Common use of Proceeds to be Escrowed Clause in Contracts

Proceeds to be Escrowed. Persons subscribing to purchase the Stock will be instructed by the 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, 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 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 “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 after you receive such materials. In the event that any checks deposited in the Escrow Account 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. All funds in the Escrow Account (hereinafter, the “Escrow Property”), 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.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed date the Offering Document is declared effective by the Dealer Manager or any soliciting dealers to remit Securities and Exchange Commission (the purchase price in “SEC”), the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 Company shall establish an escrow account with the Escrow Agent shall to be returned to the soliciting dealer or investor who submitted the check. By 12:00 p.m. invested in accordance with Section 5 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF COMMON STOCK OF AMERICAN REALTY CAPITAL PROPERTIES, INC.” (noon) the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent will send to including such abbreviations as are required for 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” ’s systems) (the “Escrow Account”). All checks, which deposit shall occur 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 after you receive following the day upon which such materialsInvestor 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. In During the event that 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in 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 Account (hereinafter, Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the “Escrow Property”), until disbursed to the Company in accordance with Section 4 hereof, are to be held for the benefit purposes 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 CompanyOffering.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed by the Dealer Manager or any soliciting dealers to remit the purchase price in the form first date of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 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 Company shall establish an escrow account with the Escrow Agent the instruments of payment from such subscribers, for deposit by the Escrow Agent into an interest-bearing deposit account to be invested in accordance with Section 7 hereof entitled “American Realty Capital TrustESCROW ACCOUNT FOR THE BENEFIT OF SUBSCRIBERS FOR COMMON STOCK OF LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II, Inc., by Boston Private Bank & Trust Company as Escrow AgentINC.” (the “Escrow Account”), which deposit shall occur . All funds received from Investors in payment for the Securities (“Investor Funds”) will be delivered to the Escrow Agent within one (1) business day after you receive following the day upon which such materialsInvestor Funds are received by the Company, 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 shall cause all checks received by and made payable to it 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. 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in 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 Account (hereinafter, Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the “Escrow Property”), until disbursed to the Company in accordance with Section 4 hereof, are to be held for the benefit purposes 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 CompanyOffering.

Proceeds to be Escrowed. Persons subscribing to purchase the Stock will be instructed by the 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 ofof either (i) “American Realty Capital Trust Inc., Boston Private Bank & Trust Company, Company Escrow Agent for American Realty Capital Agent” or (ii) “ARC Trust, Inc. Inc., BPB&TC Escrow Agent.” Any checks received made payable to a party other than as set forth in the Escrow Agent 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 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 “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 after you receive such materials. In the event that any checks deposited in the Escrow Account 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. All funds in the Escrow Account (hereinafter, the “Escrow Property”), 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.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed date the Offering Document is declared effective by the Dealer Manager or any soliciting dealers to remit Securities and Exchange Commission (the purchase price in “SEC”), the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 Company shall establish an escrow account with the Escrow Agent shall to be returned to the soliciting dealer or investor who submitted the check. By 12:00 p.m. invested in accordance with Section 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF UNITS OF BLUEROCK RESIDENTIAL GROWTH REIT INC” (noon) the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent will send to including such abbreviations as are required for 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” ’s systems) (the “Escrow Account”). All checks, which deposit shall occur 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 after you receive following the day upon which such materialsInvestor 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. In During the event that 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in the The Escrow Account (hereinafter, the “Escrow Property”), until disbursed Agent shall be under no duty or responsibility to the Company in accordance with Section 4 hereof, are enforce collection of any check delivered 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 Companyit hereunder.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed date the Offering Document is declared qualified by the Dealer Manager or any soliciting dealers to remit Securities and Exchange Commission (the purchase price in "SEC"), the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 Company shall establish an escrow account with the Escrow Agent shall to be returned to invested in accordance with Section 7 hereof entitled "ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS IN 7% BONDS OF GK INVESTMENT PROPERTY HOLDINGS II, LLC" (including such abbreviations as are required for the soliciting dealer or investor who submitted Escrow Agent's systems) (the check"Escrow Account"). By 12:00 p.m. All checks and wire transfers received from subscribers of Securities (noon"Investors") in payment for the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent Securities ("Investor Funds") will send be delivered to the Escrow Agent within one business day following the instruments of payment from day upon which such subscribersInvestor Funds are received by the Company or its agents, for deposit and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent into an interest-bearing 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 account entitled “American Realty Capital Trust, Inc., by Boston Private Bank & Trust Company as Escrow Agent” (in the “Escrow Account”). The Escrow Agent shall have no duty to make any disbursement, which deposit shall occur within one (1) business day after you receive such materialsinvestment or other use of Investor Funds until and unless it has good and collected funds. In the event that 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in the The Escrow Account (hereinafter, the “Escrow Property”), until disbursed Agent shall be under no duty or responsibility to the Company in accordance with Section 4 hereof, are enforce collection of any check delivered 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 Companyit hereunder.

