Common use of Proceeds to be Escrowed Clause in Contracts

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”), the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIES, INC.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the first date of the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”)Offering, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF FOR COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIES, INC.” BUSINESS DEVELOPMENT CORPORATION OF AMERICA (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) Investors in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Escrow Agreement, the Company or its agents shall cause all checks received by and made payable to it for in payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before Persons subscribing to purchase the date the Offering Document is declared effective Stock will be instructed by the Securities and Exchange Commission Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the “SEC”)order of, the Company shall establish an escrow account with or funds wired in favor of, Boston Private Bank & Trust Company, Escrow Agent for American Realty Capital Trust, Inc. Any checks received made payable to a party other than the Escrow Agent shall be returned to be invested in accordance with Section 5 hereof the soliciting dealer or investor who submitted the check. By 12:00 p.m. (noon) the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent will send to the Escrow Agent the instruments of payment from such subscribers, for deposit by the Escrow Agent into an interest-bearing deposit account entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESAmerican Realty Capital Trust, INC.” (including such abbreviations Inc., by Boston Private Bank & Trust Company as are required for the Escrow Agent’s systems) ” (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent which deposit shall occur within one (1) business day following after you receive such materials. In the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, such upon request, and the Escrow Agent shall deliver the returned checks to the Company. The All funds in the Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Account (hereinafter, the “Escrow Agent reserves the right to denyProperty”), suspend or terminate participation by an Investor until disbursed to the extent Company in accordance with Section 4 hereof, are to be held for the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that benefit of the shareholders of the Company and are not consistent to (i) be commingled with the purposes monies or become an asset of the OfferingCompany, or (ii) be subject to attachment, levy or other encumbrance in any action by a third party against the Company.

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective qualified by the Securities and Exchange Commission (the “"SEC”"), the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 7 hereof entitled “"ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS IN 7% UNSECURED BONDS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESGK INVESTMENT HOLDINGS, INC.” LLC" (including such abbreviations as are required for the Escrow Agent’s 's systems) (the “"Escrow Account”"). All checks, wire transfers and other funds received from subscribers of Securities (“"Investors”") in payment for the Securities (“"Investor Funds”") will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. Upon receipt of Investor Funds, the duties and obligations of each of the parties to this Agreement will commence. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective qualified by the Securities and Exchange Commission (the “"SEC”"), the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 7 hereof entitled “"ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS IN 5% BONDS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESTRILOGY MULTIFAMILY INCOME & GROWTH HOLDINGS I, INC.” LLC" (including such abbreviations as are required for the Escrow Agent’s 's systems) (the “"Escrow Account”"). All checks, checks and wire transfers and other funds received from subscribers of Securities (“"Investors”") in payment for the Securities (“"Investor Funds”") will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested will be uninvested as stated herein. Upon receipt of Investor Funds, the duties and obligations of each of the parties to this Agreement will commence. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Issuer and Dealer Manager represent the Escrow Agent reserves Account and escrowed funds are compliant with SEC Rules 10b-9 and 15c2-4, promulgated under the right to denySecurities Exchange Act of 1934, suspend or terminate participation by an Investor to as amended (the extent (“Rules”); for the avoidance of doubt the Escrow Agent deems it advisable or necessary shall have no obligation to comply with applicable laws or to eliminate practices that are not consistent determine compliance with the purposes of the OfferingRules.

