Document:

FIRST AMENDMENT TO

AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP

OF

AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP,
L.P.

 

This FIRST AMENDMENT TO AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP (this “Agreement”) of AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P. (the
“Partnership”), is entered into as of August 30, 2012, by and among American Realty Capital Trust, Inc., a Maryland
corporation, the general partner of the Partnership (the “General Partner”), American Realty Capital Advisors,
LLC, the initial limited partner of the Partnership, a Delaware limited liability company (the “Initial Limited Partner”)
and ARC Real Estate Partners, LLC, a Delaware limited liability company (the “Additional Limited Partner”).

 

RECITALS

 

WHEREAS, the General Partner formed
the Partnership as a limited partnership pursuant to and in accordance with the Revised Uniform Limited Partnership Act of the
State of Delaware, as amended from time to time, by filing a Certificate of Limited Partnership of the Partnership with the office
of the Secretary of State of the State of Delaware on August 17, 2007 (as amended on August 21, 2007 and as further amended on
June 2, 2008).

 

WHEREAS, the General Partner and
the Initial Limited Partner entered into the Agreement of Limited Partnership, dated as of August 17, 2007, as amended by that
certain First Amendment to Agreement of Limited Partnership, dated as of June 2, 2008, and as further amended by that certain Second
Amendment to Agreement of Limited Partnership, dated as of December 22, 2008 (collectively, the “Original Agreement”).

 

WHEREAS, in order to restate the
Original Agreement in its entirety in conjunction with the listing of the General Partners shares on NASDAQ and the internalization
of the General Partner’s management, the General Partner and the Initial Limited Partner entered into the Amended and Restated
Agreement of Limited Partnership, dated as of March 1, 2012 (the “Partnership Agreement”).

 

WHEREAS, on the date hereof, but
prior to entering into this Agreement, the General Partner has admitted the Additional Limited Partner to the Partnership pursuant
to the Contribution Agreement between the Partnership, the General Partner and the Additional Limited Partner, dated as of August
30, 2012.

 

WHEREAS, the General Partner, the
Initial Limited Partner and the Additional Limited Partner desire to amend the Partnership Agreement to include a special allocation
to the Additional Limited Partner.

 

NOW, THEREFORE, in consideration
of the premises, agreements and obligations set forth herein the Partners hereby agree to amend the Partnership Agreement as follows:

 

    	 

    	 

    
 

		1.	Each of the following defined terms as used throughout the Partnership Agreement shall be replaced with the corresponding defined
term as follows:

 

	Defined Term	Replacement Defined Term
	 	 
	“OP Unit Redemption Amount”	“OP Units Conversion Amount”
	 	 
	“OP Units Redemption Right”	“OP Unit Conversion Right”
	 	 
	“Redemption Shares”	“Conversion Shares”
	 	 
	“Redeeming Limited Partner”	“Converting Limited Partner”
	 	 
	“Notice of Redemption”	“Notice of Conversion”
	 	 
	“Specified Redemption Date”	“Specified Conversion Date”

  

		2.	Article I of the Partnership Agreement is hereby amended as follows:

 

		a.	The definition of “Cash Amount” is hereby restated in its entirety as follows:

 

“Cash Amount”
means an amount of cash per OP Unit equal to the Value of the REIT Shares Amount on the date of receipt by the General Partner
of a Notice of Conversion.

 

		b.	The definition of “OP Unit Redemption Amount” is hereby deleted in its entirety, and the following new definition
is substituted in its place:

 

“OP Unit Conversion
Amount” means either the Cash Amount or the REIT Shares Amount, as selected by the General Partner pursuant to Section
8.04(a) hereof

 

		c.	The definition of “Restriction Notice” is hereby restated in its entirety as follows:

 

“Restriction Notice”
has the meaning set forth in Section 8.04(e) hereof.

 

		d.	The following definitions are hereby added:

 

“Subordinated Incentive
Listing Deduction” has the meaning set forth in Section 5.01(b)(iv) hereof.

 

“Subordinated Incentive
Listing Note” means the promissory note that may be co-issued by the General Partner and the Partnership in favor of
AR Capital, LLC, a Delaware limited liability company and the sole member of the Initial Limited Partner, on October 9, 2012, in
accordance with the terms of that certain Incentive Listing Fee Note Agreement to be entered into by and among the Partnership,
the General Partner and AR Capital, LLC.

 

    	 

    	 

    
 

		e.	The definition of “Target Capital Account” is hereby restated in its entirety as follows:

 

“Target Capital Account”
means the Capital Account of a Partner adjusted as follows: (a) increased by the aggregate amount of Depreciation, if any, allocated
to such Partner under Section 5.01(b)(i), (b) decreased by the amounts of Net Property Gain, if any, allocated to such Partner
under Section 5.01(b)(ii), and (c) decreased by the amounts of Liquidating Gain, if any, allocated to such Partner under Section
5.01(b)(iii); provided, that no adjustment shall be made for amounts specially allocated under Section 5.01(b)(iv).

