Document:

Exhibit
10.7

     

    RREVOCABLE
TRANSFER AGENT INSTRUCTIONS

     

    September
29, 2010

    

    
      	
              WorldWide
      Stock Transfer , LLC

            	 
      
	
              433
      Hackensack Avenue, Level L

            	 
      
	
              Hackensack,
      New Jersey 07601

            	 
      

    

    

    RE:           NEOMEDIA
TECHNOLOGIES, INC.

    

    Ladies
and Gentlemen:

    

    Reference
is made to that certain Agreement (the “Agreement”) of even
date herewith by and between Neomedia Technologies, Inc, a Delaware corporation
(the “Company”), and YA
Global Investments, L.P. (the “Buyer”).  Pursuant
to the Agreement, the Company shall sell to the Buyer, and the Buyer shall
purchase from the Company, convertible debentures (the “Debenture”) in the
aggregate principal amount of $475,000.00, plus accrued interest, which are
convertible into shares of the Company’s common stock, par value $.001 per share
(the “Common
Stock”), at the Buyer’s discretion.  The Company has also
issued to the Buyer warrants to purchase up to 750,000 shares of Common Stock,
at the Buyer’s discretion (the “Warrant”).  These
instructions relate to the following stock or proposed stock issuances or
transfers:

     

    
      	
               
      

            	
              1.

            	
              Shares
      of Common Stock to be issued to the Buyer upon conversion of the Debenture
      (“Conversion
      Shares”) plus the shares of Common Stock to be issued to the Buyer
      upon conversion of accrued interest into Common Stock (the “Interest
      Shares”).

            

    

     

    
      	
               
      

            	
              2.

            	
              Up
      to 750,000 shares of Common Stock to be issued to the Buyer upon exercise
      of the Warrant (the “Warrant
      Shares”).

            

    

     

    This
letter shall serve as our irrevocable authorization and direction to WorldWide
Stock Transfer, LLC (the “Transfer Agent”) to
do the following:

     

    
      	
               
      

            	
              1.

            	
              Conversion Shares, Warrant
      Shares and Interest Shares.

            

    

     

    
      	
               
      

            	
              a.

            	
              Instructions Applicable to
      Transfer Agent.  With respect to the Conversion Shares,
      Warrant Shares and the Interest Shares, the Transfer Agent shall issue the
      Conversion Shares, Warrant Shares and the Interest Shares to the Buyer
      from time to time upon delivery to the Transfer Agent of a properly
      completed and duly executed Conversion Notice (the “Conversion
      Notice”) in the form attached hereto as Exhibit A to the Debenture,
      or a properly completed and duly executed Exercise Notice  (the
      “Exercise
      Notice”) in the form attached as Exhibit A to the Warrant,
      delivered to the Transfer Agent by the Company or on behalf of the Company
      by David Gonzalez, Esq. as escrow agent (the “Escrow
      Agent”).  Upon receipt of a Conversion Notice or an
      Exercise Notice, the Transfer Agent shall, as soon as reasonably practical
      thereafter, (i) issue and surrender to a common carrier for overnight
      delivery to the address as specified in the Conversion Notice or the
      Exercise Notice, a certificate, registered in the name of the Buyer or its
      designees, for the number of shares of Common Stock to which the Buyer
      shall be entitled as set forth in the Conversion Notice or Exercise
      Notice, or (ii) provided the Transfer Agent is participating in The
      Depository Trust Company (“DTC”) Fast
      Automated Securities Transfer Program, upon the request of the Buyer,
      credit such aggregate number of shares of Common Stock to which the Buyer
      shall be entitled to the Buyer’s or its designees’ balance account with
      DTC through its Deposit Withdrawal At Custodian (“DWAC”) system,
      provided that the Buyer causes its bank or broker to initiate the DWAC
      transaction, and further provided that a certificate representing such
      shares of Common Stock would not be required to bear a legend restricting
      transfer.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              b.

