Document:

EXHIBIT 4.4

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR
A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.

 

 

    	1

    	 

    

 

American Realty Capital Properties, Inc.

3.00% Convertible Senior Note due 2018

 

	No. 3	Initially $287,500,000

 

CUSIP No. 02917T AA2

 

American Realty Capital Properties, Inc.,
a corporation duly organized and validly existing under the laws of the State of Maryland (the “Company,” which
term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received
hereby promises to pay to CEDE & CO., or registered assigns, the principal sum as set forth in the “Schedule of Exchanges
of Notes” attached hereto, which amount, taken together with the principal amounts of all other outstanding Notes, shall
not, unless permitted by the Indenture, exceed $597,500,000, in accordance with the rules and procedures of the Depositary, on
August 1, 2018, and interest thereon as set forth below.

 

This Note shall bear interest at the rate
of 3.00% per year from July 29, 2013, or from the most recent date to which interest had been paid or provided for to, but excluding,
the next scheduled Interest Payment Date until August 1, 2018. Interest is payable semi-annually in arrears on each February 1
and August 1, commencing on February 1, 2014, to Holders of record at the close of business on the preceding January 15 and July
15 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 6.04
of the within-mentioned Supplemental Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed
to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to such Section 6.04,
and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional
Interest in those provisions thereof where such express mention is not made.

 

Any Defaulted Amounts shall accrue interest
per annum at the rate borne by the Notes plus one percent, subject to the enforceability thereof under applicable law, from,
and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the
Company, at its election, in accordance with Section 2.05 (c) of the Supplemental Indenture.

 

The Company shall pay the principal of and
interest on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee,
as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company
shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company
for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes
and its agency in the Borough of Manhattan, The City of New York, as a place where Notes may be presented for payment or for registration
of transfer and exchange.

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right
to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the
terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect
as though fully set forth at this place.

 

    	2

    	 

    

 

This Note, and any claim, controversy
or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of
New York (without regard to the conflicts of laws provisions thereof).

 

In the case of any conflict between this
Note and the Indenture, the provisions of the Indenture shall control and govern.

 

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed manually or by facsimile by the Trustee or
a duly authorized authenticating agent under the Indenture.

 

[Remainder of page intentionally left
blank]

 

    	3

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed.

 

 

	 	 	 	AMERICAN REALTY CAPITAL PROPERTIES, INC.	 
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:	/s/ Brian S. Block	 
	 	 	 	 	Name: Brian S. Block	 
	 	 	 	 	Title: Chief Financial Officer	 

 

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

U.S. BANK NATIONAL ASSOCIATION

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

 

	 	 	 	 	 	 
	By:	/s/ Karen R. Beard	 	 	 	 
	 	Authorized Officer	 	 	 	 

 

    	4

    	 

    

 

REVERSE OF NOTE

 

American Realty Capital Properties, Inc.

3.00% Convertible Senior Note due 2018

 

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 3.00% Convertible Senior Notes due 2018 (the “Notes”), limited to
the aggregate principal amount of $597,500,000 all issued or to be issued under and pursuant to an Indenture dated as of July 29,
2013 (the “Base Indenture”), as amended and supplemented by the First Supplemental Indenture dated as of July
29, 2013 (herein called the “Supplemental Indenture”; the Base Indenture, as amended and supplemented by the
Supplemental Indenture, and as it may be further amended or supplemented from time to time, the “Indenture”),
by and between the Company and U.S. Bank National Association (the “Trustee”) to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal
amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note
shall have the respective meanings set forth in the Indenture.

 

In case certain Events of Default shall
have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders
of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable,
in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.

 

Subject to the terms and conditions of the
Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental
Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to
a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States
that at the time of payment is legal tender for payment of public and private debts.

 

The Indenture contains provisions permitting
the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding,
evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as
described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or
Event of Default under the Indenture and its consequences.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay or deliver, as the case may be, the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued
and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the respective times, at the rate
and in the lawful money herein prescribed.

 

    	5

    	 

    

 

The Notes are issuable in registered form
without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company
referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged
for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if
required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different
from the name of the Holder of the old Notes surrendered for such exchange.

 

The Notes shall be redeemable only in accordance
with the terms and conditions specified in the Indenture.

 

Upon the occurrence of a Fundamental Change,
the Holder has the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s
Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase
Date at a price equal to the Fundamental Change Repurchase Price.

 

Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified
in the Indenture, prior to the close of business on the Business Day immediately preceding the Maturity Date, to convert any Notes
or portion thereof that is $1,000 or an integral multiple thereof, into cash, shares of Common Stock or a combination of cash and
shares of Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided
in the Indenture.

    	6

    	 

    

 

 

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws
or regulations:

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

JT TEN = joint tenants with right of survivorship and not as tenants in common

 

Additional abbreviations may also be used
though not in the above list.

 

    	7

    	 

    

 

 

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES OF NOTES

American Realty Capital Properties, Inc.