 

3.     
Section 5.01(b)(iii) of the Partnership Agreement is hereby amended by inserting the following text in the first sentence
of such Section 5.01(b)(iii) immediately after the text “5.01(b)(ii)”:

 

“, 5.01(b)(iv)”

 

4.     
Section 5.01(b) of the Partnership Agreement is hereby amended by inserting the following new clauses (iv) and (v) to
the end of such Section 5.01(b):

 

(iv)Special Allocation of
Incentive Fee Deduction. Notwithstanding any other provisions of this Sections 5.01 and after giving effect to the special
allocations in Sections 5.01(b)(i), 5.01(b)(ii) and 5.01(c), 100% of the Partnership’s deduction attributable to the subordinated
incentive listing fee (the amount of such fee to be equal to the principal amount of the Subordinated Incentive Listing Note) (the
“Subordinated Incentive Listing Deduction”) shall be allocated to the Additional Limited Partner in the 2012
taxable year of the Partnership.

 

(v)Special Income Allocation.
Commencing six years after the issuance of the Subordinated Incentive Listing Note, notwithstanding any other provision of this
Section 5.01 and after giving effect to the special allocations in Sections 5.01(b)(i), 5.01(b)(ii) and 5.01(c), Net Income, and,
to the extent necessary, individual items of income (including gross income) or gain shall be allocated first to the Additional
Limited Partner to the extent the cumulative amount of the Subordinated Incentive Listing Deduction allocated to the Additional
Limited Partner pursuant to Section 5.01(b)(iv) causes a deficit balance in the Capital Account of the Additional Limited Partner.

 

		5.	Section 5.01(c)(vii) of the Partnership Agreement is hereby deleted in its entirety, and the following
new Section 5.01(c)(vii) is substituted in its place.

 

(vii)Capital Account Deficits.
If any Partner has an Adjusted Capital Account Deficit at the end of any fiscal year or other applicable period (A) which is in
excess of the amount such Partner is obligated to restore pursuant to the penultimate sentences of Sections 1.704-2(g)(1)
and 1.704-2(i)(5) of the Regulations and (B) commenting six years after the issuance of the Subordinated Incentive Listing Note,
which is in excess of, to the extent not otherwise accounted for in Section 5.01(c) hereof, such Partner shall be specially allocated
items of Partnership income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant
to this Section 5.01(c)(vii) shall be made only if and to the extent that such Partner would have an Adjusted Capital Account Deficit
in excess of such amount after all other allocations provided for under this Agreement have been made as if Section 5.01(c)(iii)
and this Section 5.01(c)(vii) were not in this Agreement

 

    	 

    	 

    
 

		6.	Section 5.06(d) of the Partnership Agreement is hereby restated in its entirely as follows:

 

(d)If the Partnership is liquidated
within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, (i) distributions shall be made to the Partners who
have positive Capital Accounts in compliance with Section 1.704-1(b)(2)(ii)(b)(2) of the Regulations, (ii) if the
Initial Limited Partner’s Capital Account has a deficit balance (after giving effect to all contributions, distributions
and allocations for all taxable years, including the year during with such liquidation occurs), such Initial Limited Partner shall
restore and contribute to the capital of the Partnership the amount necessary to restore such deficit balance to zero but not to
exceed $10,000,000.00 in compliance with Section 1.704-1(b)(2)(ii)(b)(3) of the Regulations, and (iii) if the Additional
Limited Partner’s Capital Account has a deficit balance (after giving effect to all contributions, distributions and allocations
for all taxable years, including the year during with such liquidation occurs), such Additional Limited Partner shall restore and
contribute to the capital of the Partnership the amount necessary to restore such deficit balance to zero but not to exceed the
amount of the Subordinated Incentive Listing Deduction (if any) allocated to the Additional Limited Partner in compliance with
Section 1.704-1(b)(2)(ii)(b)(3) of the Regulations, which restoration and contribution shall be, in the case of clauses
(ii) and (iii) of this Section 5.06(d), before the later to occur of (x) the end of the taxable year in which the Partnership (or
such Limited Partner’s interest) is liquidated, or (y) ninety (90) days after the date of the liquidation of the Partnership
(or such Limited Partner’s interest), which amount shall be paid to creditors of the Partnership or, if the amount contributed
exceeds the amount due to creditors, shall be distributed to the Partners with positive Capital Account balances. If any Partner
(other than the Initial Limited Partner or the Additional Limited Partner) has a deficit balance in his Capital Account (after
giving effect to all contributions, distributions and allocations for all taxable years, including the year during with such liquidation
occurs), such Partner shall have no obligation to make any contribution to the capital of the Partnership with respect to such
deficit, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever.
Consistent with Section 1.704-1(b)(2)(iv)(l) of the Regulations, a termination of the Partnership pursuant to Section 708(b)(1)(B)
of the Code shall not result in a liquidation of the Partnership for purposes of this Section 5.06(d).

