Common use of Permitted REIT Pledge Clause in Contracts

Permitted REIT Pledge. Notwithstanding the foregoing or anything contained herein to the contrary, American Realty Capital Trust III, Inc. shall be permitted to pledge its indirect equity interest in Borrower, as collateral for unsecured corporate-level lines of credit or other company financing, provided, that (i) the holder of such debt, and any interest therein, shall be a Person that is a Qualified Equity Holder, (ii) the debt facility for such pledge is secured by a pledge of interests in entities having an interest in substantially all of the properties directly or indirectly owned by American Realty Capital Trust III, Inc., and (iii) the repayment of the debt facility is not specifically tied to the cash flow of any Individual Property.

Permitted REIT Pledge. Notwithstanding the foregoing or anything contained herein to the contrary, American Realty Capital Trust III, Inc. (the “REIT”) shall be permitted to pledge its indirect equity interest in Borrower, as collateral for unsecured corporate-level lines of credit or other company financing, provided, that (i) the holder of such debt, and any interest therein, shall be a Person that is a Qualified Equity Holder, (ii) the debt facility for such pledge is secured by a pledge of interests in entities having an interest in substantially all of the properties directly or indirectly owned by American Realty Capital Trust III, Inc.the REIT, and (iii) the repayment of the debt facility is not specifically tied to the cash flow of any Individual Property.