

 

This Note is one of a duly authorized issue of Securities of
the Issuers (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under
and pursuant to an Indenture, dated as of February 6, 2014, duly executed and delivered by the Issuers, American Capital Realty
Properties, Inc. (“Parent”) and the other guarantors named therein (together with Parent, the “Guarantors”)
to U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture
with respect to the series of Securities of which this Note is a part), together with the Officer’s Certificate establishing
the terms of the Notes, dated as of February 6, 2014 (collectively, the “Indenture”) and reference is hereby made to
the Indenture, and all modifications and amendments and indentures supplemental thereto relating to the Notes, made for a description
of the rights, limitations of rights, obligations, duties, and immunities thereunder of the Trustee, the Issuers, the Guarantors
and the Holders of the Notes and the terms upon which the Notes are authenticated and delivered. The Securities may be issued in
one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times,
may accrue interest (if any) at different rates or formulas and may otherwise vary as provided in the Indenture. This Note is one
of a series of Securities designated as the 2.000% Senior Notes due 2017” (collectively, the “Notes”) of the
Issuers, limited (except as permitted under the Indenture) in aggregate principal amount to $1,300,000,000.

 

Payments of principal, premium, if any, and interest in respect
of the Notes will be fully and unconditionally guaranteed by the Guarantors.

 

[The Notes are subject to redemption in whole (but not in part)
at a special mandatory redemption price (the “Special Mandatory Redemption Price”) equal to 101% of the aggregate principal
amount of the Notes, plus accrued and unpaid interest on the principal amount thereof to, but not including, the Special Mandatory
Redemption Date (as defined below), if the closing of the Cole Merger has not occurred on or prior to October 29, 2014, or if,
prior to such date, the Cole Merger Agreement is terminated (each, a “Special Mandatory Redemption Event”), in accordance
with the provisions set forth herein and in Article III of the Base Indenture.

 

Upon the occurrence of a Special Mandatory Redemption Event,
the Issuers shall promptly (but in no event later than 5 Business Days following such Special Mandatory Redemption Event) notify
the Trustee in writing of such event, and the Trustee shall, no later than 5 Business Days following receipt of such notice from
the Issuers, notify the Holders (such date of notification, the “Redemption Notice Date”) that the Notes are to be
redeemed on the 30th day following the Redemption Notice Date (such date, the “Special Mandatory Redemption Date”),
in each case in accordance with the applicable provisions of Article III of the Indenture. The Trustee, upon receipt of the notice
specified above, on the Redemption Notice Date shall notify each Holder in accordance with the applicable provisions of the Indenture
that all of the outstanding Notes shall be redeemed at the Special Mandatory Redemption Price on the Special Mandatory Redemption
Date automatically and without any further action by the Holders of any the Notes. At or prior to 12:00 p.m., New York City time,
on the Business Day preceding the Special Mandatory Redemption Date, the Issuers shall deposit funds sufficient to pay the Special
Mandatory Redemption Price for the Notes on such date. If such deposit is made as provided above, the Notes will cease to bear
interest on and after the Special Mandatory Redemption Date, unless the Issuers default in the payment of the Special Mandatory
Redemption Price.

 

    	A-6

    	 

    

 

For purposes of this Special Mandatory Redemption provision,
(i) “Cole Merger” means Parent’s acquisition of Cole Real Estate Investments, Inc. through the merger of Cole
Real Estate Investments, Inc. with and into Clark, with Clark surviving as Parent’s wholly owned subsidiary pursuant to the
Cole Merger Agreement, and (ii) “Cole Merger Agreement” means the Agreement and Plan of Merger by and among Parent,
Clark and Cole Real Estate Investments, Inc., dated as of October 22, 2013.][4]

 

The Issuers may redeem all or part of the Notes at any time
at their option at a redemption price equal to the greater of:

 

(a)100% of the principal amount of the Notes to be redeemed,
and

 

(b) the sum of the present values of the remaining scheduled
payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the applicable Redemption Date)
discounted to such Redemption Date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury
Rate plus 20 basis points,

 

plus, in the case of both clauses (a) and (b) above,
accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, the date fixed for redemption
(the “Redemption Date”);

 

Notwithstanding the foregoing, installments of interest on the
Notes that are due and payable on an interest payment date falling on or prior to a Redemption Date will be payable to the persons
who were the Holders of the Notes (or one or more predecessor Notes) registered as such at the close of business on the relevant
regular record dates as set forth above and in Article III of the Indenture.

 

As used herein:

 

“Comparable Treasury Issue” means, with respect
to any Redemption Date for any Notes, the U.S. Treasury security selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term
of the Notes to be redeemed.

 

“Comparable Treasury Price” means, with respect
to any Redemption Date for the Notes:

 

(a)if the Issuers obtain four Reference Treasury Dealer
Quotations for such Redemption Date, the average of such Reference Treasury Dealer Quotations, after excluding the highest and
lowest such Reference Treasury Dealer Quotations, or

 

(b) if the Issuers obtain fewer than four but more than
one such Reference Treasury Dealer Quotations for such Redemption Date, the average of all such Reference Treasury Dealer Quotations,
or

 

(c) if the Issuers obtain only one such Reference Treasury
Dealer Quotation for such Redemption Date, that Reference Treasury Dealer Quotation.

 

“Independent Investment Banker” means one
of the Reference Treasury Dealers that the Issuers have appointed to act as the “Independent Investment Banker”.

 

 

 

4
Include only in Notes issued prior to the earliest of (1) consummation of the Cole Merger, (2) October 29, 2014 and (3) a Special
Mandatory Redemption Event.

 

    	A-7

    	 

    

 

“Reference Treasury Dealer” means with respect
to any Redemption Date for the Notes, each of (i) Barclays Capital Inc. and Citigroup Global Markets, Inc. and their respective
successors (provided, however, that if any such firm or any such successor, as the case may be, ceases to be a primary U.S. Government
securities dealer in The City of New York (a “Primary Treasury Dealer”), the Issuers shall substitute therefor another
nationally recognized investment banking firm that is a Primary Treasury Dealer), and (ii) up to two other Primary Treasury Dealers
selected by the Issuers.

 

“Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any Redemption Date for the Notes, the average, as determined by the Issuers,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Issuers by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day
preceding such Redemption Date.

 

“Treasury Rate” means, with respect to any
Redemption Date for the Notes:

 

(a)the yield, under the heading that represents the average
for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before
or after the final maturity date of the Notes, yields for the two published maturities most closely corresponding to the Comparable
Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line
basis, rounding to the nearest month) or

 

(b) if such release (or any successor release) is not published
during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

The Treasury Rate shall be calculated by the Issuers on the
third Business Day preceding the applicable Redemption Date, on which date the Issuers will provide the Trustee with a calculation
of the applicable redemption price.

 

Notice of any redemption by the Issuers will be mailed at least
30 days but not more than 60 days before any Redemption Date to each Holder of Notes to be redeemed. If less than all of the outstanding
Notes are to be redeemed, the Notes to be redeemed shall be selected, so long as such notes are in book-entry form, in accordance
with the applicable procedures of the Depositary, or, if such Notes are issued in definitive certificated form, by such method
as the Trustee shall deem fair and appropriate.

 

Unless the Issuers default in payment of the redemption price,
on and after any Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption.

 

[Except as set forth above with respect to a Special Mandatory
Redemption]1 [T][t]his Note is not mandatorily redeemable and is not entitled to the benefit of a sinking fund or any
analogous provisions.

 

In case an Event of Default with respect to this Note shall
have occurred and be continuing, the principal hereof may be (and, in certain cases, shall be) declared, and upon such declaration
shall become, due and payable, in the manner, with the effect, and subject to the conditions, provided in the Indenture.

 

    	A-8

    	 

    

 

The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Issuers and, if applicable, the Guarantors, and
the rights of the Holders of the Securities under the Indenture at any time by the Issuers and, if applicable, the Guarantors,
and the Trustee with the consent of the Holders of a majority in the aggregate principal amount of Securities of each series (voting
as separate classes) issued under the Indenture at the time Outstanding and affected thereby. Furthermore, provisions in the Indenture
permit the Holders of a majority in the aggregate principal amount of the Outstanding Securities of any series, in certain instances,
to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences.
Any such waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and other Notes issued upon the registration of transfer hereof or in exchange hereof, or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision of this
Note or the Indenture shall alter or impair the obligation of the Issuers, which is absolute and unconditional, to pay the principal
of, and premium, if any, with respect to, and interest on, this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

 

The Indenture contains provisions for defeasance and discharge
and for defeasance at any time of certain restrictive covenants and Events of Default with respect to Notes of this series upon
compliance with certain conditions set forth in the Indenture.

 

[Holders of this Note shall have all the rights set forth in
the Registration Rights Agreement, including the right to receive Additional Interest.][5]

 

This Note is issuable only in definitive registered form, without
coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This Note may be exchanged for a like aggregate
principal amount of Notes of other authorized denominations at the office or agency of the Issuer in The City of New York, in the
manner and subject to the limitations provided herein and in the Indenture, but without the payment of any charge except for any
tax or other governmental charge imposed in connection therewith.

 

The Issuers shall not pay additional amounts on this Note held
by a Person that is not a U.S. Person in respect of taxes or similar charges withheld or deducted.

 

The Issuers, the Guarantors or the Trustee and any authorized
agent of the Issuers, the Guarantors or the Trustee may deem and treat the Person in whose name this Note is registered as the
Holder and absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership
or other writing hereon), for the purpose of receiving payment of, or on account of, the principal of, or premium, if any, with
respect to, or subject to the provisions on the face hereof, interest on, this Note and for all other purposes, and none of the
Issuer, the Guarantor or the Trustee or any authorized agent of the Issuer, the Guarantor or the Trustee shall be affected by any
notice to the contrary.

 

THE INDENTURE AND THIS NOTE SHALL BE DEEMED TO BE A CONTRACT
UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
SUCH STATE.

 

 

5 Include in Notes with private placement legend.

 

    	A-9

    	 

    

  

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s)
and transfer(s) unto:

 

	 

 

                             
                                         
                                         
                                

Please insert social security number or other identifying number
of assignee:

 

	 

 

Please print or type name and address (including zip code) of
assignee:

 

	 
	 
	 
	 

 

the within Note and all rights thereunder, hereby irrevocably
constituting and                        appointing                                          
    attorney to transfer said Note of ARC Properties Operating Partnership, L.P. and Clark Acquisition, LLC (the
“Issuers”) on the books of the Issuers, with full power of substitution in the premises.

 

	 

 

 

Dated:                                         

 

Signature Guaranteed

 

	 

 

NOTICE: Signature must be guaranteed by an eligible Guarantor
Institution (banks, stockbrokers, savings and loan associations and credit unions) with membership in an approved signature guarantee
medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

 

	 

 

NOTICE: The signature to this Assignment must correspond with
the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

 

    	A-10

    	 

    

 

EXHIBIT A-2

 

[Rule 144A] [Regulation S] Global Note

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO EITHER OF ARC PROPERTIES OPERATING PARTNERSHIP,
L.P. OR CLARK ACQUISITION, LLC (THE “ISSUERS”) OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

EXCEPT AS PROVIDED IN SECTION 2.11 OF THE INDENTURE, THIS NOTE
MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO DTC, ANOTHER NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE
OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.]6

 

[THIS NOTE WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY
THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE
144 THEREUNDER (IF AVAILABLE), (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) INACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S,
OR THE REGISTRAR’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, RESALE, PLEDGE OR TRANSFER PURSUANT TO CLAUSE (III) OR
(V) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B)
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.]7

 

[THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY
GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.]8

 

 

6
Exclude from Notes in definitive form.

7 Include
private placement legend, if applicable.

8
Include Regulation S legend, if applicable.

 

    	A-2

    	 

    

 

ARC PROPERTIES OPERATING PARTNERSHIP,
L.P.

CLARK ACQUISITION, LLC

 

3.000% Notes due 2019

 

CUSIP No. [         ]

ISIN No. [         ]
 

	No.[         ]	$[        ]

 

ARC PROPERTIES OPERATING PARTNERSHIP, L.P., a limited partnership
duly organized and existing under the laws of the State of Delaware (hereinafter referred to as “ARCP OP”), and CLARK
ACQUISITION, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
referred to as “Clark” and, together with ARCP OP, the “Issuers,” which term includes any successor thereof
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its registered
assigns, the principal sum of [   ] ($[    ]) on February 6, 2019 (the “Stated Maturity Date” with respect to the principal
of this Note), unless previously redeemed on any Redemption Date (as defined below) in accordance with the provisions set forth
on the reverse hereof (the Stated Maturity Date or any Redemption Date is referred herein as the “Maturity Date” with
respect to principal repayable on such date) and to pay interest thereon semiannually in arrears on February 6 and August 6 of
each year (each, an “Interest Payment Date”), commencing on August 6, 2014, at the rate of 3.000% per annum, until
payment of said principal has been made or duly provided for. Interest on this Note payable on an Interest Payment Date will accrue
from and including the immediately preceding Interest Payment Date to which interest has been paid or duly made available for payment,
or from and including February 6, 2014 if no interest has been paid or duly made available for payment, to but excluding the applicable
Interest Payment Date or the Maturity Date, as the case may be. Interest on this Note will be computed on the basis of a 360-day
year consisting of twelve 30-day months.