3.00% Convertible Senior Notes due 2018

 

The initial principal amount of this Global
Note is TWO HUNDRED AND EIGHTY-SEVEN MILLION FIVE HUNDRED THOUSAND DOLLARS ($287,500,000). The following increases or decreases
in this Global Note have been made:

 

	
        Date of
        exchange

         
	
        Amount
        of decrease in principal amount of this Global Note

         
	
        Amount
        of increase in principal amount of this Global Note

         
	
        Principal
        amount of this Global Note following such decrease or increase

         
	
        Signature
        of authorized signatory of Trustee or Custodian

         

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

    	8

    	 

    

 

 

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

To: American Realty Capital Properties, Inc.

 

The undersigned registered owner of this
Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable,
in accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common
Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing
any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been
indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person
other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance
with Section 14.02 (d) and Section 14.02 (e) of the Supplemental Indenture. Any amount required to be paid to the undersigned on
account of interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings ascribed to such
terms in the Indenture.

 

 

	Dated:	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	Signature(s)	 

 

 

	 	 	 	 	 
	Signature Guarantee	 	 	 	 
	 	 	 	 	 
	
        Signature(s) must be guaranteed

        by an eligible Guarantor Institution

        (banks, stock brokers, 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 if shares

        of Common Stock are to be issued, or

        Notes are to be delivered, other than

        to and in the name of the registered holder.

         

        
	 	 	 	 

 

 

 

    	1

    	 

    

 

 

	Fill in for registration of shares if

        to be issued, and Notes if to

        be delivered, other than to and in the

        name of the registered holder:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	(Name)	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	(Street Address)	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
        (City, State and Zip Code)

        Please print name and address
	 	 	 	 

 

 

	 	 	 	Principal amount to be converted (if less than all):

$______,000	 
	 	 	 	 	 
	 	 	 	NOTICE:  The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Social Security or Other Taxpayer

Identification Number	 

 

 

 

    	2

    	 

    

 

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

To: American Realty Capital Properties, Inc.

 

The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from American Realty Capital Properties, Inc. (the “Company”) as
to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and
requests and instructs the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Supplemental
Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal
amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during
the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest,
if any, thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture.

 

In the case of Physical Notes, the certificate
numbers of the Notes to be repurchased are as set forth below:

 

	Dated:	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	Signature(s)	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	Social Security or Other Taxpayer

Identification Number	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	Principal amount to be repaid (if less than all):  $______,000	 
	 	 	 	 	 	 
	 	 	 	 	NOTICE:  The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.	 

 

 

 

 

    	1EXHIBIT 4.5

 

THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR
A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.

 

    	1

    	 

    

American Realty Capital Properties, Inc.

3.75% Convertible Senior Note due 2020

 

 

	No. 1	Initially $402,500,000

 

CUSIP No. 02917T AB0

 

American Realty Capital Properties, Inc.,
a corporation duly organized and validly existing under the laws of the State of Maryland (the “Company,” which
term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received
hereby promises to pay to CEDE & CO. or registered assigns, the principal sum as set forth in the “Schedule of Exchanges
of Notes” attached hereto which amount, taken together with the principal amounts of all other outstanding Notes, shall not,
unless permitted by the Indenture, exceed $402,500,000, in accordance with the rules and procedures of the Depositary, on December
15, 2020, and interest thereon as set forth below.

 

This Note shall bear interest at the rate
of 3.75% per year from December 10, 2013, or from the most recent date to which interest had been paid or provided for to, but
excluding, the next scheduled Interest Payment Date until December 15, 2020. Interest is payable semi-annually in arrears on each
June 15 and December 15, commencing on June 15, 2014, to Holders of record at the close of business on the preceding June 1 and
December 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section
6.04 of the within-mentioned Supplemental Indenture, and any reference to interest on, or in respect of, any Note therein shall
be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to such
Section 6.04, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as
excluding Additional Interest in those provisions thereof where such express mention is not made.

 

Any Defaulted Amounts shall accrue interest
per annum at the rate borne by the Notes plus one percent, subject to the enforceability thereof under applicable law, from,
and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the
Company, at its election, in accordance with Section 2.05 (c) of the Supplemental Indenture.

 

The Company shall pay the principal of and
interest on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee,
as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company
shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company
for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes
and its agency in the Borough of Manhattan, The City of New York, as a place where Notes may be presented for payment or for registration
of transfer and exchange.

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right
to convert this Note into cash, shares of Common Stock or a combination of cash
and shares of Common Stock, as applicable, on the terms and subject to the limitations set forth in the Indenture. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place.

 

    	2

    	 

    

 

This Note, and any claim, controversy
or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of
New York (without regard to the conflicts of laws provisions thereof).

 

In the case of any conflict between this
Note and the Indenture, the provisions of the Indenture shall control and govern.

 

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed manually or by facsimile by the Trustee or
a duly authorized authenticating agent under the Indenture.

 

[Remainder of page intentionally left
blank]

 

    	3

    	 

    

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed.