            	
              The Company hereby confirms to
      the Transfer Agent and the Buyer that certificates representing the
      Conversion Shares, Warrant Shares and Interest Shares shall not bear any
      legend restricting transfer and should not be subject to any stop-transfer
      restrictions and shall otherwise be freely transferable on the books and
      records of the Company; provided that Buyer confirm to the Transfer
      Agent and the Company that the Conversion Shares, Warrant Shares and
      Interest Shares have been or will be sold only pursuant to an effective
      registration statement for such securities under the Securities Act of
      1933, as amended (the “Act”), and that the Buyer has
      complied, or will comply, with all applicable prospectus delivery
      requirements; and
      further provided that counsel to the Company delivers (i) the Notice of
      Effectiveness set forth in Exhibit
      I attached hereto
      and (ii) an opinion of counsel in the form set forth in Exhibit
      II attached hereto,
      and that if the Conversion Shares, Warrant Shares and the Interest Shares
      are not registered for sale under the Act, then the certificates for the
      Conversion Shares, Warrant Shares and Interest Shares shall bear the
      following legend:

            

    

     

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE
OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A
FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO
RULE 144 UNDER SAID ACT.”

     

    
      	
               
      

            	
              c.

            	
              In
      the event that counsel to the Company fails or refuses to render an
      opinion as required to issue the Conversion Shares, the Warrant Shares or
      the Interest Shares in accordance with the preceding paragraph (either
      with or without restrictive legends, as applicable), then the Company
      irrevocably and expressly authorizes counsel to the Buyer to render such
      opinion.  The Transfer Agent shall accept and be entitled to
      rely on such opinion for the purposes of issuing the Conversion Shares,
      the Warrant Shares or the Interest
Shares.

            

    

     

    
      	
               
      

            	
              d.

            	
              Upon
      the Company’s or the Escrow Agent’s receipt of a properly completed
      Conversion Notice or Exercise Notice (along with evidence that the
      Aggregate Exercise Price (as defined in the Warrant) has been delivered to
      the Company), the Company or the Escrow Agent, as the case may be, shall,
      within one Trading Day thereafter, send to the Transfer Agent the
      Conversion Notice or Exercise Notice, as the case may be, which shall
      constitute an irrevocable instruction to the Transfer Agent to process
      such Conversion Notice or Exercise Notice in accordance with the terms of
      these instructions.  For purposes hereof “Trading Day”
      shall mean any day on which the Nasdaq Market is open for customary
      trading.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              2.

            	
              All
    Shares.

            

    

     

    
      	
               
      

            	
              a.

            	
              The
      Company hereby irrevocably appoints the Escrow Agent as a duly authorized
      agent of the Company for the purposes of authorizing the Transfer Agent to
      process issuances and transfers specifically contemplated
      herein.

            

    

     

    
      	
               
      

            	
              b.

            	
              The
      Transfer Agent shall rely exclusively on the Conversion Notice or the
      Exercise Notice, and shall have no liability for relying on such
      instructions.  Any Conversion Notice or Exercise Notice
      delivered hereunder shall constitute an irrevocable instruction to the
      Transfer Agent to process such notice or notices in accordance with the
      terms thereof.  Such notice or notices may be transmitted to the
      Transfer Agent by facsimile or any commercially reasonable
      method.

            

    

     

    
      	
               
      

            	
              c.

            	
              The
      Company hereby confirms to the Transfer Agent and the Buyer that no
      instructions other than as contemplated herein will be given to Transfer
      Agent by the Company with respect to the matters referenced
      herein.  The Company hereby authorizes the Transfer Agent, and
      the Transfer Agent shall be obligated, to disregard any contrary
      instructions received by or on behalf of the
  Company.

            

    

     

    
      	
               
      

            	
              3.