 

Capitalized terms used but not otherwise defined herein shall
have the respective meanings assigned to them in the Indenture (as defined on the reverse hereof).

 

The interest so payable and punctually paid or duly made available
for payment on any Interest Payment Date will be paid to the Holder in which name this Note (or one or more predecessor Notes)
is registered in the Security register at the close of business on the “Regular Record Date” for such payment, which
shall be the January 22 or July 22, as the case may be, immediately preceding such Interest Payment Date (regardless of whether
such day is a Business Day (as defined below)). Any such interest not so punctually paid or duly made available for payment shall
forthwith cease to be payable to the Holder on such Regular Record Date, and shall be paid to the Person in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a subsequent “Special Record Date” for
the payment of such defaulted interest (which shall be not more than 5 Business Days prior to the date of the payment of such defaulted
interest) established by notice given by mail by or on behalf of the Issuers to the Holders of the Notes not less than 15 calendar
days preceding such subsequent Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided
in the Indenture.

 

The principal of, and premium, if any, with respect to, this
Note payable on the Maturity Date will be paid against presentation and surrender of this Note at the Corporate Trust Office of
the Trustee or other office or agency of the Issuer maintained for that purpose in the Borough of Manhattan, The City of New York.
The Issuers hereby initially designate the Corporate Trust Office of the Trustee (as defined on the reverse hereof) as the office
to be maintained by it where Notes may be presented for payment, registration of transfer or exchange and where notices or demands
to or upon the Issuers in respect of the Notes or the Indenture may be served.

 

    	A-3

    	 

    

 

If any Interest Payment Date or the Maturity Date falls on a
day that is not a Business Day, the payment required to be made on such date will, instead, be made on the next Business Day with
the same force and effect as if it were made on the date such payment was due, and no interest shall accrue on the amount so payable
for the period from and after such Interest Payment Date or the Maturity Date, as the case may be. “Business Day” means
any day, other than a Saturday, a Sunday or other day on which banking institutions in The City of New York or the Corporate Trust
Office of the Trustee are authorized or obligated by law, regulation or executive order to be closed.

 

Payments of principal, premium, if any, and interest in respect
of this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for
the payment of public and private debts (i) in the case of payments on the Maturity Date, in immediately available funds,
and (ii) in the case of payments of interest on an Interest Payment Date other than the Maturity Date, (a) by wire transfer
of immediately available funds to an account maintained by the payee with a bank located in the United States of America, or (b)
if no wire transfer is provided, by check mailed to the Holder entitled thereto at the applicable address appearing in the Security
Register; provided, however, that so long as Cede & Co. is the Holder of this Note, payments of interest on an Interest
Payment Date may be made in immediately available funds.

 

Additional Interest may accrue on the Notes in certain circumstances
pursuant to the Registration Rights Agreement. All references herein, in any context, to any interest or other amount payable on
or with respect to the Notes shall be deemed to include any Additional Interest payable pursuant to the Registration Rights Agreement.

 

Reference is made to the further provisions of this Note set
forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this
place.

 

This Note shall not be entitled to the benefits of the Indenture
or the Guarantee (as defined on the reverse of this Note) or be valid or become obligatory for any purpose until the certificate
of authentication hereon shall have been executed by manual signature by the Trustee.

 

    	A-4

    	 

    

 

IN WITNESS WHEREOF, the Issuers have caused
this instrument to be duly executed, manually or by facsimile by an authorized signatory.

 

Date: February 6, 2014

 

	 	ARC PROPERTIES OPERATING

 PARTNERSHIP, L.P.
	 	 	 
	 	 	 
	 	By: American Realty Capital Properties, Inc.
	 	its sole general partner
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	CLARK ACQUISITION, LLC
	 	 	 
	 	By: American Realty Capital Properties, Inc.
	 	its sole member
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated herein, referred to in the within-mentioned Indenture.

 

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee	 
	 	 	 
	 	By:	 
	 	Authorized Signatory

 

    	A-5

    	 

    

 

[FORM OF REVERSE OF NOTE]

 

ARC PROPERTIES OPERATING PARTNERSHIP,
L.P.

CLARK ACQUISITION, LLC

 

3.000% Senior Notes due 2019

 

This Note is one of a duly authorized issue of Securities of
the Issuers (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under
and pursuant to an Indenture, dated as of February 6, 2014, duly executed and delivered by the Issuers, American Capital Realty
Properties, Inc. (“Parent”) and the other guarantors named therein (together with Parent, the “Guarantors”)
to U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture
with respect to the series of Securities of which this Note is a part), together with the Officer’s Certificate establishing
the terms of the Notes, dated as of February 6, 2014 (collectively, the “Indenture”) and reference is hereby made to
the Indenture, and all modifications and amendments and indentures supplemental thereto relating to the Notes, made for a description
of the rights, limitations of rights, obligations, duties, and immunities thereunder of the Trustee, the Issuers, the Guarantors
and the Holders of the Notes and the terms upon which the Notes are authenticated and delivered. The Securities may be issued in
one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times,
may accrue interest (if any) at different rates or formulas and may otherwise vary as provided in the Indenture. This Note is one
of a series of Securities designated as the “3.000% Senior Notes due 2019” (collectively, the “Notes”)
of the Issuers, limited (except as permitted under the Indenture) in aggregate principal amount to $750,000,000.

 

Payments of principal, premium, if any, and interest in respect
of the Notes will be fully and unconditionally guaranteed by the Guarantors.

 

[The Notes are subject to redemption in whole (but not in part)
at a special mandatory redemption price (the “Special Mandatory Redemption Price”) equal to 101% of the aggregate principal
amount of the Notes, plus accrued and unpaid interest on the principal amount thereof to, but not including, the Special Mandatory
Redemption Date (as defined below), if the closing of the Cole Merger has not occurred on or prior to October 29, 2014, or if,
prior to such date, the Cole Merger Agreement is terminated (each, a “Special Mandatory Redemption Event”), in accordance
with the provisions set forth herein and in Article III of the Base Indenture.

 

Upon the occurrence of a Special Mandatory Redemption Event,
the Issuers shall promptly (but in no event later than 5 Business Days following such Special Mandatory Redemption Event) notify
the Trustee in writing of such event, and the Trustee shall, no later than 5 Business Days following receipt of such notice from
the Issuers, notify the Holders (such date of notification, the “Redemption Notice Date”) that the Notes are to be
redeemed on the 30th day following the Redemption Notice Date (such date, the “Special Mandatory Redemption Date”),
in each case in accordance with the applicable provisions of Article III of the Indenture. The Trustee, upon receipt of the notice
specified above, on the Redemption Notice Date shall notify each Holder in accordance with the applicable provisions of the Indenture
that all of the outstanding Notes shall be redeemed at the Special Mandatory Redemption Price on the Special Mandatory Redemption
Date automatically and without any further action by the Holders of any the Notes. At or prior to 12:00 p.m., New York City time,
on the Business Day preceding the Special Mandatory Redemption Date, the Issuers shall deposit funds sufficient to pay the Special
Mandatory Redemption Price for the Notes on such date. If such deposit is made as provided above, the Notes will cease to bear
interest on and after the Special Mandatory Redemption Date, unless the Issuers default in the payment of the Special Mandatory
Redemption Price.

 

    	A-6

    	 

    

 

For purposes of this Special Mandatory Redemption provision,
(i) “Cole Merger” means Parent’s acquisition of Cole Real Estate Investments, Inc. through the merger of Cole
Real Estate Investments, Inc. with and into Clark, with Clark surviving as Parent’s wholly owned subsidiary pursuant to the
Cole Merger Agreement, and (ii) “Cole Merger Agreement” means the Agreement and Plan of Merger by and among Parent,
Clark and Cole Real Estate Investments, Inc., dated as of October 22, 2013.]9

 

The Issuers may redeem all or part of the Notes at any time
at their option at a redemption price equal to the greater of:

 

(a)100% of the principal amount of the Notes to be redeemed,
and

 

(b) the sum of the present values of the remaining scheduled
payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the applicable Redemption Date)
discounted to such Redemption Date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury
Rate plus 25 basis points,

 

plus, in the case of both clauses (a) and (b) above,
accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, the date fixed for redemption
(the “Redemption Date”);

 

provided, that if the Notes are redeemed on or after
January 6, 2019, the redemption price will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid
interest on the amount being redeemed to, but excluding, the date of redemption.

 

Notwithstanding the foregoing, installments of interest on the
Notes that are due and payable on an interest payment date falling on or prior to a Redemption Date will be payable to the persons
who were the Holders of the Notes (or one or more predecessor Notes) registered as such at the close of business on the relevant
regular record dates as set forth above and in Article III of the Indenture.

 

As used herein:

 

“Comparable Treasury Issue” means, with respect
to any Redemption Date for any Notes, the U.S. Treasury security selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term
of the Notes to be redeemed.

 

“Comparable Treasury Price” means, with respect
to any Redemption Date for the Notes:

 

(a)if the Issuers obtain four Reference Treasury Dealer
Quotations for such Redemption Date, the average of such Reference Treasury Dealer Quotations, after excluding the highest and
lowest such Reference Treasury Dealer Quotations, or

 

(b) if the Issuers obtain fewer than four but more than
one such Reference Treasury Dealer Quotations for such Redemption Date, the average of all such Reference Treasury Dealer Quotations,
or

 

(c) if the Issuers obtain only one such Reference Treasury
Dealer Quotation for such Redemption Date, that Reference Treasury Dealer Quotation.

 

 

9 Include only in Notes issued prior to the earliest
of (1) consummation of the Cole Merger, (2) October 29, 2014 and (3) a Special Mandatory Redemption Event.

 

    	A-7

    	 

    

 

“Independent Investment Banker” means one
of the Reference Treasury Dealers that the Issuers have appointed to act as the “Independent Investment Banker”.

 

“Reference Treasury Dealer” means with respect
to any Redemption Date for the Notes, each of (i) Barclays Capital Inc. and Citigroup Global Markets, Inc. and their respective
successors (provided, however, that if any such firm or any such successor, as the case may be, ceases to be a primary U.S. Government
securities dealer in The City of New York (a “Primary Treasury Dealer”), the Issuers shall substitute therefor another
nationally recognized investment banking firm that is a Primary Treasury Dealer), and (ii) up to two other Primary Treasury Dealers
selected by the Issuers.

 

“Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any Redemption Date for the Notes, the average, as determined by the Issuers,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Issuers by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day
preceding such Redemption Date.

 

“Treasury Rate” means, with respect to any
Redemption Date for the Notes:

 

(a)the yield, under the heading that represents the average
for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before
or after the final maturity date of the Notes, yields for the two published maturities most closely corresponding to the Comparable
Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line
basis, rounding to the nearest month) or

 

(b) if such release (or any successor release) is not published
during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

The Treasury Rate shall be calculated by the Issuers on the
third Business Day preceding the applicable Redemption Date, on which date the Issuers will provide the Trustee with a calculation
of the applicable redemption price.

 

Notice of any redemption by the Issuers will be mailed at least
30 days but not more than 60 days before any Redemption Date to each Holder of Notes to be redeemed. If less than all of the outstanding
Notes are to be redeemed, the Notes to be redeemed shall be selected, so long as such notes are in book-entry form, in accordance
with the applicable procedures of the Depositary, or, if such Notes are issued in definitive certificated form, by such method
as the Trustee shall deem fair and appropriate.

 

Unless the Issuers default in payment of the redemption price,
on and after any Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption.

 

[Except as set forth above with respect to a Special Mandatory
Redemption]1 [T][t]his Note is not mandatorily redeemable and is not entitled to the benefit of a sinking fund or any
analogous provisions.

 

    	A-8

    	 

    

 

In case an Event of Default with respect to this Note shall
have occurred and be continuing, the principal hereof may be (and, in certain cases, shall be) declared, and upon such declaration
shall become, due and payable, in the manner, with the effect, and subject to the conditions, provided in the Indenture.