 

		7.	Section 8.04 of the Partnership Agreement is hereby restated in its entirety as follows:

 

    	 

    	 

    
 

		8.04 	OP Unit Conversion Right.

 

(a)Subject to Sections
8.04(b), (c), (d) and (e) hereof and the provisions of any agreements between the Partnership and one or more Limited Partners
with respect to OP Units held by them, each Limited Partner, shall have the right (the “OP Unit Conversion Right”)
to require the General Partner to purchase on a Specified Conversion Date all or a portion of the OP Units held by such Limited
Partner at a purchase price equal to and in the form of the OP Unit Conversion Amount to be paid by the General Partner, provided
that such OP Units shall have been outstanding for at least one year (or such lesser time as determined by the General Partner
in its sole and absolute discretion), which period shall include the period that Partnership Units that were converted into such
OP Units were held, and subject to any restriction agreed to in writing between the Converting Limited Partner and the General
Partner. The OP Unit Conversion Right shall be exercised pursuant to a Notice of Exercise of Conversion Right in substantially
the form attached hereto as Exhibit B delivered to the General Partner (with a copy to the Partnership) by the Limited Partner
who is exercising the OP Unit Conversion Right (the “Converting Limited Partner”); provided, however,
that the General Partner shall, in its sole and absolute discretion, have the option to deliver either the Cash Amount or the REIT
Shares Amount; and provided, further, that no Limited Partner may deliver more than two Notices of Conversion during
each calendar year. A Limited Partner may not exercise the OP Unit Conversion Right for less than one thousand (1,000) OP Units
or, if such Limited Partner holds less than one thousand (1,000) OP Units, all of the OP Units held by such Limited Partner. The
Converting Limited Partner shall have no right, with respect to any OP Units so converted, to receive any distribution paid with
respect to OP Units if the record date for such distribution is on or after the Specified Conversion Date.

 

A Limited Partner that exercises
the OP Unit Conversion Right shall be treated as having offered to sell the OP Units described in the Notice of Conversion to the
General Partner, whereupon the General Partner shall acquire the OP Units offered for Conversion by the Converting Limited Partner
and shall be treated for all purposes of this Agreement as the owner of such OP Units. The Converting Limited Partner and the General
Partner shall treat the transaction between the General Partner and the Converting Limited Partner for federal income tax purposes
as a sale of the Converting Limited Partner’s OP Units to the General Partner. Each Converting Limited Partner agrees to
execute such documents as the General Partner may reasonably require in connection with the issuance of REIT Shares upon exercise
of the OP Unit Conversion Right.

 

(b)Notwithstanding the
provisions of Section 8.04(a) hereof, a Limited Partner shall not be entitled to exercise the OP Unit Conversion Right if the delivery
of REIT Shares to such Limited Partner on the Specified Conversion Date by the General Partner pursuant to Section 8.04(a) hereof
would (i) result in such Limited Partner or any other Person (as defined in the Charter) owning, directly or indirectly, REIT Shares
in excess of the Aggregate Share Ownership Limit or any Excepted Holder Limit (each as defined in Charter) and calculated in accordance
therewith, except as provided in the Charter, (ii) result in REIT Shares being owned by fewer than 100 persons (determined without
reference to any rules of attribution), (iii) result in the General Partner being “closely held” within the meaning
of Section 856(h) of the Code, (iv) cause the General Partner to own, actually or constructively, 10% or more of the ownership
interests in a tenant (other than a TRS) of the General Partner’s, the Partnership’s or a Subsidiary Partnership’s
real property, within the meaning of Section 856(d)(2)(B) of the Code, (v) otherwise cause the General Partner to fail to qualify
as a REIT under the Code, or (vi) cause the acquisition of REIT Shares by such Limited Partner to be “integrated” with
any other distribution of REIT Shares or OP Units for purposes of complying with the registration provisions of the Securities
Act. The General Partner, in its sole and absolute discretion and without the consent of any other Partner or Person, may waive
the restriction on conversion set forth in this Section 8.04(b).

 

    	 

    	 

    
 

(c)Any Cash Amount to
be paid to a Converting Limited Partner pursuant to this Section 8.04 shall be paid on the Specified Conversion Date; provided,
however, that the General Partner may elect to cause the Specified Conversion Date to be delayed for up to an additional
90 days to the extent required for the General Partner to have sufficient cash available to make such payment of the Cash Amount,
including by causing additional REIT Shares to be issued to raise such cash. Any REIT Share Amount to be paid to a Converting Limited
Partner pursuant to this Section 8.04 shall be paid on the Specified Conversion Date; provided, however, that
the General Partner may elect to cause the Specified Conversion Date to be delayed for up to an additional 60 days to the extent
required for the General Partner to cause additional REIT Shares to be issued. Notwithstanding the foregoing, the General Partner
agrees to use its reasonable best efforts to cause the closing of the acquisition of converted OP Units hereunder to occur as quickly
as reasonably possible.

 

(d)Notwithstanding any
other provision of this Agreement, the General Partner is authorized to take any action that it determines to be necessary or appropriate
to comply with any withholding requirements established under the Code or any other federal, state or local law that apply upon
a Converting Limited Partner’s exercise of the OP Unit Conversion Right. If a Converting Limited Partner believes that it
is exempt from such withholding upon the exercise of the OP Unit Conversion Right, such Partner must furnish the General Partner
with a FIRPTA Certificate in substantially the form attached hereto as Exhibit C-1 or Exhibit C-2. If the General Partner
is required to withhold and pay over to any taxing authority any amount upon a Converting Limited Partner’s exercise of the
OP Unit Conversion Right and if the OP Unit Conversion Amount equals or exceeds the Withheld Amount, the Withheld Amount shall
be treated as an amount of consideration received by such Partner in exchange for its OP Units. If, however, the OP Unit Conversion
Amount is less than the Withheld Amount, the Converting Limited Partner shall not receive any portion of the OP Unit Conversion
Amount, the OP Unit Conversion Amount shall be treated as an amount of consideration received by such Partner in exchange for its
OP Units, and the Partner shall contribute the excess of the Withheld Amount over the OP Unit Conversion Amount to the General
Partner before the General Partner is required to pay over such excess to a taxing authority.