            	
              Certain Notice Regarding the
      Escrow Agent. The Company and the Transfer Agent hereby acknowledge
      that the Escrow Agent is general counsel to the Buyer, a partner of the
      general partner of the Buyer and counsel to the Buyer in connection with
      the transactions contemplated and referred herein.  The Company
      and the Transfer Agent agree that in the event of any dispute arising in
      connection with this Agreement or otherwise in connection with any
      transaction or agreement contemplated and referred herein, the Escrow
      Agent shall be permitted to continue to represent the Buyer and neither
      the Company nor the Transfer Agent will seek to disqualify such
      counsel.

            

    

     

    
      	
               
      

            	
              4.

            	
              Company
      Acknowledgments.

            

    

     

    
      	
               
      

            	
              a.

            	
              The
      Company hereby agrees that it shall not replace the Transfer Agent as the
      Company’s transfer agent without the prior written consent of the
      Buyer.

            

    

     

    
      	
               
      

            	
              b.

            	
              The
      Company agrees that in the event that the Transfer Agent resigns as the
      Company’s transfer agent the Company shall engage a suitable replacement
      transfer agent that will agree to serve as transfer agent and to be bound
      by the terms and conditions of these Irrevocable Transfer Agent
      Instructions within 5 business days from the effectiveness of such
      resignation.

            

    

     

    
      	
               
      

            	
              c.

            	
              The
      Company acknowledges that the Buyer is relying on the representations and
      covenants made by the Company hereunder and are a material inducement to
      the Buyer purchasing the Debenture pursuant to the
      Agreement.  The Company further acknowledges that without such
      representations and covenants of the Company made hereunder, the Buyer
      would not purchase the Debenture.

            

    

     

    
      	
               
      

            	
              d.

            	
              The
      Company specifically acknowledges and agrees that in the event of a breach
      or threatened breach by a party hereto of any provision hereof, the Buyer
      will be irreparably damaged and that damages at law would be an inadequate
      remedy if these Irrevocable Transfer Agent Instructions were not
      specifically enforced.  Therefore, in the event of a breach or
      threatened breach by the Company, including, without limitation, the
      attempted termination of the agency relationship created by this
      instrument, the Buyer shall be entitled, in addition to all other rights
      or remedies, to an injunction restraining such breach, without being
      required to show any actual damage or to post any bond or other security,
      and/or to a decree for specific performance of the provisions of these
      Irrevocable Transfer Agent
Instructions.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              5.

            	
              Transfer Agent Binding
      Disclaimer:  In consideration for the Transfer Agent
      agreeing and attesting to all terms in the above referenced Irrevocable
      Transfer Agent Instructions, in particular any kind of lawsuit and or
      action that may arise from the Buyer’s instructing the Transfer Agent to
      issue shares based on the legality of the Agreement whereas the Company is
      denying the request in full or partially for whatever reason, the Company,
      Buyer and any other third party involved agree for ourselves, our
      successors, legal representatives and assigns, at all times to defend,
      indemnify and save the Transfer Agent, their successors and assigns, free
      and harmless from and against any and all claims, from actions, suits,
      whether groundless or otherwise, and from and against any and all
      liabilities, taxes, losses, damages, costs, charges, counsel fees, and
      other expenses of every nature and character that arises from this
      action.

            

    

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    IN WITNESS WHEREOF, the
parties have caused this letter agreement regarding Irrevocable Transfer Agent
Instructions to be duly executed and delivered as of the date first written
above.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 
      	
                                      COMPANY:

                                    
	 
      	 
      
	 
      	
                                      Neomedia
      Technologies, Inc.

                                    
	 
      	 
      	 
      	 
      
	 
      	      
                                      By:

                                    	
                                       
      

                                    	
                                      /s/
      Michael W. Zima

                                    	 
      
	 
      	
                                      Name:

                                    	
                                      Michael
      W. Zima

                                    	 
      
	 
      	
                                      Title:

                                    	
                                      CFO

                                    	 
      
	 
      	 
      
	 
      	
                                      BUYER:

                                    
	 	 
	 
      	
                                      YA
      Global Investments, L.P.