 

The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Issuers and, if applicable, the Guarantors, and
the rights of the Holders of the Securities under the Indenture at any time by the Issuers and, if applicable, the Guarantors,
and the Trustee with the consent of the Holders of a majority in the aggregate principal amount of Securities of each series (voting
as separate classes) issued under the Indenture at the time Outstanding and affected thereby. Furthermore, provisions in the Indenture
permit the Holders of a majority in the aggregate principal amount of the Outstanding Securities of any series, in certain instances,
to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences.
Any such waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and other Notes issued upon the registration of transfer hereof or in exchange hereof, or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision of this
Note or the Indenture shall alter or impair the obligation of the Issuers, which is absolute and unconditional, to pay the principal
of, and premium, if any, with respect to, and interest on, this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

 

The Indenture contains provisions for defeasance and discharge
and for defeasance at any time of certain restrictive covenants and Events of Default with respect to Notes of this series upon
compliance with certain conditions set forth in the Indenture.

 

[Holders of this Note shall have all the rights set forth in
the Registration Rights Agreement, including the right to receive Additional Interest.][10]

 

This Note is issuable only in definitive registered form, without
coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This Note may be exchanged for a like aggregate
principal amount of Notes of other authorized denominations at the office or agency of the Issuer in The City of New York, in the
manner and subject to the limitations provided herein and in the Indenture, but without the payment of any charge except for any
tax or other governmental charge imposed in connection therewith.

 

The Issuers shall not pay additional amounts on this Note held
by a Person that is not a U.S. Person in respect of taxes or similar charges withheld or deducted.

 

The Issuers, the Guarantors or the Trustee and any authorized
agent of the Issuers, the Guarantors or the Trustee may deem and treat the Person in whose name this Note is registered as the
Holder and absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership
or other writing hereon), for the purpose of receiving payment of, or on account of, the principal of, or premium, if any, with
respect to, or subject to the provisions on the face hereof, interest on, this Note and for all other purposes, and none of the
Issuer, the Guarantor or the Trustee or any authorized agent of the Issuer, the Guarantor or the Trustee shall be affected by any
notice to the contrary.

 

 

10 Include in Notes with private placement legend.

 

    	A-9

    	 

    

 

THE INDENTURE AND THIS NOTE SHALL BE DEEMED TO BE A CONTRACT
UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
SUCH STATE.

 

 

 

    	A-10

    	 

    

  

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s)
and transfer(s) unto:

 

	 

                                            
                                

 

Please insert social security number or other identifying number
of assignee:

 

	 

 

Please print or type name and address (including zip code) of
assignee:

 

	 
	 
	 
	 

 

the within Note and all rights thereunder, hereby irrevocably
constituting and                               appointing                                          
    attorney to transfer said Note of ARC Properties Operating Partnership, L.P. and Clark Acquisition, LLC (the
“Issuers”) on the books of the Issuers, with full power of substitution in the premises.

 

	 

 

Dated:                                         

 

Signature Guaranteed

 

	 

 

NOTICE: Signature must be guaranteed by an eligible Guarantor
Institution (banks, stockbrokers, savings and loan associations and credit unions) with membership in an approved signature guarantee
medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

 

	 

 

NOTICE: The signature to this Assignment must correspond with
the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

 

    	A-11

    	 

    

 

EXHIBIT A-3

 

[Rule 144A] [Regulation S] Global Note

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO EITHER OF ARC PROPERTIES OPERATING PARTNERSHIP,
L.P. OR CLARK ACQUISITION, LLC (THE “ISSUERS”) OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

EXCEPT AS PROVIDED IN SECTION 2.11 OF THE INDENTURE, THIS NOTE
MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO DTC, ANOTHER NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE
OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.]11

 

[THIS NOTE WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 144A THEREUNDER.

 

THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY
THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE
144 THEREUNDER (IF AVAILABLE), (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) INACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S,
OR THE REGISTRAR’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, RESALE, PLEDGE OR TRANSFER PURSUANT TO CLAUSE (III) OR
(V) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B)
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.]12

 

[THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY
GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW.]13

 

 

11
Exclude from Notes in definitive form.

 

12
Include private placement legend, if applicable.

 

13
Include Regulation S legend, if applicable.

 

    	A-2

    	 

    

 

ARC PROPERTIES OPERATING PARTNERSHIP,
L.P.

CLARK ACQUISITION, LLC

 

4.600% Notes due 2024

 

CUSIP No. [        ]

ISIN No. [         ]
 

	No.[         ]	$[         ]

 

ARC PROPERTIES OPERATING PARTNERSHIP, L.P., a limited partnership
duly organized and existing under the laws of the State of Delaware (hereinafter referred to as “ARCP OP”), and CLARK
ACQUISITION, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
referred to as “Clark” and, together with ARCP OP, the “Issuers,” which term includes any successor thereof
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or its registered
assigns, the principal sum of [         ] ($[         ]) on February 6, 2024 (the “Stated Maturity Date” with respect to the principal
of this Note), unless previously redeemed on any Redemption Date (as defined below) in accordance with the provisions set forth
on the reverse hereof (the Stated Maturity Date or any Redemption Date is referred herein as the “Maturity Date” with
respect to principal repayable on such date) and to pay interest thereon semiannually in arrears on February 6 and August 6 of
each year (each, an “Interest Payment Date”), commencing on August 6, 2014, at the rate of 4.600% per annum, until
payment of said principal has been made or duly provided for. Interest on this Note payable on an Interest Payment Date will accrue
from and including the immediately preceding Interest Payment Date to which interest has been paid or duly made available for payment,
or from and including February 6, 2014 if no interest has been paid or duly made available for payment, to but excluding the applicable
Interest Payment Date or the Maturity Date, as the case may be. Interest on this Note will be computed on the basis of a 360-day
year consisting of twelve 30-day months.

 

Capitalized terms used but not otherwise defined herein shall
have the respective meanings assigned to them in the Indenture (as defined on the reverse hereof).

 

The interest so payable and punctually paid or duly made available
for payment on any Interest Payment Date will be paid to the Holder in which name this Note (or one or more predecessor Notes)
is registered in the Security register at the close of business on the “Regular Record Date” for such payment, which
shall be the January 22 or July 22, as the case may be, immediately preceding such Interest Payment Date (regardless of whether
such day is a Business Day (as defined below)). Any such interest not so punctually paid or duly made available for payment shall
forthwith cease to be payable to the Holder on such Regular Record Date, and shall be paid to the Person in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on a subsequent “Special Record Date” for
the payment of such defaulted interest (which shall be not more than 5 Business Days prior to the date of the payment of such defaulted
interest) established by notice given by mail by or on behalf of the Issuers to the Holders of the Notes not less than 15 calendar
days preceding such subsequent Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided
in the Indenture.

 

The principal of, and premium, if any, with respect to, this
Note payable on the Maturity Date will be paid against presentation and surrender of this Note at the Corporate Trust Office of
the Trustee or other office or agency of the Issuer maintained for that purpose in the Borough of Manhattan, The City of New York.
The Issuers hereby initially designate the Corporate Trust Office of the Trustee (as defined on the reverse hereof) as the office
to be maintained by it where Notes may be presented for payment, registration of transfer or exchange and where notices or demands
to or upon the Issuers in respect of the Notes or the Indenture may be served.

 

    	A-3

    	 

    

 

If any Interest Payment Date or the Maturity Date falls on a
day that is not a Business Day, the payment required to be made on such date will, instead, be made on the next Business Day with
the same force and effect as if it were made on the date such payment was due, and no interest shall accrue on the amount so payable
for the period from and after such Interest Payment Date or the Maturity Date, as the case may be. “Business Day” means
any day, other than a Saturday, a Sunday or other day on which banking institutions in The City of New York or the Corporate Trust
Office of the Trustee are authorized or obligated by law, regulation or executive order to be closed.

 

Payments of principal, premium, if any, and interest in respect
of this Note will be made in such coin or currency of the United States of America as at the time of payment is legal tender for
the payment of public and private debts (i) in the case of payments on the Maturity Date, in immediately available funds,
and (ii) in the case of payments of interest on an Interest Payment Date other than the Maturity Date, (a) by wire transfer
of immediately available funds to an account maintained by the payee with a bank located in the United States of America, or (b)
if no wire transfer is provided, by check mailed to the Holder entitled thereto at the applicable address appearing in the Security
Register; provided, however, that so long as Cede & Co. is the Holder of this Note, payments of interest on an Interest
Payment Date may be made in immediately available funds.

 

Additional Interest may accrue on the Notes in certain circumstances
pursuant to the Registration Rights Agreement. All references herein, in any context, to any interest or other amount payable on
or with respect to the Notes shall be deemed to include any Additional Interest payable pursuant to the Registration Rights Agreement.

 

Reference is made to the further provisions of this Note set
forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this
place.

 

This Note shall not be entitled to the benefits of the Indenture
or the Guarantee (as defined on the reverse of this Note) or be valid or become obligatory for any purpose until the certificate
of authentication hereon shall have been executed by manual signature by the Trustee.

 

    	A-4

    	 

    

 

IN WITNESS WHEREOF, the Issuers have caused
this instrument to be duly executed, manually or by facsimile by an authorized signatory.

 

Date: February 6, 2014

 

	 	ARC PROPERTIES OPERATING
	 	PARTNERSHIP, L.P.
	 	 	 
	 	By: 	American Realty Capital Properties, Inc.
	 	 	its sole general partner
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

	 	CLARK ACQUISITION, LLC
	 	 	 
	 	By:.	American Realty Capital Properties, Inc
	 	 	its sole member
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated herein, referred to in the within-mentioned Indenture.

 

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	 
	 	Authorized Signatory

 

    	A-5

    	 

    

 

[FORM OF REVERSE OF NOTE]

 

ARC PROPERTIES OPERATING PARTNERSHIP,
L.P.

CLARK ACQUISITION, LLC

 

4.600% Senior Notes due 2024

 

This Note is one of a duly authorized issue of Securities of
the Issuers (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under
and pursuant to an Indenture, dated as of February 6, 2014, duly executed and delivered by the Issuers, American Capital Realty
Properties, Inc. (“Parent”) and the other guarantors named therein (together with Parent, the “Guarantors”)
to U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture
with respect to the series of Securities of which this Note is a part), together with the Officer’s Certificate establishing
the terms of the Notes, dated as of February 6, 2014 (collectively, the “Indenture”) and reference is hereby made to
the Indenture, and all modifications and amendments and indentures supplemental thereto relating to the Notes, made for a description
of the rights, limitations of rights, obligations, duties, and immunities thereunder of the Trustee, the Issuers, the Guarantors
and the Holders of the Notes and the terms upon which the Notes are authenticated and delivered. The Securities may be issued in
one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times,
may accrue interest (if any) at different rates or formulas and may otherwise vary as provided in the Indenture. This Note is one
of a series of Securities designated as the “4.600% Senior Notes due 2024” (collectively, the “Notes”)
of the Issuers, limited (except as permitted under the Indenture) in aggregate principal amount to $500,000,000.

 

Payments of principal, premium, if any, and interest in respect
of the Notes will be fully and unconditionally guaranteed by the Guarantors.

 

[The Notes are subject to redemption in whole (but not in part)
at a special mandatory redemption price (the “Special Mandatory Redemption Price”) equal to 101% of the aggregate principal
amount of the Notes, plus accrued and unpaid interest on the principal amount thereof to, but not including, the Special Mandatory
Redemption Date (as defined below), if the closing of the Cole Merger has not occurred on or prior to October 29, 2014, or if,
prior to such date, the Cole Merger Agreement is terminated (each, a “Special Mandatory Redemption Event”), in accordance
with the provisions set forth herein and in Article III of the Base Indenture.

 

Upon the occurrence of a Special Mandatory Redemption Event,
the Issuers shall promptly (but in no event later than 5 Business Days following such Special Mandatory Redemption Event) notify
the Trustee in writing of such event, and the Trustee shall, no later than 5 Business Days following receipt of such notice from
the Issuers, notify the Holders (such date of notification, the “Redemption Notice Date”) that the Notes are to be
redeemed on the 30th day following the Redemption Notice Date (such date, the “Special Mandatory Redemption Date”),
in each case in accordance with the applicable provisions of Article III of the Indenture. The Trustee, upon receipt of the notice
specified above, on the Redemption Notice Date shall notify each Holder in accordance with the applicable provisions of the Indenture
that all of the outstanding Notes shall be redeemed at the Special Mandatory Redemption Price on the Special Mandatory Redemption
Date automatically and without any further action by the Holders of any the Notes. At or prior to 12:00 p.m., New York City time,
on the Business Day preceding the Special Mandatory Redemption Date, the Issuers shall deposit funds sufficient to pay the Special
Mandatory Redemption Price for the Notes on such date. If such deposit is made as provided above, the Notes will cease to bear
interest on and after the Special Mandatory Redemption Date, unless the Issuers default in the payment of the Special Mandatory
Redemption Price.