 

    	 

    	 

    
 

(e)Notwithstanding any
other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners
to exercise their OP Unit Conversion Rights as and if deemed necessary to ensure that the Partnership does not constitute a “publicly
traded partnership” taxable as a corporation under Section 7704 of the Code. If and when the General Partner determines that
imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a “Restriction
Notice”) to each of the Limited Partners, which notice shall be accompanied by a copy of an opinion of counsel to the
Partnership that states that, in the opinion of such counsel, restrictions are necessary in order to avoid the Partnership being
treated as a “publicly traded partnership” under Section 7704 of the Code.

 

		8.	Clause (c)(vii) of Section 9.02 of the Partnership Agreement is hereby amended by inserting the text “such Limited Partner
and/or” after the text “controlled by” appearing therein.

 

		9.	The first sentence of Section 13.01(b) of the Partnership Agreement is hereby restated as follows:

 

Subject to the provisions of this Section 13.01 and
the special provisions of Sections 13.02 and 5.01(b)(iii) hereof, the LTIP Units shall rank pari passu with the OP Units
as to the payment of regular and special periodic or other distributions and, subject to Section 5.06 hereof, distribution of assets
upon liquidation, dissolution or winding up.

 

		10.	The last sentence of Section 13.01(c)(ii) of the Partnership Agreement is hereby restated as follows:

 

In connection with any repurchase or forfeiture of LTIP
Units, the balance of the Capital Account of an LTIP Unitholder, if any, shall be reduced by the amount of the Capital Account
attributable to the forfeited or repurchased LTIP Units, and such reduction shall be reallocated to all holders OP Units, with
respect to the OP Units held by such holders of OP Units and not with respect to any LTIP Units held by such a holder of OP Units,
pro rata in accordance with their respective Percentage Interests.

 

		11.	Section 13.01(c)(iii) of the Partnership Agreement is hereby restated as follows:

 

(iii)Allocations. LTIP
Unitholders shall be entitled to certain special allocations of gain under Section 5.01(b)(iii) hereof.

 

    	 

    	 

    
 

		12.	Exhibit A of the Partnership Agreement is hereby restated in its entirely with Exhibit I to this Agreement to reflect
the admission of the Additional Limited Partner to the Partnership.

 

		13.	Exhibits B, C-1 and C-2 of the Partnership Agreement are hereby restated in their entirety with Exhibit II to this Agreement
and references to Exhibits B, C-1 and C-2 in the Partnership Agreement’s Table of Contents shall be revised to reflect the
revised heading to such Exhibits

 

		14.	All capitalized terms undefined herein shall have the meanings set forth in the Partnership Agreement.

 

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    
 

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

 

	 	GENERAL PARTNER: 	 
	 	 	 
	 	AMERICAN REALTY CAPITAL TRUST, INC. 	 
	 	 	 
	 	By: 	/s/ William M. Kahane	 
	 	 	Name:William M. Kahane 	 
	 	 	Title:President and Chief Executive Officer 	 

 

 

	 	INITIAL LIMITED PARTNER: 	 
	 	 	 
	 	AMERICAN REALTY CAPITAL ADVISORS, LLC 	 
	 	 	 
	 	By: 	/s/ Nicholas S. Schorsch	 
	 	 	Name:Nicholas S. Schorsch 	 
	 	 	Title:Manager 	 

 

 

	 	ADDITIONAL LIMITED PARTNER: 	 
	 	 	 
	 	ARC REAL ESTATE PARTNERS, LLC	 
	 	 	 
	 	By: 	/s/ Nicholas S. Schorsch	 
	 	 	Name:Nicholas S. Schorsch 	 
	 	 	Title:Manager 	 
	 	 	 	 
	 	By: 	/s/ William M. Kahane 	 
	 	 	Name:William M. Kahane  	 
	 	 	Title:Manager 	 
	 	 	 	 

 

 

 

[Signature Page to First Amendment to Amended
and Restated Agreement of Limited Partnership]

 

    	 

    	 

    
 

EXHIBIT I

 

EXHIBIT A

(As of August 30, 2012)

 

	
        Partner
	
        Cash

        Contribution
	
        Agreed Value
        of non-cash Capital Contribution
	
        OP

        Units
	
        LTIP

        Units
	
        Percentage

        Interest

	General Partner:	 	 	 	 	 
	
        American Realty Capital Trust, Inc.

