Document:

Exhibit

       EXHIBIT 4.2
FIRST AMENDMENT 

TO 
SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
OF AMERICAN FINANCE OPERATING PARTNERSHIP, L.P.

This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF AMERICAN FINANCE OPERATING PARTNERSHIP, L.P., is made as of November 6, 2018 (this “Amendment”), by AMERICAN FINANCE TRUST, INC., a Maryland corporation, as general partner (the “General Partner”) of AMERICAN FINANCE OPERATING PARTNERSHIP, L.P. (the “Partnership”). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings given to such terms in the Second Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of July 19, 2018 (the “Partnership Agreement”).
RECITALS:
WHEREAS, on August 30, 2018, the Master LTIP Unit granted to American Financial Advisors, LLC on July 19, 2018 automatically converted into a number of LTIP Units equal to the LTIP Award Number pursuant to Section 13.01(c)(vi)(2) of the Partnership Agreement based on the Initial Share Price, which became fully calculable based on information regarding the closing price of Class A Common Stock on the Nasdaq on August 29, 2018;

WHEREAS, on September 4, 2018, the General Partner issued additional restricted shares of Class A Common Stock to its directors in amounts calculated based on the Initial Share Price;

WHEREAS, the General Partner desires to amend the Partnership Agreement to amend and restate Schedule A of the Partnership Agreement to accurately reflect at all times the information to be contained thereon, as well as to correct a definition; and

WHEREAS, pursuant to Section 11.01 of the Partnership Agreement, the General Partner is authorized to take such steps without the consent of any Limited Partner.

NOW THEREFORE, in consideration of the premises made hereunder, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the General Partner, intending to be legally bound, hereby agrees as follows:

Section 1. Article 1 of the Partnership Agreement is hereby revised by replacing the following defined term in its entirety with the following definition:

““LTIP Award Number” means the quotient, rounded down to the nearest whole number, of (a) 72,000,000, divided by (b) the Initial Share Price.”

Section 2. Schedule A of the Partnership Agreement is hereby amended and restated in its entirety in the form attached hereto as Schedule A.

Section 3. Miscellaneous.

(a)    This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of laws thereof.

(b)    The Partnership Agreement (as amended by this Amendment) shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.  

[SIGNATURE PAGE TO FOLLOW]

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Amendment as of the date and year first aforesaid.

GENERAL PARTNER:
AMERICAN FINANCE TRUST, INC.

By: /s/ Edward M. Weil, Jr. 
Name: Edward M. Weil, Jr.
Title: Chief Executive Officer and President 

SCHEDULE A
(As of October 31, 2018)
	
					
	Partner
	Type of Interest
	Type of Units
	Number of 
Partnership Units
	Percentage  
Interest

	American Finance Trust, Inc.
405 Park Avenue
New York, New York 10022
	General Partner Interest
	Class A Units
	8,888.000
	0.008%

	Limited Partner Interest
	Class A Units
	68,011,819.000
	61.334%

	American Finance Advisors, LLC
405 Park Avenue
New York, New York 10022
	Limited Partner Interest
	LTIP Units
	4,496,796.000
	4.054%

	Genie Acquisition, LLC
405 Park Avenue
New York, New York 10022
	Limited Partner Interest
	Class A Units
	38,210,198.000
	34.448%

	Lincoln Retail REIT Services, LLC
2000 McKinney Avenue, Suite 1000
Dallas, Texas 75201
	Limited Partner Interest
	Class A Units
	172,921.192
	0.156%

	American Finance Special Limited Partner, LLC
405 Park Avenue
New York, New York 10022
	Special Limited Partner Interest
	N/A
	N/A
	N/A

	TOTALS
	 
	 
	110,900,622.192
	100%Exhibit

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

This First Amendment to Credit Agreement (this “Amendment”) is entered into as of September 24, 2018, among AMERICAN FINANCE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Borrower”), GENIE ACQUISITION, LLC, a Delaware limited liability company (“Genie”), as a Guarantor, AMERICAN FINANCE TRUST, INC., a Maryland corporation (“AF REIT”), as a Guarantor, the other Guarantors party hereto, the Lenders party hereto, and BMO HARRIS BANK N.A., as administrative agent (in such capacity, the “Administrative Agent”).
PRELIMINARY STATEMENTS
A.    The Borrower, Genie, AF REIT, the other Guarantors party thereto, the Lenders party thereto, and the Administrative Agent have heretofore entered into that certain Credit Agreement dated as of April 26, 2018 (the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.
B.    The Borrower has requested that the Lenders and the Administrative Agent make certain amendments to the Credit Agreement, and the Lenders and the Administrative Agent are willing to do so under the terms and conditions set forth in this Amendment.
C.        This Amendment shall constitute a Loan Document and these Preliminary Statements shall be construed as part of this Amendment.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:  
		
	SECTION 1.
	AMENDMENT TO CREDIT AGREEMENT.

Section 5.1 of the Credit Agreement shall be amended by restating clause (i) of the defined term “Unencumbered Pool Requirements” to read in its entirety as follows:
“(i)    no more than 35% of the Aggregate Unencumbered Pool Value may be comprised of the Unencumbered Pool Value from Unencumbered Pool Properties that are Specialty Properties; provided that if a Specialty Property is occupied by a Tenant with an investment grade credit rating, the Unencumbered Pool Value from such Specialty Property shall not be included for purposes of this clause (i).”