Proceeds to be Escrowed. Persons subscribing to purchase the Stock will be instructed by the 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, 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 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 “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 after you receive such materials. In the event that any checks deposited in the Escrow Account 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. All funds in the Escrow Account (hereinafter, the “Escrow Property”), 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. Section 3.

Proceeds to be Escrowed. Persons subscribing to purchase the Stock will be instructed by the 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, 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 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 “"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 after you receive such materials. In the event that any checks deposited in the Escrow Account 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. All funds in the Escrow Account (hereinafter, the “"Escrow Property”"), 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.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed by the Dealer Manager or any soliciting dealers to remit the purchase price in the form first date of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 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 Company shall establish an escrow account with 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”). The Sales Agent shall deliver, which deposit and shall occur cause each Selected Dealer or Selected Investment Advisor to directly or indirectly deliver, proceeds (the “Escrow Funds”) received from purchasers of the Shares (each an “Investor”) to the Escrow Agent by noon of the next business day after receipt by such party, and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated below. 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 shall cause all checks received by and made payable to it 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 you receive such materialsreceipt by the Company for deposit in the Escrow Account. 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. 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in the The Escrow Account (hereinafter, the “Escrow Property”), until disbursed Agent shall be under no duty or responsibility to the Company in accordance with Section 4 hereof, are enforce collection of any check delivered 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 Companyit hereunder.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed date the Offering Document is declared qualified by the Dealer Manager or any soliciting dealers to remit Securities and Exchange Commission (the purchase price in "SEC"), the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 Company shall establish an escrow account with the Escrow Agent shall to be returned to invested in accordance with Section 7 hereof entitled "ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS IN 5% BONDS OF TRILOGY MULTIFAMILY INCOME & GROWTH HOLDINGS I, LLC" (including such abbreviations as are required for the soliciting dealer or investor who submitted Escrow Agent's systems) (the check"Escrow Account"). By 12:00 p.m. All checks and wire transfers received from subscribers of Securities (noon"Investors") in payment for the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent Securities ("Investor Funds") will send be delivered to the Escrow Agent within one business day following the instruments of payment from day upon which such subscribersInvestor Funds are received by the Company or its agents, for deposit and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent into an interest-bearing and 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 account entitled “American Realty Capital Trust, Inc., by Boston Private Bank & Trust Company as Escrow Agent” (in the “Escrow Account”). The Escrow Agent shall have no duty to make any disbursement, which deposit shall occur within one (1) business day after you receive such materialsinvestment or other use of Investor Funds until and unless it has good and collected funds. In the event that 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in 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 Account and escrowed funds are compliant with SEC Rules 10b-9 and 15c2-4, promulgated under the Securities Exchange Act of 1934, as amended (hereinafter, the (“Escrow PropertyRules”), until disbursed to the Company in accordance with Section 4 hereof, are to be held ; for the benefit avoidance of doubt the shareholders of the Company and are not Escrow Agent shall have no obligation to (i) be commingled determine compliance 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 CompanyRules.

Proceeds to be Escrowed. Persons subscribing to purchase the Stock will be instructed by the 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, 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 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 it’s Tranfser Agent will send to the Escrow Agent you the instruments of payment from such subscribers, for deposit by the Escrow Agent you into an interest-bearing deposit account entitled “American Realty Capital TrustESCROW ACCOUNT FOR THE BENEFIT OF SUBSCRIBERS FOR COMMON STOCK OF AMERICAN REALTY CAPITAL TRUST, Inc., by Boston Private Bank & Trust Company as Escrow AgentINC.” (the “Escrow Account”), which deposit shall occur within one (1) business day after you receive such materials. In the event that any checks deposited in the Escrow Account 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. All funds in the Escrow Account (hereinafter, the “Escrow Property”)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 have no duty to solicit funds in the Escrow Account (the “Escrow Property”).