                                    
	 
      	 
      	 
      	 
      
	 
      	
                                      By:

                                    	
                                      Yorkville
      Advisors, LLC

                                    	 
      
	 
      	
                                      Its:

                                    	
                                      Investment
      Manager

                                    	 
      
	 
      	 
      	 
      	 
      
	 
      	      
                                      By:

                                    	
                                       
      

                                    	
                                      /s/
      Gerald Eicke

                                    	 
      
	 
      	
                                      Name:

                                    	
                                      Gerald
      Eicke

                                    	 
      
	 
      	
                                      Title:

                                    	
                                      Managing
      Member

                                    	 
      
	 
      	 
      
	 
      	
                                      ESCROW
      AGENT

                                    
	 
      	 
      	 
      	 
      
	 
      	      
                                      By:

                                    	
                                        

                                    	
                                      /s/
      David Gonzalez

                                    	 
      
	 
      	
                                      David
      Gonzalez, Esq.

                                    
	 
      	 
      
	
                                      WorldWide
      Stock Transfer, LLC

                                    	 
      
	 
      	 
      
	
                                      By:

                                    	 
      	 
      
	
                                      Name

                                    	 
      	 
      
	
                                      Title:Unassociated Document

    FORM
OF SUBSCRIPTION ESCROW AGREEMENT

    

    THIS SUBSCRIPTION ESCROW AGREEMENT
dated as
of            , 2010
(this “Agreement”), is
entered into among Realty Capital Securities, LLC (the “Dealer Manager”), American
Realty Capital Healthcare Trust, Inc. (the “Company”) and Wells Fargo
Bank, National Association, as escrow agent (the “Escrow Agent”).

    

    WHEREAS, the Company intends
to raise cash funds from investors (the “Investors”) pursuant to a
public offering (the “Offering”) of not less than
200,000 (the “Minimum
Amount”) nor more than 150,000,000 shares of common stock, par value
$0.01 of the Company (the “Securities”), pursuant to the
registration statement on Form S-11 of the Company (No. 333-169075) (as amended,
the “Offering
Document”) a copy of which is attached as Exhibit A
hereto.

    

    WHEREAS, the Escrow Agent is
willing to accept appointment as escrow agent only for the expressed duties
outlined herein.

    

    NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and agreements
contained herein, the parties hereto, intending to be legally bound, hereby
agree as follows:

    

    1.           Proceeds to be Escrowed. On or
before the first date of the Offering, the Company shall establish an escrow
account with the Escrow Agent to be invested in accordance with Section 9 hereof
entitled “ESCROW ACCOUNT FOR THE BENEFIT OF INVESTORS FOR COMMON STOCK OF
AMERICAN REALTY CAPITAL HEALTHCARE TRUST, INC.” (including such abbreviations as
are required for the Escrow Agent’s systems) (the “Escrow
Account”).  All funds received from subscribers of Securities
(“Investors”, which
term also shall include Pennsylvania Investors and Tennessee Investors unless
the context otherwise requires) 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 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.

    

    Proceeds received from Pennsylvania
Investors shall be accounted for separately in a subaccount entitled “Escrow
Account for the Benefit of Pennsylvania Investors for American Realty Capital
Healthcare Trust, Inc.” (including such abbreviations as are required for the
Escrow Agent’s systems) (the “Pennsylvania Escrow
Account”), until such Pennsylvania Escrow Account has closed pursuant to
Section
4.  The Company shall, and shall cause its agents to, cooperate
with the Escrow Agent in separately accounting for Investor Funds from
Pennsylvania Investors in the Pennsylvania Escrow Account, and the Escrow Agent
shall be entitled to rely upon information provided by the Company or its agents
in this regard.