 

    	A-6

    	 

    

 

For purposes of this Special Mandatory Redemption provision,
(i) “Cole Merger” means Parent’s acquisition of Cole Real Estate Investments, Inc. through the merger of Cole
Real Estate Investments, Inc. with and into Clark, with Clark surviving as Parent’s wholly owned subsidiary pursuant to the
Cole Merger Agreement, and (ii) “Cole Merger Agreement” means the Agreement and Plan of Merger by and among Parent,
Clark and Cole Real Estate Investments, Inc., dated as of October 22, 2013.]14

 

The Issuers may redeem all or part of the Notes at any time
at their option at a redemption price equal to the greater of:

 

(a)100% of the principal amount of the Notes to be redeemed,
and

 

(b) the sum of the present values of the remaining scheduled
payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the applicable Redemption Date)
discounted to such Redemption Date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury
Rate plus 30 basis points,

 

plus, in the case of both clauses (a) and (b) above,
accrued and unpaid interest on the principal amount of the Notes being redeemed to, but excluding, the date fixed for redemption
(the “Redemption Date”);

 

provided, that if the Notes are redeemed on or after
November 6, 2023, the redemption price will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid
interest on the amount being redeemed to, but excluding, the date of redemption.

 

Notwithstanding the foregoing, installments of interest on the
Notes that are due and payable on an interest payment date falling on or prior to a Redemption Date will be payable to the persons
who were the Holders of the Notes (or one or more predecessor Notes) registered as such at the close of business on the relevant
regular record dates as set forth above and in Article III of the Indenture.

 

As used herein:

 

“Comparable Treasury Issue” means, with respect
to any Redemption Date for any Notes, the U.S. Treasury security selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term
of the Notes to be redeemed.

 

“Comparable Treasury Price” means, with respect
to any Redemption Date for the Notes:

 

(a)if the Issuers obtain four Reference Treasury Dealer
Quotations for such Redemption Date, the average of such Reference Treasury Dealer Quotations, after excluding the highest and
lowest such Reference Treasury Dealer Quotations, or

 

(b) if the Issuers obtain fewer than four but more than
one such Reference Treasury Dealer Quotations for such Redemption Date, the average of all such Reference Treasury Dealer Quotations,
or

 

(c) if the Issuers obtain only one such Reference Treasury
Dealer Quotation for such Redemption Date, that Reference Treasury Dealer Quotation.

 

 

 

14 Include only in Notes issued prior to the earliest
of (1) consummation of the Cole Merger, (2) October 29, 2014 and (3) a Special Mandatory Redemption Event.

 

    	A-7

    	 

    

 

“Independent Investment Banker” means one
of the Reference Treasury Dealers that the Issuers have appointed to act as the “Independent Investment Banker”.

 

“Reference Treasury Dealer” means with respect
to any Redemption Date for the Notes, each of (i) Barclays Capital Inc. and Citigroup Global Markets, Inc. and their respective
successors (provided, however, that if any such firm or any such successor, as the case may be, ceases to be a primary U.S. Government
securities dealer in The City of New York (a “Primary Treasury Dealer”), the Issuers shall substitute therefor another
nationally recognized investment banking firm that is a Primary Treasury Dealer), and (ii) up to two other Primary Treasury Dealers
selected by the Issuers.

 

“Reference Treasury Dealer Quotations” means,
with respect to each Reference Treasury Dealer and any Redemption Date for the Notes, the average, as determined by the Issuers,
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Issuers by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day
preceding such Redemption Date.

 

“Treasury Rate” means, with respect to any
Redemption Date for the Notes:

 

(a)the yield, under the heading that represents the average
for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before
or after the final maturity date of the Notes, yields for the two published maturities most closely corresponding to the Comparable
Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line
basis, rounding to the nearest month) or

 

(b) if such release (or any successor release) is not published
during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

The Treasury Rate shall be calculated by the Issuers on the
third Business Day preceding the applicable Redemption Date, on which date the Issuers will provide the Trustee with a calculation
of the applicable redemption price.

 

Notice of any redemption by the Issuers will be mailed at least
30 days but not more than 60 days before any Redemption Date to each Holder of Notes to be redeemed. If less than all of the outstanding
Notes are to be redeemed, the Notes to be redeemed shall be selected, so long as such notes are in book-entry form, in accordance
with the applicable procedures of the Depositary, or, if such Notes are issued in definitive certificated form, by such method
as the Trustee shall deem fair and appropriate.

 

Unless the Issuers default in payment of the redemption price,
on and after any Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption.

 

[Except as set forth above with respect to a Special Mandatory
Redemption]1 [T][t]his Note is not mandatorily redeemable and is not entitled to the benefit of a sinking fund or any
analogous provisions.

 

    	A-8

    	 

    

 

In case an Event of Default with respect to this Note shall
have occurred and be continuing, the principal hereof may be (and, in certain cases, shall be) declared, and upon such declaration
shall become, due and payable, in the manner, with the effect, and subject to the conditions, provided in the Indenture.

 

The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Issuers and, if applicable, the Guarantors, and
the rights of the Holders of the Securities under the Indenture at any time by the Issuers and, if applicable, the Guarantors,
and the Trustee with the consent of the Holders of a majority in the aggregate principal amount of Securities of each series (voting
as separate classes) issued under the Indenture at the time Outstanding and affected thereby. Furthermore, provisions in the Indenture
permit the Holders of a majority in the aggregate principal amount of the Outstanding Securities of any series, in certain instances,
to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences.
Any such waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and other Notes issued upon the registration of transfer hereof or in exchange hereof, or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision of this
Note or the Indenture shall alter or impair the obligation of the Issuers, which is absolute and unconditional, to pay the principal
of, and premium, if any, with respect to, and interest on, this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

 

The Indenture contains provisions for defeasance and discharge
and for defeasance at any time of certain restrictive covenants and Events of Default with respect to Notes of this series upon
compliance with certain conditions set forth in the Indenture.

 

[Holders of this Note shall have all the rights set forth in
the Registration Rights Agreement, including the right to receive Additional Interest.]15

 

This Note is issuable only in definitive registered form, without
coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This Note may be exchanged for a like aggregate
principal amount of Notes of other authorized denominations at the office or agency of the Issuer in The City of New York, in the
manner and subject to the limitations provided herein and in the Indenture, but without the payment of any charge except for any
tax or other governmental charge imposed in connection therewith.

 

The Issuers shall not pay additional amounts on this Note held
by a Person that is not a U.S. Person in respect of taxes or similar charges withheld or deducted.

 

The Issuers, the Guarantors or the Trustee and any authorized
agent of the Issuers, the Guarantors or the Trustee may deem and treat the Person in whose name this Note is registered as the
Holder and absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership
or other writing hereon), for the purpose of receiving payment of, or on account of, the principal of, or premium, if any, with
respect to, or subject to the provisions on the face hereof, interest on, this Note and for all other purposes, and none of the
Issuer, the Guarantor or the Trustee or any authorized agent of the Issuer, the Guarantor or the Trustee shall be affected by any
notice to the contrary.

 

 

15
Include in Notes with private placement legend.

 

    	A-9

    	 

    

 

THE INDENTURE AND THIS NOTE SHALL BE DEEMED TO BE A CONTRACT
UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
SUCH STATE.

 

    	A-10

    	 

    

  

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s)
and transfer(s) unto:

 

	 

 

 

                             
                                         
                                         
                                

Please insert social security number or other identifying number
of assignee:

 

	 

 

 

Please print or type name and address (including zip code) of
assignee:

 

	 
	 
	 
	 

 

the within Note and all rights thereunder, hereby irrevocably
constituting and appointing                                          
    attorney to transfer said Note of ARC Properties Operating Partnership, L.P. and Clark Acquisition, LLC (the
“Issuers”) on the books of the Issuers, with full power of substitution in the premises.

 

 

Dated:                         

 

Signature Guaranteed

 

	 

 

NOTICE: Signature must be guaranteed by an eligible Guarantor
Institution (banks, stockbrokers, savings and loan associations and credit unions) with membership in an approved signature guarantee
medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

 

	 

 

NOTICE: The signature to this Assignment must correspond with
the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.

 

    	A-11EXHIBIT 4.3

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

Dated as of February 6, 2014

by and among

 

ARC PROPERTIES OPERATING PARTNERSHIP,
L.P.

CLARK ACQUISITION, LLC

THE GUARANTORS LISTED ON SCHEDULE
I HERETO

 

and

 

BARCLAYS CAPITAL INC.

CITIGROUP GLOBAL MARKETS INC.

 

 

 

    	 

    	 

    

 

This Registration Rights
Agreement (this “Agreement”) is made and entered into as of February 6, 2014, by and among ARC Properties
Operating Partnership, L.P., a Delaware limited partnership (the “Company”), and Clark Acquisition, LLC,
a Delaware limited liability company (“Clark” and, together with the Company, the “Issuers”),
the guarantors listed on Schedule I hereto (the “Guarantors”) and Barclays Capital Inc. and Citigroup
Global Markets Inc., as representatives (the “Representatives”) of the several initial purchasers named
in Schedule I attached to the Purchase Agreement (as defined below) (each such initial purchaser, an “Initial Purchaser”
and, together, the “Initial Purchasers”), each of whom has agreed to purchase the Issuers’ 2.000%
Senior Notes due 2017, 3.000% Senior Notes due 2019 and 4.600% Senior Notes due 2024 (the “Initial Notes”)
pursuant to the Purchase Agreement (as defined below).

 

This Agreement is made
pursuant to the Purchase Agreement, dated February 4, 2014 (the “Purchase Agreement”), by and among the
Issuers, the Guarantors and the Representatives. In order to induce the Initial Purchasers to purchase the Initial Notes, the Issuers
and the Guarantors have agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this
Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 7(l) of the Purchase Agreement. Capitalized
terms used herein and not otherwise defined shall have the meaning assigned to them in the Indenture, dated as of February 6, 2014,
among the Issuers, the Guarantors and U.S. Bank National Association, as trustee, as supplemented by an officers’ certificate
relating to the Initial Notes and the Exchange Notes (collectively, the “Indenture”).

 

The parties hereby
agree as follows:

 

SECTION
1.           DEFINITIONS

 

As used in this Agreement,
the following capitalized terms shall have the following meanings:

 

Act:
The Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

Affiliate:
As defined in Rule 144 of the Act.

 

Agreement:
As defined in the preamble.

 

Broker-Dealer:
Any broker or dealer registered under the Exchange Act.

 

Business Day:
Any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment
are authorized by law, regulation or executive order to remain closed.

 

Clark:
As defined in the preamble.

 

Closing Date:
The date hereof.

 

Commission:
The Securities and Exchange Commission.

 

    	 

    	 

    

 

Company:
As defined in the preamble.

 

Consummate:
An Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (a) the filing
and effectiveness under the Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the
Exchange Offer, (b) the maintenance of such Exchange Offer Registration Statement continuously effective and the keeping of the
Exchange Offer open for a period not less than the period required pursuant to Section 3(b) hereof, and (c) the delivery by the
Issuers to the Registrar under the Indenture of Exchange Notes in the same aggregate principal amount as the aggregate principal
amount of Initial Notes tendered by Holders thereof pursuant to the Exchange Offer.

 

Consummation
Deadline: As defined in Section 3(b) hereof.

 

Effectiveness
Deadline: As defined in Sections 3(a) and 4(a) hereof.

 

Exchange Act:
The Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

Exchange Notes:
The Issuers’ 2.000% Senior Notes due 2017, 3.000% Senior Notes due 2019 and 4.600% Senior Notes due 2024 to be issued pursuant
to the Indenture: (i) in the Exchange Offer or (ii) as contemplated by Section 4 hereof.

 

Exchange Offer:
The exchange and issuance by the Issuers of a principal amount of Exchange Notes (which shall be registered pursuant to the Exchange
Offer Registration Statement) equal to the outstanding principal amount of Initial Notes that are validly tendered and not withdrawn
by such Holders in connection with such exchange and issuance.

 

Exchange Offer
Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus.

 

Free Writing
Prospectus: Each offer to sell or solicitation of an offer to buy the Initial Notes or the Exchange Notes that would constitute
a “free writing prospectus” as defined in Rule 405 under the Securities Act, prepared by or on behalf of the Issuers
or used or referred to by the Issuers in connection with the sale of the Initial Notes or the Exchange Notes.

 

Guarantors:
As defined in the preamble.

 

Holders:
As defined in Section 2 hereof.

 

Indenture:
As defined in the preamble.

 

Initial Notes:
As defined in the preamble.

 

Initial Purchasers:
As defined in the preamble.

 

Interest Payment
Date: As defined in the Initial Notes and Exchange Notes.