		
	SECTION 2.
	REAFFIRMATION OF GUARANTIES.

Each Guarantor hereby (i) acknowledges and consents to the terms of this Amendment and the Credit Agreement as amended by this Amendment, (ii) confirms that its Guaranty in favor of the Administrative Agent, for the benefit of the Lenders, and all of its obligations thereunder, as amended, remain in full force and effect and (iii) reaffirms all of the terms, provisions, agreements and covenants contained in its Guaranty.  Each Guarantor agrees that its consent to any further amendments or modifications to the Credit Agreement and other Loan Documents shall not be required solely as a result of this acknowledgment and consent having been obtained, except to the extent, if any, required by any Guaranty.
		
	SECTION 3.
	CONDITIONS PRECEDENT.

The effectiveness of this Amendment is subject to the Administrative Agent having received this Amendment duly executed by the Borrower, each Guarantor, and the Required Lenders.
		
	SECTION 4.
	REPRESENTATIONS.

In order to induce the Administrative Agent and the Required Lenders to execute and deliver this Amendment, the Borrower, Genie, AF REIT and each other Guarantor hereby represents to the Administrative Agent and the Lenders that (a) after giving effect to this Amendment, the representations and warranties set forth in Section 6 of the Credit Agreement, as amended by this Amendment, are and shall be and remain true and correct in all material respects as of the date hereof (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date) and (b) no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this Amendment.
		
	SECTION 5.
	MISCELLANEOUS.

5.1.    Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms.  Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, the other Loan Documents, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.
5.2.    The Borrower agrees to pay on demand all reasonable costs and out-of-pocket expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution 

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and delivery of this Amendment, including the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent.
5.3.    This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (e.g., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Amendment.  THIS AMENDMENT, AND THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE CONSTRUED AND DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5‐1401 AND SECTION 5‐1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.
[SIGNATURE PAGES FOLLOW]

This Amendment is entered into as of the date and year first above written.
BORROWER:
AMERICAN FINANCE OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
		
	By: 
	AMERICAN FINANCE TRUST, INC., its general partner

By:  /s/ Michael Anderson                                      
Name: Michael Anderson
Title: Authorized Signatory
GUARANTORS:
AMERICAN FINANCE TRUST, INC., a Maryland corporation
By: /s/ Michael Anderson                                      
Name:  Michael Anderson
Title:   Authorized Signatory

GENIE ACQUISITION, LLC, a Delaware limited liability company
By: /s/ Michael Anderson                                      
Name:  Michael Anderson
Title:   Authorized Signatory

ARC BHTVCMI001, LLC
ARC CLORFL001, LLC
ARG DDBLVTN001, LLC
ARG DDBRVTN001, LLC
ARC FEEGLWI001, LLC
ARC FEGRFND001, LLC
ARC FESOUIA001, LLC
ARC FEWAUWI001, LLC
ARC HCHARTX001, LLC
ARC HR5CSMA002, LLC
ARG KGOMHNE001, LLC
ARC LCROWTX001, LLC
ARC NCCHRNC001, LLC
ARC NWNCHSC001, LLC
ARC PRLAWKS001, LLC
ARC PSFKFKY001, LLC
ARC QSOKCOK001, LLC
ARG SBTLHFL001, LLC
ARG SBTLHFL002, LLC
ARG SBTLHFL003, LLC
ARC SRTULOK001, LLC
ARC SSSDLLA001, LLC
ARC SWHOUTX001, LLC
ARC SWWCHOH001, LLC
ARC SWWMGPA001, LLC
ARC TCMESTX001, LLC
ARC TMMONPA001, LLC
ARC TSKCYMO001, LLC
ARC WEMPSMN001, LLC
ARG WO9PSLB001, LLC
By:  American Finance Operating Partnership, L.P., its sole member
By:  American Finance Trust, Inc., its general partner
By /s/ Michael Anderson                                          
Name:  Michael Anderson
Title:  Authorized Signatory

ADMINISTRATIVE AGENT:
BMO HARRIS BANK N.A.
By: /s/ Lloyd Baron                                                
Name:  Lloyd Baron
Title:  Director

LENDERS:
BMO HARRIS BANK N.A., as a Lender
By: /s/ Lloyd Baron                                                
Name:  Lloyd Baron
Title:  Director

CITIZENS BANK, N.A., as a Lender
By: /s/ Michelle M. Dawson                                   
Name:  Michelle M. Dawson
Title:  Vice President

SUNTRUST BANK, as a Lender
By: /s/ Nick Preston                                               
Name:  Nick Preston
Title:  Director

SOCIÉTÉ GÉNÉRALE, as a Lender
By: /s/ Kimberly A. Metzger                                    
Name:  KIMBERLY A. METZGER
Title:  DIRECTOR

COMERICA BANK, as a Lender
By: /s/ Charles Weddell                                           
Name:  Charles Weddell
Title:  Vice President

KEYBANK, NATIONAL ASSOCIATION, as a Lender
By: /s/ Sara Jo Smith                                              
Name:  Sara Jo Smith
Title:  Vice President

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