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed date the Offering Document is declared effective by the Dealer Manager or any soliciting dealers to remit Securities and Exchange Commission (the purchase price in “SEC”), the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 Company shall establish an escrow account with the Escrow Agent shall to be returned to the soliciting dealer or investor who submitted the check. By 12:00 p.m. invested in accordance with Section 7 entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF UNITS OF PREFERRED APARTMENT COMMUNITIES, INC.” (noon) the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent will send to including such abbreviations as are required for 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” ’s systems) (the “Escrow Account”). All checks, which deposit shall occur 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 after you receive following the day upon which such materialsInvestor 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. In During the event 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 (the “Initial Escrow Period”) shall commence upon the effectiveness of this Agreement and shall continue until the earliest to occur of: (a) the close of business on December 31, 2012; (b) the date upon which the Escrow Agent receives confirmation that the Company has raised the Minimum Amount of at least $2,000,000 of gross offering proceeds (such date, the “Break Escrow Date”); (c) the date the Escrow Agent receives written notice from the Company that it is abandoning the sale of the Securities; and (d) the date the Escrow Agent receives notice from the Securities and Exchange Commission or any other federal or state regulatory authority that a stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least 20 days. 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in the The Escrow Account (hereinafter, the “Escrow Property”), until disbursed Agent shall be under no duty or responsibility to the Company in accordance with Section 4 hereof, are enforce collection of any check delivered 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 Companyit hereunder.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed by the Dealer Manager or any soliciting dealers to remit the purchase price in the form first date of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 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 Company shall establish an escrow account with the Escrow Agent the instruments of payment from to be invested in accordance with Section 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS FOR COMMON STOCK OF BUSINESS DEVELOPMENT CORPORATION OF AMERICA” (including such subscribers, abbreviations as are required 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” ’s systems) (the “Escrow Account”), which deposit shall occur . All 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 after you receive following the day upon which such materialsInvestor 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. In During the event that term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in 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 Account (hereinafter, Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the “Escrow Property”), until disbursed to the Company in accordance with Section 4 hereof, are to be held for the benefit purposes 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 CompanyOffering.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed by the Dealer Manager or any soliciting dealers to remit the purchase price in the form first date of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 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 Company shall establish an escrow account with the Escrow Agent the instruments of payment from to be invested in accordance with Section 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS FOR COMMON STOCK OF AMERICAN REALTY CAPITAL HEALTHCARE TRUST, INC.” (including such subscribers, abbreviations as are required 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” ’s systems) (the “Escrow Account”), which deposit shall occur . All 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 after you receive following the day upon which such materialsInvestor 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. In During the event that term of this Agreement, the Company or its agents shall cause all checks received by and made payable to it 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in 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 Account (hereinafter, Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the “Escrow Property”), until disbursed to the Company in accordance with Section 4 hereof, are to be held for the benefit purposes 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 CompanyOffering.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed date the Offering Document is declared qualified by the Dealer Manager or any soliciting dealers to remit Securities and Exchange Commission (the purchase price in "SEC"), the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable to the order of, 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 Company shall establish an escrow account with the Escrow Agent shall to be returned to invested in accordance with Section 7 hereof entitled "ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS IN 5% BONDS OF TRILOGY MULTIFAMILY INCOME & GROWTH HOLDINGS I, LLC" (including such abbreviations as are required for the soliciting dealer or investor who submitted Escrow Agent's systems) (the check"Escrow Account"). By 12:00 p.m. All checks and wire transfers received from subscribers of Securities (noon"Investors") in payment for the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent Securities ("Investor Funds") will send be delivered to the Escrow Agent within one business day following the instruments of payment from day upon which such subscribersInvestor Funds are received by the Company or its agents, for deposit and shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent into an interest-bearing and 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 account entitled “American Realty Capital Trust, Inc., by Boston Private Bank & Trust Company as Escrow Agent” (in the “Escrow Account”). The Escrow Agent shall have no duty to make any disbursement, which deposit shall occur within one (1) business day after you receive such materialsinvestment or other use of Investor Funds until and unless it has good and collected funds. In the event that 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in the The Escrow Account (hereinafter, the “Escrow Property”), until disbursed Agent shall be under no duty or responsibility to the Company in accordance with Section 4 hereof, are enforce collection of any check delivered 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 Companyit hereunder.