 

Issuers:
As defined in the preamble.

 

    	2

    	 

    

 

Prospectus:
The prospectus included in a Registration Statement at the time such Registration Statement is declared effective, as amended or
supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material
incorporated by reference into such Prospectus.

 

Purchase Agreement:
As defined in the preamble.

 

Recommencement
Date: As defined in Section 6(d) hereof.

 

Registration
Default: As defined in Section 5 hereof.

 

Registration
Statement: Any registration statement of the Issuers and the Guarantors relating to (a) an offering of Exchange Notes pursuant
to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement,
in each case, (i) that is filed pursuant to the provisions of this Agreement, (ii) including the Prospectus included therein, and
(iii) including all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated
by reference therein.

 

Representatives:
As defined in the preamble.

 

Rule 144:
Rule 144 promulgated under the Act.

 

Shelf Filing
Deadline: As defined in Section 4(a) hereof.

 

Shelf Registration
Statement: As defined in Section 4 hereof.

 

Special Interest:
As defined in Section 5 hereof.

 

Suspension Notice:
As defined in Section 6(d) hereof.

 

Suspension Rights:
As defined in Section 6(c)(i) hereof.

 

TIA:
The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date of the Indenture.

 

Transfer Restricted
Securities: Each Initial Note until the earliest to occur of (a) the date on which such Initial Note has been exchanged
in the Exchange Offer by a Person other than a Broker-Dealer for an Exchange Note entitled to be resold to the public by the Holder
thereof without complying with the prospectus delivery requirements of the Act, (b) following the exchange by a Broker-Dealer in
the Exchange Offer of an Initial Note for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives
from such Broker-Dealer on or prior to the date of such sale a copy of the Prospectus contained in the Exchange Offer Registration
Statement, (c) the date on which such Initial Note has been effectively registered under the Act and disposed of in accordance
with the Shelf Registration Statement (and the purchasers thereof have been issued Exchange Notes), or (d) the date on which such
Initial Note is distributed to the public pursuant to Rule 144.

 

    	3

    	 

    

 

SECTION
2.           HOLDERS

 

A Person is deemed
to be a holder of Transfer Restricted Securities (each, a “Holder”) whenever such Person owns Transfer
Restricted Securities.

 

SECTION
3.           REGISTERED
EXCHANGE OFFER

 

(a)               
The Issuers and the Guarantors shall (i) use commercially reasonable efforts to cause the Exchange Offer Registration Statement
to be declared effective by the Commission no later than 240 days (or if such 240th day is not a Business Day, the next Business
Day) after the Closing Date (such 240th day being the “Effectiveness Deadline”) and (ii) in connection
with the foregoing, (A) file all pre-effective amendments to such Exchange Offer Registration Statement as may be necessary in
order to cause it to become effective, (B) file, if applicable, a post-effective amendment to such Exchange Offer Registration
Statement, and (C) cause all necessary filings, if any, in connection with the registration and qualification of the Exchange Notes
to be made under the Blue Sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer; provided,
however, that none of the Issuers or any Guarantor shall be required to take any action that would subject them to general
service of process or taxation in any jurisdiction where they are not already subject. The Exchange Offer shall be on the appropriate
form permitting (i) registration of the Exchange Notes to be offered in exchange for the Initial Notes that are Transfer Restricted
Securities and (ii) resales of Exchange Notes by Broker-Dealers that tendered into the Exchange Offer Initial Notes that such Broker-Dealer
acquired for its own account as a result of market-making activities or other trading activities (other than Initial Notes acquired
directly from the Issuers or any of its Affiliates) as contemplated by Section 3(c) below.

 

(b)              
Unless the Exchange Offer shall not be permitted by applicable law or Commission policy (after the procedures set forth
in Section 6(a)(i) below have been complied with), the Issuers and the Guarantors shall use commercially reasonable efforts to
commence the Exchange Offer and to cause the Exchange Offer Registration Statement to be effective continuously, and shall keep
the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities
laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days.
The Issuers and the Guarantors shall cause the Exchange Offer to comply with all applicable federal and state securities laws.
No securities other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. Unless the Exchange
Offer shall not be permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a)(i) below have
been complied with), the Issuers and the Guarantors shall use commercially reasonable efforts to cause the Exchange Offer to be
Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in no event
later than 60 days thereafter, or longer, if required by the federal securities laws, after the date on which the Exchange Offer
Registration Statement has become effective (such 60th day, or such later date required by the federal securities laws, being the
“Consummation Deadline”).

 

(c)               
The Issuers shall include a “Plan of Distribution” section in the Prospectus contained in the Exchange Offer
Registration Statement and indicate therein that any Broker-Dealer who holds Transfer Restricted Securities that were acquired
for the account of such Broker-Dealer as a result of market-making activities or other trading activities (other than Initial Notes
acquired directly from the Issuers or any Affiliate of the Issuers), may exchange such Transfer Restricted Securities pursuant
to the Exchange Offer. Such “Plan of Distribution” section shall also contain all other information with respect to
such sales by such Broker-Dealers that the Commission may require in order to permit such sales pursuant thereto, but such “Plan
of Distribution” shall not name any such Broker-Dealer or disclose the amount of Transfer Restricted Securities held by any
such Broker-Dealer, except to the extent required by the Commission as a result of a change in policy, rules or regulations after
the date of this Agreement. See the Shearman & Sterling no-action letter (available July 2, 1993).

 

    	4

    	 

    

 

Because such Broker-Dealer
may be deemed to be an “underwriter” within the meaning of the Act and must, therefore, deliver a prospectus meeting
the requirements of the Act in connection with its initial sale of any Exchange Notes received by such Broker-Dealer in the Exchange
Offer, the Issuers and the Guarantors shall permit the use of the Prospectus contained in the Exchange Offer Registration Statement
by such Broker-Dealer to satisfy such prospectus delivery requirement. To the extent necessary to ensure that the Prospectus contained
in the Exchange Offer Registration Statement is available for sales of Exchange Notes by Broker-Dealers, the Issuers and the Guarantors
agree to use commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented,
amended and current as required by and subject to the provisions of Sections 6(a) and (c) hereof and in conformity with the requirements
of this Agreement, the Act and the policies, rules and regulations of the Commission as announced from time to time, for a period
of 180 days from the Consummation Deadline or such shorter period as will terminate when all Transfer Restricted Securities covered
by such Registration Statement have been sold pursuant thereto. The Issuers and the Guarantors shall provide sufficient copies
of the latest version of such Prospectus to such Broker-Dealers, promptly upon request, and in no event later than two Business
Days after such request, at any time during such period.

 

SECTION
4.           SHELF
REGISTRATION

 

(a)               
Shelf Registration. If (i) the Issuers and the Guarantors are not (A) required to file the Exchange Offer Registration
Statement or (B) permitted to Consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission
policy (after the Issuers and the Guarantors have complied with the procedures set forth in Section 6(a)(i) below), or (ii) any
Holder notifies the Issuers prior to the 20th Business Day following Consummation of the Exchange Offer that (A) such Holder is
prohibited by law or Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the Exchange Notes
acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange
Offer Registration Statement is not appropriate or available for such resales by such Holder or (C) such Holder is a Broker-Dealer
and holds Initial Notes acquired directly from the Issuers or any of their Affiliates or (iii) the Exchange Offer is not for any
other reason completed within 300 days (or if such 300th day is not a Business Day, the next Business Day) after the Closing Date,
then the Issuers and the Guarantors, subject to the Suspension Rights set forth in Section 6(c)(i) below, shall:

 

(x) use commercially
reasonable efforts on or prior to 30 days after the earlier of (i) the date as of which the Issuers determine that the Exchange
Offer Registration Statement will not be or cannot be, as the case may be, filed as a result of clause (a)(i) above, (ii) the date
on which the Issuers receive the notice specified in clause (a)(ii) above and (iii) the date immediately after the triggering event
in clause (a)(iii) above is met (30 days after such earlier date, the “Shelf Filing Deadline”), to file
a shelf registration statement pursuant to Rule 415 under the Act (which may be an amendment to the Exchange Offer Registration
Statement (the “Shelf Registration Statement”)), covering the resale of all Transfer Restricted Securities,
and

 

    	5

    	 

    

 

(y) use commercially
reasonable efforts to cause such Shelf Registration Statement to become effective on or prior to 90 days (or if such 90th day is
not a Business Day, the next Business Day) after the Shelf Filing Deadline for the Shelf Registration Statement (such 90th day
the “Shelf Effectiveness Deadline”).

 

If, after the Issuers
and the Guarantors have filed an Exchange Offer Registration Statement that satisfies the requirements of Section 3(a) above, the
Issuers and the Guarantors are required to file and make effective a Shelf Registration Statement solely because the Exchange Offer
is not permitted under applicable federal law (i.e., clause (a)(i)(B) above), then the filing of the Exchange Offer Registration
Statement shall be deemed to satisfy the requirements of clause (x) above; provided that, in such event, the Issuers and
the Guarantors shall remain obligated to meet the Shelf Effectiveness Deadline set forth in clause (y).

 

To the extent necessary
to ensure that the Shelf Registration Statement is available for sales of Transfer Restricted Securities by the Holders thereof
entitled to the benefit of this Section 4(a) and the other securities required to be registered therein pursuant to Section 6(b)(ii)
hereof, the Issuers and the Guarantors shall use commercially reasonable efforts to keep any Shelf Registration Statement required
by this Section 4(a) continuously effective, supplemented, amended and current as required by and subject to the provisions of
Sections 6(b) and 6(c) hereof and in conformity with the requirements of this Agreement, the Act and the policies, rules and regulations
of the Commission as announced from time to time, for a period of at least one year (as extended pursuant to Section 6(c)(i) or
6(d)) following the Closing Date, or such shorter period as will terminate when all Transfer Restricted Securities covered by such
Shelf Registration Statement have been sold pursuant thereto or are no longer Transfer Restricted Securities.

 

(b)              
Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder may include
any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such
Holder furnishes to the Issuers in writing, within 15 days after receipt of a request therefor, the information specified in Item
507 or 508 of Regulation S-K, as applicable, of the Act, or other information reasonably requested by the Issuers and required
by Regulation S-K of the Act, for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus
included therein. No Holder shall be entitled to Special Interest pursuant to Section 5 hereof unless and until (and from and after
such time) such Holder shall have provided all such information. Each selling Holder agrees to promptly furnish additional information
required to be disclosed in order to make the information previously furnished to the Issuers by such Holder not materially misleading
and shall promptly supply such other information as the Issuers may from time to time reasonably request.

 

    	6

    	 

    

 

SECTION
5.           SPECIAL
INTEREST

 

Subject to the Suspension
Rights referred to in Section 6(c)(i) below, if (i) any Shelf Registration Statement required by this Agreement has not been filed
with the Commission on or prior to the Shelf Filing Deadline, (ii) any Registration Statement required by this Agreement has not
been declared effective by the Commission on or prior to the applicable Effectiveness Deadline, (iii) the Exchange Offer has not
been Consummated on or prior to the Consummation Deadline, with respect to the Exchange Offer Registration Statement, or (iv) any
Shelf Registration Statement required by this Agreement is declared effective but thereafter (and before the expiration of the
period referred to in Rule 144) ceases to be effective or useable in connection with resales of the Exchange Notes for more than
60 days within any 12-month period or if the Issuers, through their omission, fails to name as a selling securityholder any Holder
that had complied timely with its obligations to be named in such Shelf Registration Statement (each such event referred to in
clauses (i) through (iv), a “Registration Default”), then the Issuers and the Guarantors hereby jointly
and severally agree to pay to each Holder affected thereby special interest (“Special Interest”) in an
amount equal to 0.25% per annum for the first 90-day period immediately following the date of such Registration Default, and an
additional 0.25% per annum for each subsequent 90-day period, until all Registration Defaults have been cured, up to a maximum
amount of Special Interest of 1.00% per annum; provided that the Issuers and the Guarantors shall in no event be required
to pay Special Interest for more than one Registration Default at any given time. Notwithstanding anything to the contrary set
forth herein, (1) upon filing of the Shelf Registration Statement, in the case of clause (i) above, (2) upon the effectiveness
of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement), in the case of clause (ii)
above, (3) upon Consummation of the Exchange Offer, in the case of clause (iii) above, or (4) upon the filing of a post-effective
amendment to the Registration Statement or an additional Registration Statement that causes the Shelf Registration Statement to
again be declared effective or made usable in the case of clause (iv) above, the Special Interest payable with respect to the Transfer
Restricted Securities as a result of such clause (i), (ii), (iii), or (iv), as applicable, shall cease on the date of such cure,
and the interest rate on such Transfer Restricted Securities will revert to the interest rate applicable in the absence of any
Registration Default.