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective qualified by the Securities and Exchange Commission (the “"SEC”"), the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 7 hereof entitled “"ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS IN 7% BONDS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESGK INVESTMENT PROPERTY HOLDINGS II, INC.” LLC" (including such abbreviations as are required for the Escrow Agent’s 's systems) (the “"Escrow Account”"). All checks, checks and wire transfers and other funds received from subscribers of Securities (“"Investors”") in payment for the Securities (“"Investor Funds”") will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. Upon receipt of Investor Funds, the duties and obligations of each of the parties to this Agreement will commence. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective qualified by the Securities and Exchange Commission (the “"SEC”"), the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 7 hereof entitled “"ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS IN 5% BONDS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESTRILOGY MULTIFAMILY INCOME & GROWTH HOLDINGS I, INC.” LLC" (including such abbreviations as are required for the Escrow Agent’s 's systems) (the “"Escrow Account”"). All checks, checks and wire transfers and other funds received from subscribers of Securities (“"Investors”") in payment for the Securities (“"Investor Funds”") will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested will be uninvested as stated herein. Upon receipt of Investor Funds, the duties and obligations of each of the parties to this Agreement will commence. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”), the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK UNITS OF AMERICAN REALTY CAPITAL PROPERTIES, BLUEROCK RESIDENTIAL GROWTH REIT INC.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before The form of subscription agreement to be executed by each Investor in connection with the date purchase of the Units is included in the Securities Purchase Agreement among the Company and the Investors relating to the Offering Document is declared effective by and the Securities and Exchange Commission sale of the Units (the “SEC”), the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIES, INC.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow AccountSecurities Purchase Agreement”). The most recent draft of the Securities Purchase Agreement is attached as Exhibit B. All checks, wire transfers and other funds received from subscribers of Securities Investors (“Investors”) in payment for the Securities (“Investor Investors Funds”) will received by the Company or the Placement Agent for the purchase of Units pursuant to the Offering shall be delivered deposited with or wired to the Escrow Agent within one (1pursuant to written instructions provided by the Escrow Agent) business day promptly following the day upon which such Investor Funds proceeds are received by the Company Placement Agent or its agents, and shall, upon receipt by the Company. The Investors may directly forward Investor Funds to the Escrow Agent, be retained Agent pursuant to the written instructions described in escrow the preceding sentence. The Escrow Agent shall establish the Escrow Account and shall promptly deposit all Investor Funds received by the Escrow Agent and invested as stated hereininto the Escrow Account. During the term of this Agreement, the Company or its agents and the Placement Agent shall cause all checks received by and made payable to it for in payment for the Securities such Units to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall promptly deliver the returned checks to the Companyprospective Investor based on the information provided about the Investors set forth in Section 2. The In the event the Escrow Agent has insufficient information to do so, the Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves promptly deliver the right to deny, suspend or terminate participation by an Investor returned checks to the extent Placement Agent who shall promptly deliver the Escrow Agent deems it advisable or necessary returned checks to comply with the applicable laws or to eliminate practices that are not consistent with the purposes of the Offeringprospective Investor.