Proceeds to be Escrowed. Persons subscribing to purchase the Stock will be instructed by the 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 Subject to the order ofEscrow Agent’s prior receipt of all required documentation necessary to comply with the Bank Secrecy Act, 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 Company shall establish an escrow account with the Escrow Agent shall to be returned to the soliciting dealer or investor who submitted the check. By 12:00 p.m. invested in accordance with Section 7 entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF SHARES OF GLADSTONE LAND CORP.” (noon) the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent will send to including such abbreviations as are required for 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” ’s systems) (the “Escrow Account”). All checks, which deposit shall occur 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 after you receive following the day upon which such materialsInvestor 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. In During the event that 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in the The Escrow Account (hereinafter, the “Escrow Property”), until disbursed Agent shall be under no duty or responsibility to the Company in accordance with Section 4 hereof, are enforce collection of any check delivered 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 Companyit hereunder.

Proceeds to be Escrowed. Persons subscribing The form of subscription agreement to be executed by each Investor in connection with the purchase of the Stock will be instructed Units is included in the Securities Purchase Agreement among the Company and the Investors relating to the Offering and the sale of the Units (the “Securities Purchase Agreement”). The most recent draft of the Securities Purchase Agreement is attached as Exhibit B. All funds from Investors (“Investors Funds”) received by the Dealer Manager Company or any soliciting dealers to remit the Placement Agent for the purchase price in the form of checks, drafts or wires (hereinafter called “instruments of payment”) payable Units pursuant to the order of, 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 Offering shall be returned to the soliciting dealer deposited with 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 wired to the Escrow Agent (pursuant to written instructions provided by the instruments of payment from Escrow Agent) promptly following the day upon which such subscribers, for proceeds are received by the Placement Agent or the Company. The Investors may directly forward Investor Funds to the Escrow Agent pursuant to the written instructions described in the preceding sentence. The Escrow Agent shall establish the Escrow Account and shall promptly deposit all Investor Funds received 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”). During the term of this Agreement, which deposit the Company and the Placement Agent shall occur within one (1) business day after you receive cause all checks received by and made payable to it in payment for such materialsUnits to be endorsed in favor of the Escrow Account. In the event that any checks deposited in the Escrow Account 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 promptly deliver the returned checks to the Companyprospective Investor based on the information provided about the Investors set forth in Section 2. All funds in In the event the Escrow Account (hereinafterAgent has insufficient information to do so, the “Escrow Property”), until disbursed Agent shall promptly deliver the returned checks to the Company in accordance with Section 4 hereof, are Placement Agent who shall promptly deliver the returned checks 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 Companyapplicable prospective Investor.

Proceeds to be Escrowed. Persons subscribing to purchase the Stock will be instructed by the 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 Subject to the order ofEscrow Agent’s prior receipt of all required documentation necessary to comply with the Bank Secrecy Act, 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 Company shall establish an escrow account with the Escrow Agent shall to be returned to the soliciting dealer or investor who submitted the check. By 12:00 p.m. invested in accordance with Section 7 entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF SHARES OF GLADSTONE COMMERCIAL CORP.” (noon) the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent will send to including such abbreviations as are required for 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” ’s systems) (the “Escrow Account”). All checks, which deposit shall occur 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 after you receive following the day upon which such materialsInvestor 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. In During the event that 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in the The Escrow Account (hereinafter, the “Escrow Property”), until disbursed Agent shall be under no duty or responsibility to the Company in accordance with Section 4 hereof, are enforce collection of any check delivered 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 Companyit hereunder.

Proceeds to be Escrowed. Persons subscribing to purchase On or before the Stock will be instructed date the Offering Document is declared effective by the Dealer Manager or any soliciting dealers to remit the purchase price in the form of checksSecurities and Exchange Commission, drafts or wires (hereinafter called “instruments of payment”) payable subject to the order ofEscrow Agent’s prior receipt of all required documentation necessary to comply with the Bank Secrecy Act, 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 Company shall establish an escrow account with the Escrow Agent shall to be returned to the soliciting dealer or investor who submitted the check. By 12:00 p.m. invested in accordance with Section 7 entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS OF SHARES OF GLADSTONE LAND CORP.” (noon) the next business day after receipt of instruments of payment from the Offering, the Dealer Manager or its Transfer Agent will send to including such abbreviations as are required for 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” ’s systems) (the “Escrow Account”). All checks, which deposit shall occur 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 after you receive following the day upon which such materialsInvestor 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. In During the event that 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 such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. All funds in the The Escrow Account (hereinafter, the “Escrow Property”), until disbursed Agent shall be under no duty or responsibility to the Company in accordance with Section 4 hereof, are enforce collection of any check delivered 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 Companyit hereunder.