 

	 	 	 	AMERICAN REALTY CAPITAL PROPERTIES, INC.	 
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	By:	/s/ Brian S. Block	 
	 	 	 	 	Name: Brian S. Block	 
	 	 	 	 	Title: Chief Financial Officer	 

  

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

U.S. BANK NATIONAL ASSOCIATION

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

 

By: /s/ Karen R. Beard                      

       Authorized Officer

 

    	4

    	 

    

REVERSE OF NOTE

 

American Realty Capital Properties, Inc.

3.75% Convertible Senior Note due 2020

 

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 3.75% Convertible Senior Notes due 2020 (the “Notes”), limited to
the aggregate principal amount of $402,500,000 all issued or to be issued under and pursuant to an Indenture dated as of July 29,
2013 (the “Base Indenture”), as amended and supplemented by the Second Supplemental Indenture dated as of December
10, 2013 (herein called the “Supplemental Indenture”; the Base Indenture, as amended and supplemented by the
Supplemental Indenture, and as it may be further amended or supplemented from time to time with respect to the Notes, the “Indenture”),
by and between the Company and U.S. Bank National Association (the “Trustee”) to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal
amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note
shall have the respective meanings set forth in the Indenture.

 

In case certain Events of Default shall
have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders
of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable,
in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.

 

Subject to the terms and conditions of the
Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental
Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to
a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States
that at the time of payment is legal tender for payment of public and private debts.

 

The Indenture contains provisions permitting
the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding,
evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as
described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or
Event of Default under the Indenture and its consequences.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay or deliver, as the case may be, the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on, and
the consideration due upon conversion of, this Note at the place, at the respective times, at the rate and in the lawful money
herein prescribed.

 

    	5

    	 

    

 

The Notes are issuable in registered form
without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company
referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged
for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if
required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different
from the name of the Holder of the old Notes surrendered for such exchange.

 

The Notes shall be redeemable only in accordance
with the terms and conditions specified in the Indenture.

 

Upon the occurrence of a Fundamental Change,
the Holder has the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s
Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase
Date at a price equal to the Fundamental Change Repurchase Price.

 

Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified
in the Indenture, prior to the close of business on the Business Day immediately preceding the Maturity Date, to convert any Notes
or portion thereof that is $1,000 or an integral multiple thereof, into cash, shares of Common Stock or a combination of cash and
shares of Common Stock, as applicable, at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided
in the Indenture.

 

    	6

    	 

    

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws
or regulations:

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

JT TEN = joint tenants with right of survivorship and not as tenants in common 

Additional abbreviations may also be used
though not in the above list.

 

 

 

    	7

    	 

    

SCHEDULE A

 

SCHEDULE OF EXCHANGES OF NOTES

American Realty Capital Properties, Inc.

3.75% Convertible Senior Notes due 2020

 

The initial principal amount of this Global
Note is FOUR HUNDRED AND TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($402,500,000). The following increases or decreases in this
Global Note have been made:

 

	
        Date of
        exchange

         
	
        Amount
        of decrease in principal amount of this Global Note

         
	
        Amount
        of increase in principal amount of this Global Note

         
	
        Principal
        amount of this Global Note following such decrease or increase

         
	
        Signature
        of authorized signatory of Trustee or Custodian

         

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

	 	 	 	 	 
	
 

	
 

	
 

	
 

	
 

    	8

    	 

    

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

To: American Realty Capital Properties, Inc.

 

The undersigned registered owner of this
Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable,
in accordance with the terms of the Indenture referred to in this Note, and directs that any cash payable and any shares of Common
Stock issuable and deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing
any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been
indicated below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person
other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in accordance
with Section 14.02 (d) and Section 14.02 (e) of the Supplemental Indenture. Any amount required to be paid to the undersigned on
account of interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings ascribed to such
terms in the Indenture.

 

	Dated: _____________________	________________________________
	 	________________________________
	 	Signature(s)

 

___________________________

Signature Guarantee

 

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, 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 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

 

Fill in for registration of shares if

to be issued, and Notes if to

 

    	9

    	 

    

be delivered, other than to and in the

name of the registered holder:

 

_________________________

(Name)

 

_________________________

(Street Address)

 

_________________________

(City, State and Zip Code)

Please print name and address

 

Principal amount to be converted (if less than all):
$______,000

 

NOTICE: The above signature(s) of the Holder(s) hereof
must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any
change whatever.

 

_________________________

Social Security or Other Taxpayer

Identification Number

 

 

    	10

    	 

    

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

To: American Realty Capital Properties, Inc.

 

The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from American Realty Capital Properties, Inc. (the “Company”) as
to the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and
requests and instructs the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Supplemental
Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal
amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during
the period after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest,
if any, thereon to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture.

 

In the case of Physical Notes, the certificate
numbers of the Notes to be repurchased are as set forth below:

 

Dated:_____________________

 

________________________________

Signature(s)

 

 

_________________________

Social Security or Other Taxpayer

Identification Number

 

Principal amount to be repaid (if less than all):
$______,000

 

NOTICE: The above signature(s) of the Holder(s) hereof
must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any
change whatever.

 

 

 

    	11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]