Proceeds to be Escrowed. On or before Subject to the date Escrow Agent’s prior receipt of all required documentation necessary to comply with the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”)Bank Secrecy Act, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 hereof 7 entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK SHARES OF AMERICAN REALTY CAPITAL PROPERTIES, INCGLADSTONE COMMERCIAL CORP.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities via “Direct Registration Settlement” (as described in the Offering Document) (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated hereinAgent. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The initial escrow period shall commence upon the effectiveness of this Agreement and shall continue until the Termination Date (as defined in Section 4). The Escrow Account shall not be an interest-bearing account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”)Commission, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 hereof 7 entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON A1M1PREFERRED STOCK OF AMERICAN REALTY CAPITAL PROPERTIESPREFERRED APARTMENT COMMUNITIES, INC.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”) with two separate subaccounts (a “A1 Subaccount” and a “M1 Subaccount”). All checks, wire transfers and other funds received from subscribers of Securities via “Direct Registration Settlement” (as described in the Offering Document) (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent. Upon receipt of any such Investor Funds, the Company shall direct the Escrow Agent and invested as stated hereinin writing whether such funds shall be deposited into the A1 Subaccount or the M1 Subaccount. In the absence of the receipt of such written direction, the Escrow Agent shall have no obligation to determine whether such investor funds shall be deposited into the A1 Subaccount or the M1 Subaccount. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The initial escrow period shall commence upon the effectiveness of this Agreement and shall continue until the Termination Date (as defined herein) The Escrow Account shall not be an interest-bearing account. PAC:19638.2 The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the first date of the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”)Offering, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF SUBSCRIBERS FOR COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESLIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, INC.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) Investors in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agentsCompany, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Escrow Agreement, the Company or its agents shall cause all checks received by and made payable to it for in payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the first date of the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”)Offering, the Company shall establish an a non-interest bearing escrow account with the Escrow Agent to be invested in accordance with Section 5 8 hereof entitled “UMB BANK ESCROW ACCOUNT AGENT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIES, INC.ALTI Private Equity Access Fund” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received by the Company from subscribers of Securities securities seeking to become admitted members of the Company (“Investors”) in payment for the Securities Interests (“Investor Funds”) will be delivered sent to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agentsCompany, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. The Company shall also instruct its agents to promptly deliver funds to the Escrow Agent immediately upon their receipt of such funds. During the term of this Agreement, which shall begin on the date hereof, the Company or its agents shall cause all checks received by and made payable to it for in payment for the Securities Interests to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all its costs incurred for such, if any, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before Subject to the date Escrow Agent’s prior receipt of all required documentation necessary to comply with the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”)Bank Secrecy Act, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 hereof 7 entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK SHARES OF AMERICAN REALTY CAPITAL PROPERTIES, INCGLADSTONE LAND CORP.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities via “Direct Registration Settlement” (as described in the Offering Document) (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated hereinAgent. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The initial escrow period shall commence upon the effectiveness of this Agreement and shall continue until the Termination Date (as defined in Section 4). The Escrow Account shall not be an interest-bearing account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective by Issuer begins selling the Securities and Exchange Commission (the “SEC”)Securities, the Company Issuer shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 hereof 7 entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON A1/M1/M2 PREFERRED STOCK OF AMERICAN REALTY PROSPECT CAPITAL PROPERTIES, INC.CORPORATION” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”) with three separate subaccounts (an “A1 Subaccount”, a “M1 Subaccount”, and a “M2 Subaccount”). All checks, wire transfers and other funds received from subscribers of Securities via “Direct Registration Settlement” (as described in the Offering Document) (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company Issuer or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent. Upon receipt of any such Investor Funds, the Issuer or the Dealer Manager shall direct the Escrow Agent and invested as stated hereinin writing whether such funds shall be deposited into the A1 Subaccount, the M1 Subaccount or the M2 Subaccount. In the absence of the receipt of such written direction, the Escrow Agent shall have no obligation to determine whether such Investor Funds shall be deposited into the A1 Subaccount, the M1 Subaccount or the M2 Subaccount. During the term of this Agreement, the Company Issuer or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The initial escrow period shall commence upon the effectiveness of this Agreement and shall continue until the Termination Date (as defined herein). The Escrow Account shall not be an interest-bearing account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company Issuer shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before Persons subscribing to purchase the date the Offering Document is declared effective Stock will be instructed by the Securities and Exchange Commission Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, or funds wired in favor of either (i) “SEC”)American Realty Capital Trust Inc., Boston Private Bank & Trust Company Escrow Agent” or (ii) “ARC Trust, Inc., BPB&TC Escrow Agent.” Any checks received made payable other than as set forth in the preceding sentence shall be returned to the soliciting dealer or investor who submitted the check. By 12:00 p.m. (noon) the next business day after receipt of instruments of payment from the Offering, the Company shall establish an escrow account with Dealer Manager or its Transfer Agent will send to the Escrow Agent to be invested in accordance with Section 5 hereof the instruments of payment from such subscribers, for deposit by the Escrow Agent into an interest-bearing deposit account entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESAmerican Realty Capital Trust, INC.” (including such abbreviations Inc., by Boston Private Bank & Trust Company as are required for the Escrow Agent’s systems) ” (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent which deposit shall occur within one (1) business day following after you receive such materials. In the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, such upon request, and the Escrow Agent shall deliver the returned checks to the Company. The All funds in the Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Account (hereinafter, the “Escrow Agent reserves the right to denyProperty”), suspend or terminate participation by an Investor until disbursed to the extent Company in accordance with Section 4 hereof, are to be held for the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that benefit of the shareholders of the Company and are not consistent to (i) be commingled with the purposes monies or become an asset of the OfferingCompany, or (ii) be subject to attachment, levy or other encumbrance in any action by a third party against the Company.

Proceeds to be Escrowed. On or before Persons subscribing to purchase the date the Offering Document is declared effective Stock will be instructed by the Securities and Exchange Commission Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks, drafts or wires (hereinafter called "instruments of payment") payable to the “SEC”)order of, the Company shall establish an escrow account with or funds wired in favor of, Boston Private Bank & Trust Company, Escrow Agent for American Realty Capital Trust, Inc. Any checks received made payable to a party other than the Escrow Agent shall be returned to be invested in accordance with Section 5 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESthe soliciting dealer or investor who submitted the check. By 12:00 p.m. (noon) the next business day after receipt of instruments of payment from the Offering, INC.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) in payment for the Securities (“Investor Funds”) Dealer Manager or its Transfer Agent will be delivered send to the Escrow Agent the instruments of payment from such subscribers, for deposit by the Escrow Agent into an interest-bearing deposit account entitled "American Realty Capital Trust, Inc., by Boston Private Bank & Trust Company as Escrow Agent" (the "Escrow Account"), which deposit shall occur within one (1) business day following after you receive such materials. In the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, such upon request, and the Escrow Agent shall deliver the returned checks to the Company. The All funds in the Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Account (hereinafter, the "Escrow Agent reserves the right to denyProperty"), suspend or terminate participation by an Investor until disbursed to the extent Company in accordance with Section 4 hereof, are to be held for the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that benefit of the shareholders of the Company and are not consistent to (i) be commingled with the purposes monies or become an asset of the OfferingCompany, or (ii) be subject to attachment, levy or other encumbrance in any action by a third party against the Company.