         

        Address:

        405 Park Avenue

        New York, New York 10022
	$1,476,042,043	$0	158,478,679	0	99.95849178%
	Initial Limited Partner:	 	 	 	 	 
	
        American Realty Capital Advisors, LLC

         

        Address:

        405 Park Avenue

        New York, New York 10022
	$2,000	$0	20	0	0.00001261%
	Additional Limited Partner:	 	 	 	 	 
	
        ARC Real Estate Partners, LLC

         

        Address:

        405 Park Avenue

        New York, New York 10022
	$750,000	$0	65,789	0	0.04149561%
	Limited Partners:	 	 	 	 	 
	Nicholas S. Schorsch	 	 	 	4,182,227	 
	William M. Kahane	 	 	 	4,182,227	 
	TOTALS	
        $1,476,794,043
	
        $0
	
        158,544,488
	
        8,364,454
	
        100%

 

 

    	 

    	 

    
 

EXHIBIT II

 

EXHIBIT B

 

NOTICE OF EXERCISE
OF OP UNIT CONVERSION RIGHT

 

In accordance with Section 8.04 of the Amended
and Restated Agreement of Limited Partnership (as amended, the “Agreement”) of American Realty Capital Operating Partnership,
L.P., the undersigned hereby irrevocably (i) presents for conversion ___________ OP Units in American Realty Capital Operating
Partnership, L.P. in accordance with the terms of the Agreement and the OP Unit Conversion Right referred to in Section 8.04 thereof,
(ii) surrenders such OP Units and all right, title and interest therein and (iii) directs that the Cash Amount or REIT Shares Amount
(as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the OP Unit Conversion Right be
delivered to the address specified below, and if REIT Shares (as defined in the Agreement) are to be delivered, such REIT Shares
be registered or placed in the name(s) and at the address(es) specified below.

 

Dated: __________ ___, ___

Name of Limited Partner:

 

(Signature of Limited Partner)

 

(Mailing Address)

 

(City) (State) (Zip Code)

 

Signature Guaranteed by:

 

If REIT Shares are to be issued, issue to:

Please insert social security or identifying number:

Name:

 

    	 

    	 

    
 

EXHIBIT C-1

 

CERTIFICATION OF
NON-FOREIGN STATUS

(FOR CONVERTING LIMITED PARTNERS THAT ARE ENTITIES)

 

Under Section 1445(e) of the Internal Revenue
Code of 1986, as amended (the “Code”), in the event of a disposition by a non-U.S. person of a partnership interest
in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”),
as defined in Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash
equivalents, the transferee will be required to withhold 10% of the amount realized by the non-U.S. person upon the disposition.
To inform American Realty Capital Trust, Inc. (the “General Partner”) and American Realty Capital Operating Partnership,
L.P. (the “Partnership”) that no withholding is required with respect to the conversion by ___________ (“Partner”)
of its OP Units in the Partnership, the undersigned hereby certifies the following on behalf of Partner:

 

		1.	Partner is not a foreign corporation, foreign partnership, foreign trust, or foreign estate, as those terms are defined in
the Code and the Treasury regulations thereunder.

 

		2.	Partner is not a disregarded entity as defined in Treasury Regulation Section 1.1445-2(b)(2)(iii).

 

		3.	The U.S. employer identification number of Partner is ____________.

 

		4.	The principal business address of Partner is: ___________________, ____________ and Partner’s place of incorporation
is ___________.

 

		5.	Partner agrees to inform the General Partner if it becomes a foreign person at any time during the three-year period immediately
following the date of this notice.

 

		6.	Partner understands that this certification may be disclosed to the Internal Revenue Service by the General Partner and that
any false statement contained herein could be punished by fine, imprisonment, or both.

 

PARTNER:

 

______________________________________

 

By: ___________________________________

Name: _________________________________

Title: __________________________________

 

    	 

    	 

    
 

Under penalties of perjury, I declare that I have examined this
certification and, to the best of my knowledge and belief, it is true, correct, and complete, and I further declare that I have
authority to sign this document on behalf of Partner.

 

Date:

 

Name:

 

Title:

 

\

 

 

    	 

    	 

    
 

EXHIBIT C-2

 

CERTIFICATION OF
NON-FOREIGN STATUS

(FOR CONVERTING LIMITED PARTNERS THAT ARE INDIVIDUALS)

 

Under Section 1445(e) of the Internal Revenue
Code of 1986, as amended (the “Code”), in the event of a disposition by a non-U.S. person of a partnership interest
in a partnership in which (i) 50% or more of the value of the gross assets consists of United States real property interests (“USRPIs”),
as defined in Section 897(c) of the Code, and (ii) 90% or more of the value of the gross assets consists of USRPIs, cash, and cash
equivalents, the transferee will be required to withhold 10% of the amount realized by the non-U.S. person upon the disposition.
To inform American Realty Capital Trust, Inc. (the “General Partner”) and American Realty Capital Operating Partnership,
L.P. (the “Partnership”) that no withholding is required with respect to my conversion of my OP Units in the Partnership,
I, ____________, hereby certify the following:

 

		1.	I am not a nonresident alien for purposes of U.S. income taxation.

 

		2.	My U.S. taxpayer identification number (social security number) is _____________.

 

		3.	My home address is: _______________________________________.

 

		4.	I agree to inform the General Partner promptly if I become a nonresident alien at any time during the three-year period immediately
following the date of this notice.

 

		5.	I understand that this certification may be disclosed to the Internal Revenue Service by the General Partner and that any false
statement contained herein could be punished by fine, imprisonment, or both.

 

Name:

 

Under penalties of perjury, I declare that I have examined this
certification and, to the best of my knowledge and belief, it is true, correct, and complete.

