SEC Contract Filing

Filing Date: 2016-12-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>v455406_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right"><FONT STYLE="text-transform: none">Exhibit
10.3</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PLEDGE AND SECURITY AGREEMENT (OPERATING
LEASE)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated as of December 20, 2016</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARC NY120W5701 TRS MEZZ II, LLC</B>, as Pledgor</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">in favor of</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>COLUMN FINANCIAL, INC.</B>, as Agent</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U>PLEDGE AND
SECURITY AGREEMENT (OPERATING LEASE)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>THIS PLEDGE AND SECURITY
AGREEMENT (OPERATING LEASE)</B> (together with all extensions, renewals, modifications, substitutions and amendments hereof, this
&ldquo;<B>Agreement</B>&rdquo;), dated as of December 20, 2016, is made by <B>ARC NY120W5701 TRS MEZZ II, LLC</B>, a Delaware limited
liability company, having its principal place of business at c/o New York REIT, Inc., 405 Park Avenue, New York, New York 10022
(together with its successors and permitted assigns, &ldquo;<B>Pledgor</B>&rdquo;), in favor of <B>COLUMN FINANCIAL, INC.</B>,
a Delaware corporation, having an address at 11 Madison Avenue, New York, New York 10010 as agent for the benefit of Lender (defined
below) (together with its successors and permitted assigns, in such capacity, &ldquo;<B>Agent</B>&rdquo;). Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement (defined below).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">RECITALS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Lender
is making a loan in the principal amount of FIVE HUNDRED MILLION AND NO/100 DOLLARS ($500,000,000.00) (the &ldquo;<B>Loan</B>&rdquo;)
to the entities listed on <U>Schedule I</U> attached hereto (individually and/or collectively, together with their successors and
permitted assigns, &ldquo;<B>Borrower</B>&rdquo;) pursuant to that certain Loan Agreement among Borrower, certain other borrower
parties, Column Financial, Inc. a Delaware corporation (together with its successors and permitted assigns, &ldquo;<B>Initial Lender</B>&rdquo;),
and the other lenders party thereto from time to time (together with Initial Lender and their respective successors and/or permitted
assigns, individually and/or collectively as the context may require, &ldquo;<B>Lender</B>&rdquo;) and Agent, and acknowledged
and agreed to by ARC NY120W5701 TRS, LLC, a Delaware limited liability company (&ldquo;<B>Issuer</B>&rdquo;) (solely with respect
to certain terms and conditions specified therein), dated of even date herewith (as amended, supplemented or otherwise modified
from time to time, the &ldquo;<B>Loan Agreement</B>&rdquo;), which Loan is evidenced by the Note and se