Proceeds to be Escrowed. On or before Persons subscribing to purchase the date the Offering Document is declared effective Stock will be instructed by the Securities and Exchange Commission Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the “SEC”)order of, the Company shall establish an escrow account with or funds wired in favor of, Boston Private Bank & Trust Company, Escrow Agent for American Realty Capital Trust, Inc. Any checks received made payable to a party other than the Escrow Agent shall be returned to be invested in accordance with Section 5 hereof the soliciting dealer or investor who submitted the check. By 12:00 p.m. (noon) the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or it’s Tranfser Agent will send to you the instruments of payment from such subscribers, for deposit by you into an interest-bearing deposit account entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF SUBSCRIBERS FOR COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESTRUST, INC.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent which deposit shall occur within one (1) business day following after you receive such materials. In the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, such upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in the Escrow Account, until disbursed to the Company in accordance with Section 4 hereof, are to be held for the benefit of the shareholders of the Company and are not to (i) be commingled with the monies or become an asset of the Company, or (ii) be subject to attachment, levy or other encumbrance in any action by a third party against the Company. The Escrow Agent shall be under have no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent solicit funds in the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with Account (the purposes of the Offering“Escrow Property”).

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective qualified by the Securities and Exchange Commission (the “SEC”), the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS IN 7% UNSECURED BONDS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESGK INVESTMENT HOLDINGS, INC.LLC” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. Upon receipt of Investor Funds, the duties and obligations of each of the parties to this Agreement will commence. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the first date of the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”)Offering, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF FOR COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIESHEALTHCARE TRUST, INC.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for in payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the date the Offering Document is declared effective by the Securities and Exchange Commission (Commission, subject to the “SEC”)Escrow Agent’s prior receipt of all required documentation necessary to comply with the Bank Secrecy Act, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 hereof 7 entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK SHARES OF AMERICAN REALTY CAPITAL PROPERTIES, INCGLADSTONE LAND CORP.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checks, wire transfers and other funds received from subscribers of Securities via “Direct Registration Settlement” (as described in the Offering Document) (“Investors”) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated hereinAgent. During the term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it for payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account. The initial escrow period shall commence upon the effectiveness of this Agreement and shall continue until the Termination Date (as defined in Section 4). The Escrow Account shall not be an interest-bearing account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds. If any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

Proceeds to be Escrowed. On or before the first date of the Offering Document is declared effective by the Securities and Exchange Commission (the “SEC”)Offering, the Company shall establish an escrow account with the Escrow Agent to be invested in accordance with Section 5 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIES, INC.” (including such abbreviations as are required for the Escrow Agent’s systems) (the “Escrow Account”). All checksThe Sales Agent shall deliver, wire transfers and other funds received from subscribers of Securities shall cause each Selected Dealer or Selected Investment Advisor to directly or indirectly deliver, proceeds (the “Investors”) in payment for the Securities (“Investor Escrow Funds”) will be delivered received from purchasers of the Shares (each an “Investor”) to the Escrow Agent within one (1) by noon of the next business day following the day upon which after receipt by such Investor Funds are received by the Company or its agentsparty, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated hereinbelow. Funds delivered to the Escrow Agent may be in the form of checks payable to the Company and drawn on an account of an Investor, Selected Dealer or Selected Investment Advisor or wire transfer from the Sales Agent or certain Selected Dealers or Selected Investment Advisors identified to the Escrow Agent in writing by the Company or the Sales Agent. During the term of this Escrow Agreement, the Company or its agents shall cause all checks received by and made payable to it for in payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent within one (1) business day after receipt by the Company for deposit in the Escrow Account. The Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has received good and collected funds. If In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.