 

Date:

 

Name:

 

TitleCONTRIBUTION AGREEMENT

 

 

This CONTRIBUTION AGREEMENT (this “Agreement”)
is entered into as of August 30, 2012 by and among American Realty Capital Operating Partnership, L.P., a Delaware
limited partnership (the “Partnership”), American Realty Capital Trust, Inc., a Maryland corporation and general
partner of the Partnership (the “General Partner”) and ARC Real Estate Partners, LLC, a Delaware limited liability
company (the “Contributor”).

 

WHEREAS, the Contributor wishes to
contribute to the Partnership and the Partnership wishes to accept from the Contributor, a contribution of cash to the capital
of the Partnership pursuant to the Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of March
1, 2012 (the “Partnership Agreement”), as amended by the First Amendment to the Partnership Agreement, dated
as of the date hereof, and on the terms provided herein.

 

WHEREAS, the Contributor wishes to
become a limited partner in the Partnership and the General Partner wishes to admit the Contributor as a limited partner in the
Partnership.

 

WHEREAS, the Contributor wishes to
provide a deficit restoration obligation (a “DRO”) with respect to its capital account in the Partnership, and
wishes to guaranty a portion of the indebtedness of the Partnership, and the Partnership wishes to provide debt for the Contributor
to guaranty and to allow the Contributor to provide a DRO.

 

NOW, THEREFORE,
in consideration of the foregoing recitals and the covenants, promises and representations set forth in this Agreement, and for
other good and valuable consideration, the parties hereto agree as follows:

 

Section
1.1.           Definitions.
Capitalized terms used herein that are not otherwise defined herein shall have the meaning ascribed to them in the Partnership
Agreement.

 

Section
1.2.           Contribution.
Effective as of the date hereof, the Contributor shall contribute, assign, transfer and deliver to
the Partnership, and Partnership shall accept, receive and acquire from the Contributor, on the terms and conditions, and subject
to the exceptions, set forth in this Agreement, $750,000 (the “Contribution”). 

 

Section
1.3.           Consideration.
In consideration of the Contribution, the Partnership shall issue to the Contributor 65,789 OP Units of the Partnership pursuant
to Section 4.02 of the Partnership Agreement. Such OP Units shall have all the same rights, powers, preferences and duties as OP
Units under the Partnership Agreement, including, but not limited to, the right to convert such OP Units into shares of the General
Partner or cash at the election of the General Partner. 

 

Section
1.4.           Admission
of Additional Limited Partner. The General Partner hereby consents to the admission
of the Contributor to the Partnership as an additional Limited Partner upon the terms and conditions contained in the Partnership
Agreement and the Contributor agrees to hereby execute the counterpart to the Partnership Agreement included as Exhibit
I.

 

    	 

    	 

    
 

Section
1.5.           Guaranty
Opportunity; DRO. 

 

(a)          
The Partnership agrees that it shall permit the Contributor the opportunity to provide one or more “bottom
dollar” guaranties (each, a “Guaranty”) of a portion or portions of the indebtedness of the Partnership
or its affiliates equal to up to one hundred and three (103%) percent of the principal amount of the Subordinated Incentive Listing
Note, pursuant to the terms of one or more “Guaranty of Collectibility” (in substantially the form attached hereto
as Exhibit II), during the period beginning on the date hereof and ending on the
earlier of (x) the tenth (10th) anniversary of the date hereof, (y) the termination of a Guaranty in accordance with
the terms of the applicable Guaranty of Collectibility, and (z) the date on which the Contributor disposes, directly or indirectly,
of its entire interest in the Partnership in a taxable transaction. The Guaranty provided by the Contributor shall not be subordinated
(i.e., have relatively higher economic risk) to any other guarantees of the same portion of indebtedness covered by such holder’s
Guaranty.

 

(b)         
The Contributor acknowledges that (i) the Partnership makes no representations, warranties or covenants regarding
its current or expected financial condition, or the terms of any guaranteed loan, nor shall the Partnership have any obligation
to keep the Contributor informed of any changes in any of the foregoing, or of any changes in the characteristics of any guaranteed
loan occurring after the date the Guaranty is delivered, and the Contributor fully assumes the risk of providing such Guaranty
and keeping itself informed of any such changes, or other developments and occurrences which might impact the risk to such holder
of providing or maintaining any such Guaranty, (ii) the ability to execute a Guaranty shall cease in accordance with the terms
of this Agreement, (iii) the Contributor shall have reviewed with its financial and legal advisors the potential consequences and
liabilities that may be associated with any guaranty provided pursuant to this Agreement, (iv) neither the Partnership not its
advisors have prepared to undertake a legal review (and make or representation or warranties) as to the effectiveness of any Guaranty
for federal income tax purposes, or any legal implications (e.g., order of payment, priority) that such Guaranty or any
obligations of the Contributor and rights of the creditor thereunder may involve under federal and state law, and (v) the Partnership
may, at any time, refinance or repay any indebtedness guaranteed by a Guaranty by providing notice of such event to the Contributor
at least thirty (30) days prior to such refinancing or repayment, an in such case, the Partnership shall, upon request, permit
the Contributor the opportunity to execute a Guaranty with respect to substitute indebtedness on the terms otherwise provided in
this Section 1.5. The foregoing provisions of this Section 1.5(b) shall in no way limit the obligations of the Partnership under
Section 1.5(a).