 

All accrued Special
Interest shall be paid by the Issuers and the Guarantors (or the Issuers and the Guarantors will cause the Paying Agent to make
such payment on their behalf) to the Holders entitled thereto, in the manner provided for the payment of interest in the Indenture,
on each Interest Payment Date, as more fully set forth in the Indenture, the Initial Notes and the Exchange Notes. Notwithstanding
the fact that any securities for which Special Interest is due cease to be Transfer Restricted Securities, all obligations of the
Issuers and the Guarantors to pay Special Interest with respect to securities that accrued prior to the time that such securities
ceased to be Transfer Restricted Securities shall survive until such time as such obligations with respect to such securities shall
have been satisfied in full. Notwithstanding anything contained herein or in the Indenture to the contrary, the payment of Special
Interest shall not accrue during any period in which the Issuers and the Guarantors are exercising the Suspension Rights set forth
in Section 6(c)(i) below and shall be the only remedy available to Holders for any Registration Default.

 

    	7

    	 

    

 

SECTION
6.           REGISTRATION
PROCEDURES

 

(a)               
Exchange Offer Registration Statement. In connection with the Exchange Offer, the Issuers and the Guarantors shall
(x) comply with all applicable provisions of Section 6(c) below, (y) use commercially reasonable efforts to effect such exchange
and to permit the resale of Exchange Notes by Broker-Dealers that tendered in the Exchange Offer Initial Notes that such Broker-Dealer
acquired for its own account as a result of its market-making activities or other trading activities (other than Initial Notes
acquired directly from the Issuers or any of their Affiliates) being sold in accordance with the intended method or methods of
distribution thereof, and (z) comply with all of the following provisions:

 

(i)                
If, following the Closing Date there has been announced a change in Commission policy with respect to exchange offers such
as the Exchange Offer, that in the reasonable opinion of counsel to the Issuers raises a substantial question as to whether the
Exchange Offer is permitted by applicable federal law, the Issuers and the Guarantors hereby agree to take commercially reasonable
efforts either to (x) seek a no-action letter or other favorable decision from the Commission allowing the Issuers and the Guarantors
to Consummate an Exchange Offer for such Transfer Restricted Securities, or (y) file, in accordance with Section 4(a) hereof, a
Shelf Registration Statement to permit the registration and/or resale of the Transfer Restricted Securities that would otherwise
be covered by the Exchange Offer Registration Statement but for the announcement of a change in Commission policy. In the case
of clause (x) above, the Issuers and the Guarantors hereby agree to pursue the issuance of such a decision to the Commission staff
level but shall not be required to take action not commercially reasonable to affect a change of Commission policy. In connection
with the foregoing, the Issuers and the Guarantors hereby agree to take such other commercially reasonable actions as may be requested
by the Commission or otherwise reasonably required in connection with the issuance of such decision, including without limitation
(A) participating in telephonic conferences with the Commission, (B) delivering to the Commission staff an analysis prepared by
counsel to the Issuers setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer
should be permitted, and (C) diligently pursuing a resolution (which need not be favorable and which need not be a written resolution)
by the Commission staff.

 

(ii)              
As a condition to its participation in the Exchange Offer, each Holder (including, without limitation, any Holder who is
a Broker-Dealer) shall furnish, upon the request of the Issuers, prior to the Consummation of the Exchange Offer, a written representation
to the Issuers and the Guarantors (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration
Statement) to the effect that (A) it is not an Affiliate of either of the Issuers, (B) it is not engaged in, and does not intend
to engage in, and has no arrangement or understanding with any person to participate in, a distribution of the Exchange Notes to
be issued in the Exchange Offer, (C) it is acquiring the Exchange Notes in its ordinary course of business, and (D) only if such
Holder is a Broker-Dealer that will receive Exchange Notes in exchange for Initial Notes that such Broker-Dealer acquired for its
own private account as a result of market making or other trading activities, it will deliver a Prospectus, as required by law,
in connection with any sale of such Exchange Notes. As a condition to its participation in the Exchange Offer each Holder using
the Exchange Offer to participate in a distribution of the Exchange Notes shall acknowledge and agree that, if the resales are
of Exchange Notes obtained by such Holder in exchange for Initial Notes acquired directly from the Issuers or an Affiliate thereof,
it (1) could not, under Commission policy as in effect on the date of this Agreement, rely on the position of the Commission enunciated
in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13,
1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action
letters (including, if applicable, any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration
and prospectus delivery requirements of the Act in connection with a secondary resale transaction and that such a secondary resale
transaction must be covered by an effective registration statement containing the selling security holder information required
by Item 507 or 508, as applicable, of Regulation S-K.

 

    	8

    	 

    

 

(iii)            
Prior to effectiveness of the Exchange Offer Registration Statement, the Issuers and the Guarantors shall provide a supplemental
letter to the Commission (A) stating that the Issuers and the Guarantors are registering the Exchange Offer in reliance on the
position of the Commission enunciated in Exxon Capital Holdings Corporation (available May 13, 1988), Morgan Stanley
and Co., Inc. (available June 5, 1991) as interpreted in the Commission’s letter to Shearman & Sterling dated
July 2, 1993, and, if applicable, any no-action letter obtained pursuant to clause (i) above, (B) including a representation that
the Issuers and the Guarantors have not entered into any arrangement or understanding with any Person to distribute the Exchange
Notes to be received in the Exchange Offer and that, to the best of each Issuer’s or each Guarantor’s information and
belief, each Holder participating in the Exchange Offer is acquiring the Exchange Notes in its ordinary course of business and
has no arrangement or understanding with any Person to participate in the distribution of the Exchange Notes received in the Exchange
Offer, and (C) any other undertaking or representation required by the Commission as set forth in any no-action letter obtained
pursuant to clause (i) above, if applicable.

 

(b)              
Shelf Registration Statement. In connection with the Shelf Registration Statement, the Issuers and the Guarantors
shall:

 

(i)                
comply with all the provisions of Section 6(c) below and use commercially reasonable efforts to effect such registration
to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution
thereof (as indicated in the information furnished to the Issuers pursuant to Section 4(b) hereof), and pursuant thereto the Issuers
and the Guarantors will prepare and file with the Commission a Registration Statement relating to the registration on any appropriate
form under the Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended
method or methods of distribution thereof within the time periods and otherwise in accordance with the provisions hereof, and

 

(ii)issue
to any Holder or purchaser of Initial Notes covered by any Shelf Registration Statement contemplated by this Agreement, upon the
request of any such Holder or purchaser, registered Initial Notes having an aggregate principal amount equal to the aggregate principal
amount of Initial Notes sold pursuant to the Shelf Registration Statement and surrendered to the Issuers for cancellation in the
names as such Holder or purchaser shall designate; provided, that such purchaser provides all documentation reasonably requested
by the Issuers in connection with such issuance.

 

    	9

    	 

    

 

(c)               
General Provisions. In connection with any Registration Statement and any related Prospectus required by this Agreement,
the Issuers and the Guarantors shall:

 

(i)                
use commercially reasonable efforts to keep such Registration Statement continuously effective and provide all requisite
financial statements for the period specified in Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event
that would cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading,
or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement,
the Issuers and the Guarantors shall use commercially reasonable efforts to file promptly an appropriate amendment to such Registration
Statement curing such defect, and, if Commission review is required, use commercially reasonable efforts to cause such amendment
to be declared effective as soon as practicable. Notwithstanding the foregoing, the Issuers and the Guarantors may allow the Exchange
Offer Registration Statement, at any time after Consummation of the Exchange Offer (if otherwise required to keep it effective),
or the Shelf Registration Statement and the related Prospectus to cease to remain effective and usable or may delay the filing
or the effectiveness of the Shelf Registration Statement if not then filed or effective, as applicable (“Suspension
Rights”), for not more than 60 (or, in the case of clause (x) below, 90) days in the aggregate in any twelve month
period if (x) the board of directors of the Issuers (or a duly-appointed committee of the board of directors having power over
the subject matter) determines in good faith that it is in the best interests of the Issuers not to disclose the existence of or
facts surrounding any proposed or pending material corporate transaction involving the Issuers and the Guarantors, and the Issuers
mail notification to the Holders within five Business Days after the board of directors makes such determination, or (y) the Prospectus
contained in the Exchange Offer Registration Statement or the Shelf Registration Statement, as the case may be, contains an untrue
statement of the material fact or omits to state a material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading; provided that the 180-day period referred to in Section 3(c)
during which the Exchange Offer Registration Statement is required to be effective and usable or the one-year period referred to
in Section 4(a) hereof during which the Shelf Registration Statement is required to be effective and usable shall be extended by
the number of days during which such Registration Statement was not effective or usable pursuant to the foregoing provisions (which
such extension shall be the Holders’ sole remedy for the exercise by the Issuers of the Suspension Rights during the time
period permitted hereunder, but only to the extent that any suspension period does not violate the 60- or 90-day period, as applicable,
set forth above).

 

(ii)              
Subject to the Suspension Rights set forth in Section 6(c)(i) above, use commercially reasonable efforts to prepare and
file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary
to keep such Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the case may be;
cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule
424 under the Act, and to comply fully with Rules 424, 430A, and 462, as applicable, under the Act in a timely manner; and comply
with the provisions of the Act with respect to the disposition of all securities covered by such Registration Statement during
the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such
Registration Statement or supplement to the Prospectus;

 

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(iii)            
advise (a) each Holder whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the
case of a Shelf Registration Statement), and (b) each Holder who has provided notice to the Issuers promptly and, if requested
by such Holder, confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment
has been filed, and, with respect to any applicable Registration Statement or any post-effective amendment thereto, when the same
has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements
to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending
the effectiveness of the Registration Statement under the Act or of the suspension by any state securities commission of the qualification
of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of
the preceding purposes, and (D) of the happening of any event that requires the Issuers to make changes in the Registration Statement
or the Prospectus in order that the Registration Statement or the Prospectus, any amendment or supplement thereto or any document
incorporated by reference therein do not contain an untrue statement of material fact nor omit to state a material fact required
to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in light of the circumstances
under which they were made) not misleading, which notice may, at the discretion of the Issuers, state that it constitutes the exercise
of Suspension Rights under the provisions of Section 6(c)(i). If at any time the Commission shall issue any stop order suspending
the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an
order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities
or Blue Sky laws, the Issuers and the Guarantors shall use commercially reasonable efforts to obtain the withdrawal or lifting
of such order at the earliest possible time;

 

(iv)            
subject to Section 6(d), if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or have occurred, use
commercially reasonable efforts to prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus
or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers
of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

    	11

    	 

    

 

(v)              
furnish to each Holder whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the
case of a Shelf Registration Statement) in connection with such exchange, registration or sale, if any, before filing with the
Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such
Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration
Statement), which documents will be subject to the reasonable review and comment of such Holders in connection with such sale,
if any, for a period of at least three Business Days, and the Issuers will not file any such Registration Statement or Prospectus
or any amendment or supplement to any such Registration Statement or Prospectus (including all such documents incorporated by reference)
to which such Holders shall reasonably object within three Business Days after the receipt thereof; provided that any Holder
receiving such information shall agree to be bound by reasonable and customary confidentiality agreements and procedures with respect
thereto. A Holder shall be deemed to have reasonably objected to such filing if such Registration Statement, amendment, Prospectus
or supplement, as applicable, as proposed to be filed, contains an untrue statement of a material fact or omits to state any material
fact necessary to make the statements therein not misleading or fails to comply with the applicable requirements of the Act;

 

(vi)            
if requested, promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement
or Prospectus in connection with such exchange, registration or sale, if any, provide copies of such document to each Holder whose
Transfer Restricted Securities have been included in a Shelf Registration Statement (in the case of a Shelf Registration Statement)
in connection with such exchange, registration or sale, if any, make the Issuers’ and the Guarantors’ representatives
available for discussion of such document and other customary due diligence matters, subject to execution and delivery of customary
confidentiality agreements, and include such information in such document prior to the filing thereof as such Holders may reasonably
request;

 

(vii)          
make available, at a location where they are normally maintained and during normal business hours, for inspection by each
Holder whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the case of a Shelf Registration
Statement) and any attorney or accountant retained by such Holders, all financial and other records, pertinent corporate documents
of the Issuers and the Guarantors reasonably requested and use commercially reasonable efforts to cause the Issuers’ and
the Guarantors’ officers, directors and employees to supply all information reasonably requested by any such Holder, attorney
or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof
and prior to its effectiveness as is customary for similar due diligence examinations; provided that any Holder or representative
thereof requesting or receiving such information shall agree to be bound by reasonable and customary confidentiality agreements
and procedures with respect thereto;

 