 

(c)           The General Partner and the Partnership agree that the Partnership and its affiliates shall maintain an amount of
indebtedness of the Partnership or its affiliates sufficient for the Contributor to provide one or more Guaranties in accordance
with this Section 1.5 until the tenth (10th) anniversary of the date of this Agreement; provided, that no indebtedness
shall be maintained for Guaranty if (i) all such Guaranties have been terminated according to the terms of this Agreement or (ii)
prior to the tenth (10th) anniversary of the date of this Agreement, the Partnership and its affiliates, under the terms
of the Guaranty of Collectibility, are no longer required to maintain an amount of indebtedness for Guaranty by the Contributor.

 

    	 

    	 

    
 

(d)       
  The General Partner and the Partnership agree that, to the extent the Contributor provides a Guaranty
pursuant to this Section 1.5, the Partnership Agreement shall be amended to provide that if the Partnership is liquidated
within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, and if the Contributor has a deficit balance in its
Capital Account, the Contributor shall be obligated to contribute to the capital of the Partnership the amount necessary to
restore such deficit balance in its Capital Account to zero but not in excess of the amount of such Guaranty, a
“DRO”; provided, that consistent with Section 1.704-1(b)(2)(iv)(l) of the Regulations, a termination of
the Partnership pursuant to Section 708(b)(1)(B) of the Code shall not result in a liquidation of the Partnership.

 

Section
1.6.           Redemption
by Partnership. Notwithstanding anything to the contrary in this Agreement or
the Partnership Agreement, the Partnership shall not, and the General Partner (or a Successor Entity) shall not cause the Partnership
to redeem or cancel or cause a redemption or cancellation of the OP Units issued pursuant to this Agreement at any time during
which a Guaranty provided by the Contributor pursuant to Section 1.5 is currently in effect and outstanding, or the Contributor
has a deficit balance in its Capital Account and a DRO in effect, without the prior written consent of the Contributor, which consent
shall be given in the Contributor’s sole and absolute discretion; provided, that in no event shall the OP Units issued
pursuant to this Agreement be redeemed or cancelled by the Partnership on or prior to the twenty-four (24) month anniversary of
the date hereof.

 

Section
1.7.           Termination.
If the Contributor intends to dispose of its entire interest in the Partnership in a taxable transaction, the Contributor shall
give the General Partner fifteen (15) days notice of such intention, and the General Partner shall take such action as is necessary
to ensure that the Partnership does not cease to be treated as a partnership for federal income tax purposes during the taxable
year in which the Contributor disposes of its entire interest in the Partnership. Furthermore, at such time as the Contributor
disposes of its entire interest in the Partnership in a taxable transaction, any Guaranty provided by the Contributor shall terminate
pursuant to the terms of such Guaranty and any DRO provided by the Contributor in accordance with Section 1.5(c) hereof shall terminate.
The Partnership shall not, and the General Partner shall not cause the Partnership to, liquidate or terminate prior to the tenth
(10th) anniversary of the date of this Agreement.

 

Section
1.8.           Book-up
Event. The General Partner and the Partnership agree that, consistent with the
definition of Gross Asset Value contained in the Partnership Agreement, the contribution by the Contributor pursuant to the terms
of this Agreement is an event pursuant to which the Gross Asset Value of the Partnership’s Assets should be adjusted to reflect
the relative economic interests of the Partners, and that such adjustment in Gross Asset Value of the Partnership’s Assets
shall result in a corresponding adjustment to the Capital Accounts of the Partners including, for the avoidance of doubt, the holders
of LTIP Units.

 

Section
1.9.           Registration
Rights. Any REIT Shares issuable to the Contributor upon a conversion of its OP
Units in accordance with the provisions of the Partnership Agreement shall be issued pursuant to an effective shelf registration
statement (a “Shelf Registration Statement”), or if a Shelf Registration Statement is not then effective, the General
Partner (or Successor Entity) shall enter into a registration rights agreement with the Contributor (the “Registration
Rights Agreement”) on terms and subject to conditions reasonably satisfactory
to the Contributor, pursuant to which the General Partner will agree, for the benefit of the Contributor, that, among other things,
(i) it will, at the General Partner’s cost, within 90 days after the redemption of OP Units in exchange for REIT Shares,
file a Shelf Registration Statement with the Securities and Exchange Commission with respect to resales of the REIT Shares and
will use its commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective within 180 days
after such redemption, and (ii) it will use its commercially reasonable efforts to keep such Shelf Registration Statement continuously
effective, subject to certain exceptions specified in, and in accordance with, the Registration Rights Agreement.

 

    	 

    	 

    
 

Section
1.10.       Contributor
Representations. The Contributor represents and warrants to the Recipient, as
of the date hereof, as follows:

 

(a)          The Contributor has all requisite power and authority to enter into this Agreement and to consummate the transactions
contemplated hereby. This Agreement has been duly executed and delivered by the Contributor, and, assuming the due authorization,
execution and delivery by the Partnership and the General Partner, this Agreement constitutes a valid and binding obligation of
the Contributor, enforceable against the Contributor in accordance with its terms, except as such enforceability may be subject
to applicable bankruptcy, reorganization, insolvency, moratorium and similar laws affecting the enforcement of creditors’
rights generally and by general principles of equity.