(viii)        
if requested by any Holders whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in
the case of a Shelf Registration Statement) in connection with such exchange, registration or sale, promptly include in any Registration
Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such Holders may
reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution”
of the Transfer Restricted Securities and the use of the Registration Statement or Prospectus for market making activities; and
make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Issuers are
notified of the matters to be included in such Prospectus supplement or post-effective amendment;

 

    	12

    	 

    

 

(ix)            
furnish to each Holder whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the
case of a Shelf Registration Statement) in connection with such exchange, registration or sale, without charge, at least one copy
of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including all documents incorporated
by reference therein and all exhibits (including exhibits incorporated therein by reference);

 

(x)              
deliver to each Holder whose Transfer Restricted Securities have been included in a Shelf Registration Statement (in the
case of a Shelf Registration Statement) without charge, as many copies of the Prospectus (including each preliminary prospectus)
and any amendment or supplement thereto as such Holders reasonably may request; the Issuers and the Guarantors hereby consent to
the use (in accordance with law and subject to Section 6(d) hereof and any Suspension Rights) of the Prospectus and any amendment
or supplement thereto by each selling Holder in connection with the offering and the sale of the Transfer Restricted Securities
covered by the Prospectus or any amendment or supplement thereto;

 

(xi)            
enter into such agreements (including an underwriting agreement), and make such representations and warranties, and take
all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities
pursuant to any Registration Statement contemplated by this Agreement, all to such extent as may be customarily and reasonably
requested by the Initial Purchasers or, in the case of registration for resale of Transfer Restricted Securities pursuant to the
Shelf Registration Statement, by any Holder or Holders of Transfer Restricted Securities who hold at least 50% in aggregate principal
amount of such class of Transfer Restricted Securities; provided, that, the Issuers and the Guarantors shall not be required
to enter into any such agreement more than once with respect to all of the Transfer Restricted Securities and, in the case of a
Shelf Registration Statement, may delay entering into such agreement if the Board of Directors of the Issuers determine in good
faith that it is in the best interests of the Issuers and the Guarantors not to disclose the existence of or facts surrounding
any proposed or pending material corporate transaction involving the Issuers and the Guarantors. In such connection, the Issuers
and the Guarantors shall:

 

(A)       
upon the request of any Holder, furnish (or in the case of paragraphs (2) and (3), use its commercially reasonable efforts
to cause to be furnished) to each such Holder (in the case of the Shelf Registration Statement) and any underwriter, upon Consummation
of the Exchange Offer or the effectiveness of the Shelf Registration Statement, as the case may be:

 

    	13

    	 

    

 

(1)         
a certificate, in customary form, dated such date, signed on behalf of the each Issuer and each Guarantor and not in an
individual capacity by (x) the Chief Executive Officer or any Vice President, and (y) a principal financial or accounting officer
of the such Issuer and such Guarantor, confirming, as of the date thereof, such matters as such Holders may reasonably request;

 

(2)         
an opinion, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration
Statement, as the case may be, of counsel for the Issuers and the Guarantors in customary form and covering such other matters
as such Holder may reasonably request, and in any event including a statement to the effect that such counsel has participated
in conferences with officers and other representatives of the Issuers and the Guarantors and representatives of the independent
public accountants for the Issuers and the Guarantors and representatives of the underwriters, if any, and their counsel at which
the contents of the Registration Statement and related matters were discussed and, although such counsel need not pass upon or
assume responsibility for the accuracy, completeness or fairness of such statements (relying as to materiality to the extent such
counsel deems appropriate upon the statements of officers and other representatives of the Issuers and the Guarantors and without
independent check or verification), no facts came to such counsel’s attention that caused such counsel to believe that the
applicable Registration Statement, at the time such Registration Statement or any post-effective amendment thereto became effective
and, in the case of the Exchange Offer Registration Statement, as of the date of Consummation of the Exchange Offer, contained
an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, or that the Prospectus contained in such Registration Statement as of its date and, in the case
of the opinion dated the date of Consummation of the Exchange Offer, as of the date of Consummation, contained an untrue statement
of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Such counsel may state further that such counsel assumes no responsibility for, and
has not independently verified, the accuracy, completeness or fairness of the financial statements, schedules or other financial
data included in any Registration Statement contemplated by this Agreement or the related Prospectus and need express no view as
to the accounting or financial records from which such financial statements, schedules and data are derived; and

 

    	14

    	 

    

 

(3)         
a customary comfort letter, dated the date of Consummation of the Exchange Offer, or as of the date of effectiveness of
the Shelf Registration Statement, as the case may be, from the Issusers’ independent accountants, in the customary form and
covering matters of the type customarily covered in comfort letters to underwriters in connection with underwritten offerings,
and affirming the matters set forth in the comfort letters delivered pursuant to Section 8(e) of the Purchase Agreement; and

 

(B)        
deliver such other customary documents and certificates as may be reasonably requested by the selling Holders to evidence
compliance with the matters covered in clause (A) above and with any customary conditions contained in any agreement entered into
by the Issuers and the Guarantors pursuant to this clause (xi);

 

(xii)          
prior to any public offering of Transfer Restricted Securities, cooperate with the selling Holders and their counsel in
connection with the registration and qualification of the Transfer Restricted Securities under the securities or Blue Sky laws
of such jurisdictions as the selling Holders may reasonably request and do any and all other acts or things necessary or advisable
to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the applicable Registration Statement;
provided, however, that the Issuers and the Guarantors shall not be required to register or qualify as a foreign corporation
where it is not now so qualified or to take any action that would subject it to the service of process in suits or to taxation,
other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not now so subject;

 

(xiii)        
in connection with any sale of Transfer Restricted Securities that will result in such securities no longer being Transfer
Restricted Securities, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing
Transfer Restricted Securities to be sold and not bearing any restrictive legends; and to register such Transfer Restricted Securities
in such denominations and such names as the selling Holders may request at least two Business Days prior to such sale of Transfer
Restricted Securities;

 

(xiv)        
use commercially reasonable efforts to cause the disposition of the Transfer Restricted Securities covered by the Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the
seller or sellers thereof to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained
in clause (xii) above;

 

(xv)          
provide a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration Statement
covering such Transfer Restricted Securities and provide the Trustee under the Indenture with printed certificates for the Transfer
Restricted Securities which are in a form eligible for deposit with the Depository Trust Company;

 

    	15

    	 

    

 

(xvi)        
otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and
make generally available to its security holders with regard to any applicable Registration Statement, as soon as practicable,
a consolidated earnings statement meeting the requirements of Rule 158 under the Act (which need not be audited) covering a twelve-month
period beginning after the effective date of the Registration Statement (as such term is defined in paragraph (c) of Rule 158 under
the Act);

 

(xvii)      
cause the Indenture to be qualified under the TIA not later than the effective date of the first Registration Statement
required by this Agreement and, in connection therewith, cooperate with the Trustee and the Holders to effect such changes to the
Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the TIA; and execute and use
its commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes
and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely
manner; and

 

(xviii)    
provide promptly to each Holder, upon request, each document filed with the Commission pursuant to the requirements of Section
13 or Section 15(d) of the Exchange Act.

 

(d)              
Restrictions on Holders. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of
the notice referred to in Section 6(c)(i) or 6(c)(iii)(C) or any notice from the Issuers of the existence of any fact of the kind
described in Section 6(c)(iii)(D) hereof (in each case, a “Suspension Notice”), such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until (i) such Holder
has received copies of the supplemented or amended Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such Holder is advised
in writing by the Issuers that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental
filings that are incorporated by reference in the Prospectus (in each case, the “Recommencement Date”).
Each Holder receiving a Suspension Notice hereby agrees that it will either (i) destroy any Prospectuses, other than permanent
file copies, then in such Holder’s possession which have been replaced by the Issuers with more recently dated Prospectuses,
or (ii) deliver to the Issuers (at the Issuers’ expense) all copies, other than permanent file copies, then in such Holder’s
possession of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of the Suspension
Notice. The time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable,
shall be extended by a number of days equal to the number of days in the period from and including the date of delivery of the
Suspension Notice to the Recommencement Date. Each Holder, by acquisition of a Transfer Restricted Security, further agrees to
hold the fact that it has received any Suspension Notice, and any communication from the Issuers to the Holder relating to an event
giving rise to a Suspension Notice, in confidence.

 

SECTION
7.           REGISTRATION
EXPENSES

 

(a)               
All expenses incident to the Issuers’ and the Guarantors’ performance of or compliance with this Agreement will
be borne by the Issuers, regardless of whether a Registration Statement becomes effective, including without limitation: (i) all
registration and filing fees and expenses; (ii) all reasonable fees and expenses of compliance with federal securities and state
Blue Sky or securities laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued
in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all reasonable fees and
disbursements of counsel for the Issuers and the Guarantors and one counsel for all of the Holders of Transfer Restricted Securities
selected by the Holders of a majority in principal amount of Transfer Restricted Securities being registered; (v) all application
and filing fees in connection with listing the Exchange Notes on a national securities exchange or automated quotation system pursuant
to the requirements hereof; and (vi) all fees and disbursements of independent certified public accountants of the Issuers and
the Guarantors (including the expenses of any special audit and comfort letters required by or incident to such performance); provided,
however, that in no event shall the Issuers or the Guarantors be responsible for any underwriting discounts, commissions or
fees attributable to the sale or other disposition of Transfer Restricted Securities.

 

    	16

    	 

    

 

The Issuers will, in
any event, bear their and the Guarantors’ internal expenses (including, without limitation, all salaries and expenses of
its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of
any Person, including special experts, retained by the Issuers or the Guarantors.

 

(b)              
In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer
Registration Statement and the Shelf Registration Statement), the Issuers and the Guarantors will reimburse the Initial Purchasers
and the Holders of Transfer Restricted Securities who are tendering Initial Notes in the Exchange Offer and/or selling or reselling
Initial Notes or Exchange Notes pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration
Statement or the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel
shall be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration
Statement is being prepared, if any.

 

SECTION
8.           INDEMNIFICATION

 

(a)               
Each Issuer and each Guarantor agrees, jointly and severally, to indemnify and hold harmless each Holder, its directors,
officers and each Person, if any, who controls such Holder (within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act), from and against any and all losses, claims, damages, liabilities or judgments, (including without limitation, any legal
or other expenses reasonably incurred in connection with investigating or defending any matter, including any action that could
give rise to any such losses, claims, damages, liabilities or judgments) caused by any untrue statement or alleged untrue statement
of a material fact contained in any Registration Statement, preliminary prospectus or Prospectus,
Free Writing Prospectus or any “issuer information” (as defined in Rule 433 of the Securities Act) filed or
required to be filed pursuant to Rule 433(d) under the Securities Act (or any amendment or supplement thereto), or caused by any
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages,
liabilities or judgments are caused by an untrue statement or omission or alleged untrue statement or omission that is based upon
information relating to any of the Holders furnished in writing to the Issuers by or on behalf of any of the Holders.

 

    	17

    	 

    

 

(b)              
Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Issuers and the Guarantors, and their
respective directors and officers, and each Person, if any, who controls (within the meaning of Section 15 of the Act or Section
20 of the Exchange Act) the Issuers, or the Guarantors to the same extent as the foregoing indemnity from the Issuers and the Guarantors
set forth in section (a) above, but only with reference to information relating to such Holder furnished in writing to the Issuers
by or on behalf of such Holder expressly for use in any Registration Statement. In no event shall any Holder, its directors, officers
or any Person who controls such Holder be liable or responsible for any amount in excess of the amount by which the total amount
received by such Holder with respect to its sale of Transfer Restricted Securities pursuant to a Registration Statement exceeds
the sum of: (i) the amount paid by such Holder for such Transfer Restricted Securities plus (ii) the amount of any damages
that such Holder, its directors, officers or any Person who controls such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission.

 

(c)               
In case any action shall be commenced involving any person in respect of which indemnity may be sought pursuant to Section
8(a) or 8(b) (the “indemnified party”), the indemnified party shall promptly notify the person against
whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party shall
assume the defense of such action, including the employment of counsel reasonably satisfactory to the indemnified party and the
payment of all fees and expenses of such counsel, as incurred (except that in the case of any action in respect of which indemnity
may be sought pursuant to both Sections 8(a) and 8(b), a Holder shall not be required to assume the defense of such action pursuant
to this Section 8(c), but may employ separate counsel and participate in the defense thereof, but the fees and expenses of such
counsel, except as provided below, shall be at the expense of the Holder). Any indemnified party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be
at the expense of the indemnified party unless (i) the employment of such counsel has been specifically authorized in writing by
the indemnifying party, (ii) the indemnifying party has failed to assume the defense of such action or employ counsel reasonably
satisfactory to the indemnified party, or (iii) the named parties to any such action (including any impleaded parties) include
both the indemnified party and the indemnifying party, and the indemnified party has been advised by such counsel that there may
be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party
(in which case the indemnifying party shall not have the right to assume the defense of such action on behalf of the indemnified
party). In any such case, the indemnifying party shall not, in connection with any one action or separate but substantially similar
or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees
and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all indemnified parties and all
such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by a majority of the
Holders, in the case of the parties indemnified pursuant to Section 8(a), and by the Issuers and the Guarantors, in the case of
parties indemnified pursuant to Section 8(b). The indemnifying party shall indemnify and hold harmless the indemnified party from
and against any and all losses, claims, damages, liabilities and judgments by reason of any settlement of any action effected with
(i) its written consent, or (ii) effected without its written consent if the settlement is entered into more than 20 Business Days
after the indemnifying party received a request from the indemnified party for reimbursement for the fees and expenses of counsel
(in any case where such fees and expenses are at the expense of the indemnifying party) and, prior to the date of such settlement,
the indemnifying party has failed to comply with such reimbursement request. No indemnifying party shall, without the prior written
consent of the indemnified party (which consent shall not be unreasonably withheld), effect any settlement or compromise of, or
consent to the entry of judgment with respect to, any pending or threatened action in respect of which the indemnified party is
or could have been a party and indemnity or contribution may be or could have been sought hereunder by the indemnified party, unless
such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability on claims
that are or could have been the subject matter of such action, and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of the indemnified party.

 

    	18

    	 

    

 

(d)              
To the extent that the indemnification provided for in this Section 8 is unavailable to an indemnified party in respect
of any losses, claims, damages, liabilities or judgments referred to therein, then each indemnifying party, in lieu of indemnifying
such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims,
damages, liabilities or judgments (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuers
and the Guarantors, on the one hand, and the Holders, on the other hand, from their sale of Transfer Restricted Securities, or
(ii) if the allocation provided by clause 8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate
to reflect not only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the Issuers and the
Guarantors, on the one hand, and of the Holder, on the other hand, in connection with the statements or omissions which resulted
in such losses, claims, damages, liabilities or judgments, as well as any other relevant equitable considerations. The relative
fault of the Issuers and the Guarantors, on the one hand, and of the Holder, on the other hand, shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by such Issuer or such Guarantor, on the one hand, or by the Holder, on the
other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and judgments
referred to above shall be deemed to include, subject to the limitations set forth in Section 8(c) hereof, any legal or other fees
or expenses reasonably incurred by such party in connection with investigating or defending any action or claim.

 

Each Issuer, each Guarantor
and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by
pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that
does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable
by an indemnified party as a result of the losses, claims, damages, liabilities or judgments referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any matter, including any action that could have given
rise to such losses, claims, damages, liabilities or judgments. Notwithstanding the provisions of this Section 8, no Holder, its
directors, its officers or any Person, if any, who controls such Holder shall be required to contribute, in the aggregate, any
amount in excess of the amount by which the total amount received by such Holder with respect to the sale of Transfer Restricted
Securities pursuant to a Registration Statement exceeds the sum of: (i) the amount paid by such Holder for such Transfer Restricted
Securities plus (ii) the amount of any damages that such Holder has otherwise paid or become liable to pay by reason of any untrue
or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The Holders’ obligations to contribute pursuant to this Section 8(d) are several in proportion to the respective principal
amount of Transfer Restricted Securities held by each Holder hereunder and not joint.

 

    	19

    	 

    

 

SECTION
9.           RULE
144A AND RULE 144

 

Each Issuer and each
Guarantor agree with each Holder, for so long as any Transfer Restricted Securities remain outstanding and during any period in
which such Issuer or such Guarantor (i) is not subject to Section 13 or 15(d) of the Exchange Act, to make available, upon request
of any Holder, to such Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any
prospective purchaser of such Transfer Restricted Securities designated by such Holder or beneficial owner, the information required
by Rule 144A(d)(4) under the Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under
the Act.

 

SECTION
10.       MISCELLANEOUS

 

(a)               
Remedies. Each Issuer and each Guarantor acknowledges and agrees that any failure by the Issuers and/or the Guarantors
to comply with their respective obligations under Sections 3 and 4 hereof may result in material irreparable injury to the Initial
Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may
be required to specifically enforce the Issuers’ and the Guarantors’ obligations under Sections 3 and 4 hereof. The
Issuers and the Guarantors further agree to waive the defense in any action for specific performance that a remedy at law would
be adequate.

 

(b)              
Free Writing Prospectus. Each Issuer represents, warrants and covenants that it (including
its agents and representatives) will not prepare, make, use, authorize, approve or refer to any “written communication”
(as defined in Rule 405 under the Securities Act) in connection with the issuance and sale of the Initial Notes and the Exchange
Notes, other than (i) any communication pursuant to Rule 134, Rule 135 or Rule 135c under the Securities Act, (ii) any
document constituting an offer to sell or solicitation of an offer to buy the Initial Notes or the Exchange Notes that falls within
the exception from the definition of prospectus in Section 2(a)(10)(a) of the Securities Act, or (iii) a prospectus satisfying
the requirements of section 10(a) of the Securities Act or of Rule 430, Rule 430A, Rule 430B, Rule 430C or Rule 431 under the Securities
Act.

 

    	20

    	 

    

 

(c)               
No Inconsistent Agreements. Each Issuer and any Guarantor will not, on or after the date of this Agreement, enter
into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement
or otherwise conflicts with the provisions hereof. Each Issuer and any Guarantor have not previously entered into, nor is currently
a party to, any agreement granting any registration rights with respect to its securities to any Person that would require such
securities to be included in any Registration Statement filed hereunder. The rights granted to the Holders hereunder do not in
any way conflict with and are not inconsistent with the rights granted to the holders of the Issuers’ and the Guarantors’
securities under any agreement in effect on the Closing Date.

 

(d)              
Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers
or consents to or departures from the provisions hereof may not be given unless (i) in the case of Section 5 hereof and this Section
10(d)(i), the Issuers have obtained the written consent of Holders of all outstanding Transfer Restricted Securities, and (ii)
in the case of all other provisions hereof, the Issuers have obtained the written consent of Holders of a majority of the outstanding
principal amount of Transfer Restricted Securities (excluding Transfer Restricted Securities held by any Issuer or any of their
respective Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates
exclusively to the rights of Holders whose Transfer Restricted Securities are being tendered pursuant to the Exchange Offer, and
that does not affect directly or indirectly the rights of other Holders whose Transfer Restricted Securities are not being tendered
pursuant to such Exchange Offer, may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted
Securities subject to such Exchange Offer.

 

(e)               
Additional Guarantors. Each Issuer shall cause any of its respective Subsidiaries (as defined in the Indenture) that
becomes, prior to the consummation of the Exchange Offer, a Guarantor in accordance with the terms and provisions of the Indenture
to become a party to this Agreement as a Guarantor.

 

(f)               
Third Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between
the Issuers and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce
such agreements directly to the extent they may deem such enforcement necessary or advisable to protect its rights or the rights
of Holders hereunder.

 

(g)              
Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail (registered or certified, return receipt requested), telex, telecopier or air courier guaranteeing overnight delivery:

 

(i)                
if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture; and

 

    	21

    	 

    

 

(ii)              
if to the Issuers or the Guarantors:

 

ARC Properties Operating Partnership, L.P.

Clark Acquisition, LLC

405 Park Avenue

New York, New York 10022

Attention: Nicholas S. Schorsch and Lisa Beeson

Fax: (212) 421-5799

 

 

With a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Attention: Peter M. Fass

Fax: (212) 969-2900

 

 

All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days
after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next Business
Day, if timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address
specified in the Indenture.

 

(h)              
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties, including without limitation and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted Securities in
violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Transfer
Restricted Securities in any manner, whether by operation of law or otherwise, such Transfer Restricted Securities shall be held
subject to all of the terms of this Agreement, and by taking and holding such Transfer Restricted Securities such Person shall
be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement, including
the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled
to receive the benefits hereof.

 

(i)                
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement.

 

(j)                
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

 

    	22

    	 

    

 

(k)              
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

(l)                
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

 

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

 

[Signature Page Follows]

 

    	23

    	 

    

 

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

 

Very truly yours,

 

ARC
Properties Operating Partnership, L.P.

 

By: American
Realty Capital Properties, Inc., its general partner

 

 

	 	By:	/s/ Brian S. Block	 
	 	 	Name: Brian S. Block	 
	 	 	Title: Executive Vice President, Chief Financial Officer, Treasurer and Secretary	 
	 	 	 	 
	 	 	 	 
	 	Clark Acquisition, LLC	 
	 	 	 	 
	 	 	By: American Realty Capital Properties, Inc., its sole member	 
	 	 	 	 
	 	By:	/s/ Brian S. Block	 
	 	 	Name: Brian S. Block	 
	 	 	Title: Executive Vice President, Chief Financial Officer, Treasurer and Secretary	 
	 	 	 	 
	 	 	 	 
	 	American Realty Capital Properties, Inc.	 
	 	 	 	 
	 	By:	/s/ Brian S. Block	 
	 	 	Name: Brian S. Block	 
	 	 	Title: Executive Vice President, Chief Financial Officer, Treasurer and Secretary	 

 

 

 

 

 

[SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

 

    	 

    	 

    

 

	 	Safari Acquisition, LLC	 
	 	 	 	 
	 	 	By: American Realty Capital Properties, Inc., its sole member	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Brian S. Block	 
	 	 	Name: Brian S. Block	 
	 	 	Title: Executive Vice President, Chief Financial Officer, Treasurer and Secretary	 
	 	 	 	 
	 	 	 	 
	 	Tiger Acquisition, LLC	 
	 	 	 	 
	 	 	By: American Realty Capital Properties, Inc., its sole member	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Brian S. Block	 
	 	 	Name: Brian S. Block	 
	 	 	Title: Executive Vice President, Chief Financial Officer, Treasurer and Secretary	 

 

 

 

[SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

 

    	 

    	 

    

 

 

	 	Barclays Capital INC.	 
	 	Citigroup Global Markets Inc.	 
	 	As representatives of the several Initial Purchasers named in Schedule I of the Purchase Agreement	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By: Barclays Capital INC.	 
	 	 	 
	 	 	 	 
	 	By : 	/s/ Pamela Kendall	 
	 	 	Name: Pamela Kendall	 
	 	 	Title: Director	 
	 	 	 	 
	 	By: Citigroup Global Markets Inc.	 
	 	 	 
	 	 	 	 
	 	By: 	/s/ Auren Kule	 
	 	 	Name: Auren Kule	 
	 	 	Title: Director	 

 

 

[SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

 

    	 

    	 

    

 

SCHEDULE I

 

Guarantors

 

American Realty Capital Properties, Inc.

Safari Acquisition, LLC

Tiger Acquisition, LLC

 

    	 

    	 

    

 

ANNEX A

 

 

PLAN OF DISTRIBUTION

 

Each broker−dealer that receives exchange notes for its
own account pursuant to the exchange offer must acknowledge that it will deliver a prospectus in connection with any resale of
such exchange notes. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker−dealer
in connection with resales of exchange notes received in exchange for unregistered notes where such unregistered notes were acquired
as a result of market−making activities or other trading activities. To the extent any such broker−dealer participates
in the exchange offer, we have agreed that for a period of up to 180 days we will use commercially reasonable efforts to make this
prospectus, as amended or supplemented, available to such broker−dealer for use in connection with any such resale, and will
deliver as many additional copies of this prospectus and each amendment or supplement to this prospectus and any documents incorporated
by reference in this prospectus as such broker−dealer may reasonably request.

 

We will not receive any proceeds from any sale of exchange notes
by broker−dealers. Exchange notes received by broker−dealers for their own accounts pursuant to the exchange offer
may be sold from time to time in one or more transactions in the over−the−counter market, in negotiated transactions,
through the writing of options on the exchange notes or a combination of these methods of resale, at market prices prevailing at
the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly
to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any
such broker−dealer or the purchasers of any such exchange notes. Any broker−dealer that resells exchange notes that
were received by it for its own account pursuant to the exchange offer and any broker or dealer that participates in a distribution
of such exchange notes may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit
on any such resale of exchange notes and any commissions or concessions received by any such persons may be deemed to be underwriting
compensation under the Securities Act. The letter of transmittal states that by acknowledging that it will deliver and by delivering
a prospectus, a broker−dealer will not be deemed to admit that it is an “underwriter” within the meaning of the
Securities Act.

 

We have agreed to pay all expenses incident to the exchange
offer other than commissions or concessions of any brokers or dealers and will indemnify the holders of outstanding notes, including
any broker−dealers, against certain liabilities, including liabilities under the Securities Act.

 

 

 

Annex A-1

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