 

Section
1.11.       Partnership
Representations. The Partnership represents and warrants to the Contributor, as
of the date hereof, as follows:

 

(a)          The Partnership has all requisite power and authority to enter into this Agreement and to consummate the transactions
contemplated hereby. This Agreement has been duly executed and delivered by the Partnership, and, assuming the due authorization,
execution and delivery by the Contributor, this Agreement constitutes a valid and binding obligation of the Partnership, enforceable
against the Partnership in accordance with its terms, except as such enforceability may be subject to applicable bankruptcy, reorganization,
insolvency, moratorium and similar laws affecting the enforcement of creditors’ rights generally and by general principles
of equity.

 

Section
1.12.       Indemnity.
In the event of any breach by the Partnership, the General Partner, or their affiliates or successors, of their respective obligations
(a) to provide the Contributor with the opportunity to guaranty indebtedness of the Partnership under Section 1.5(a) and to maintain
a sufficient amount of indebtedness to guaranty in accordance with Section 1.5(c), (b) to amend the Partnership Agreement pursuant
to Section 1.5(d) to provide for a DRO, (c) with respect to the redemption or cancellation of OP Units issued pursuant to this
agreement pursuant to Section 1.6, or (d) with respect to the liquidation or termination of the Partnership pursuant to Section
1.7, the Contributor shall be entitled to a payment of damages by the Partnership, promptly upon demand at any time following the
occurrence of such breach, in cash in an amount equal to the sum of (x) the full amount of federal, state and local income taxes
that would be payable by the Contributor (or its members) as a result of such breach plus (y) the amount of such taxes that
would be payable by the Contributor (or its members) on any payments made pursuant to clause (x), assuming for the purpose of determining
the amount of taxes payable by the Contributor (or its members) that the Contributor (or its members) is liable for income taxes
at the highest combined federal, state and local income tax rate applicable to an individual resident of New York City.

 

    	 

    	 

    
 

Section
1.13.       Governing
Law. This Agreement shall be construed under and governed by the laws of the State
of New York without regard for conflict of law principles that would result in the application of the laws of any other jurisdiction.

 

Section
1.14.       Entire
Agreement. This Agreement and any other writing signed by the parties that specifically
references this Agreement constitute the entire agreement among the parties with respect to the subject matter hereof and thereof
and supersede all prior agreements, understandings and negotiations, both written and oral, between the parties with respect to
the subject matter hereof and thereof. This Agreement is not intended to confer upon any person other than the parties hereto any
rights or remedies hereunder. In the event of a conflict between the terms and conditions of this Agreement and a Guaranty of Collectibility
executed by the Contributor, the terms and conditions of the Guaranty of Collectibility shall control for all purposes.

 

Section
1.15.       Counterparts.
This Agreement may be executed in counterparts by the parties hereto. Each such counterpart shall be,
and shall be deemed to be, an original instrument, but all such counterparts taken together shall constitute one and the same Agreement.

 

Section
1.16.       Headings.
The section headings of this Agreement are for reference purposes only and are to be given no effect in the construction or interpretation
of this Agreement.

 

Section
1.17.        Amendments.
This Agreement may not be amended or modified except in writing duly and validly executed by each party hereto.

 

Section
1.18.       Assignment;
Binding Effect. No party may assign this Agreement or any right or interest, or
delegate any of its duties or obligations, hereunder without the prior written consent of the other parties hereto. This Agreement
is binding upon, and shall inure to the benefit of and is enforceable by, the parties hereto and their respective successors, permitted
assigns and personal representatives.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 

    	 

    
 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date set forth above by their duly authorized representatives.

 

	 	AMERICAN REALTY CAPITAL TRUST, INC. 	 
	 	 	 
	 	By: 	/s/ William M. Kahane	 
	 	 	Name:William M. Kahane 	 
	 	 	Title:President and Chief Executive Officer 	 

 

 

	 	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP, L.P.
	 	 	 
	 	By:American Realty Capital Trust, Inc., its General Partner 
	 	 	 
	 	 	By: 	/s/ William M. Kahane	 
	 	 	 	Name:William M. Kahane 	 
	 	 	 	Title:President and Chief Executive Officer 	 

 

 

	 	ARC REAL ESTATE PARTNERS, LLC	 
	 	 	 
	 	By: 	/s/ Nicholas S. Schorsch	 
	 	 	Name:Nicholas S. Schorsch 	 
	 	 	Title:Manager 	 
	 	 	 	 
	 	By: 	/s/ William M. Kahane 	 
	 	 	Name:William M. Kahane  	 
	 	 	Title:Manager 	 
	 	 	 	 

 

 

 

 

[Signature Page for Contribution Agreement]

 

    	 

    	 

    
 

IN WITNESS WHEREOF, the undersigned has
affixed its signature to this Amended and Restated Agreement of Limited Partnership, as of the 30th day of August, 2012.

 

	 	ADDITIONAL LIMITED PARTNER:	 
	 	 	 
	 	ARC Real Estate Partners, LLC 	 
	 	 	 
	 	By: 	/s/ Nicholas S. Schorsch	 
	 	 	Name:Nicholas S. Schorsch 	 
	 	 	Title:Manager 	 
	 	 	 	 
	 	By: 	/s/ William M. Kahane 	 
	 	 	Name:William M. Kahane  	 
	 	 	Title:Manager

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