    

    Proceeds received from Tennessee
Investors shall be accounted for separately in a subaccount entitled “Escrow
Account for the Benefit of Tennessee Investors for American Realty Capital
Healthcare Trust, Inc.” (including such abbreviations as are required for the
Escrow Agent’s systems) (the “Tennessee Escrow Account,”
and together with the Escrow Account and the Pennsylvania Escrow Account, the
“ARC Healthcare Escrow
Accounts”), until such Tennessee Escrow Account has closed pursuant to
Section
5.  The Company shall, and shall cause its agents to, cooperate
with the Escrow Agent in separately accounting for Investor Funds from Tennessee
Investors in the Tennessee Escrow Account, and the Escrow Agent shall be
entitled to rely upon information provided by the Company or its agents in this
regard.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    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 ARC Healthcare Escrow Accounts 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.

    

    2.           Investors. Investors
(including Pennsylvania Investors and Tennessee Investors) will be instructed by
the Dealer Manager or any soliciting dealers to remit the purchase price in the
form of checks (hereinafter “instruments of payment”) payable to the order of,
or funds wired in favor of, “WELLS FARGO BANK, NA, ESCROW AGENT FOR AMERICAN
REALTY CAPITAL HEALTHCARE TRUST, INC.”  Any checks made payable to a
party other than the Escrow Agent shall be returned to the soliciting dealer 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 or the Dealer
Manager shall furnish the Escrow Agent with a list of the Investors who have
paid for the Securities showing the name, address, tax identification number,
amount of Securities subscribed for, the amount paid and whether such Investors
are Pennsylvania Investors or Tennessee Investors.  The information
comprising the identity of Investors shall be provided to the Escrow Agent in
substantially the format set forth in the “List of Investors” attached hereto as
Exhibit B.  The
Escrow Agent shall be entitled to conclusively rely upon the List of Investors
in determining whether Investors are Pennsylvania Investors or Tennessee
Investors, and shall have no duty to independently determine or verify the
same.

    

    All Investor Funds deposited in the ARC
Healthcare Escrow Accounts shall not be subject to any liens or charges by the
Company or the Escrow Agent, or judgments or creditors’ claims against the
Company, until and unless released to the Company as hereinafter
provided.  The Company understands and agrees that the Company shall
not be entitled to any Investor Funds on deposit in the ARC Healthcare Escrow
Accounts and no such funds shall become the property of the Company, or any
other entity except as released to the Company pursuant to Sections 3, 4 or 5 hereto. The Escrow
Agent will not use the information provided to it by the Company for any purpose
other than to fulfill its obligations as Escrow Agent.  The Company
and the Escrow Agent will treat all Investor information as
confidential.  The Escrow Agent shall not be required to accept any
Investor Funds which are not accompanied by the information on the List of
Investors.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    3.           Disbursement of
Funds.  Once the Escrow Agent is in receipt of good and
collected Investor Funds totaling at least the Minimum Amount from Investors
(excluding funds from Pennsylvania Investors and Tennessee Investors), the
Escrow Agent shall notify the Company of same in writing. Additionally, at the
end of the third business day following the Termination Date (as defined in
Section 6), the
Escrow Agent shall notify the Company of the amount of the Investor Funds
received.  If the Minimum Amount has been obtained on or before the
Termination Date, the Escrow Agent shall promptly notify the Company and, upon
receiving acknowledgement of such notice and written instructions from the
Company’s President or Chief Financial Officer to disburse the Investor Funds,
the Escrow Agent shall disburse to the Company, by check or wire transfer, the
funds in the Escrow Account, except for amounts payable by the Company to the
Escrow Agent pursuant to Exhibit D to this
Agreement that remain outstanding.  The Escrow Agent agrees that funds
in the Escrow Account shall not be released to the Company until and unless the
Escrow Agent receives written instructions to release the funds from the
Company’s President or Chief Financial Officer.

    

    If the Minimum Amount has not been
obtained prior to the Termination Date, the Escrow Agent shall, within a
reasonable time following the Termination Date, but in no event more than thirty
(30) days after the Termination Date, refund to each Investor by check funds
deposited in the Escrow Account, or shall return the instruments of payment
delivered to Escrow Agent if such instruments have not been processed for
collection prior to such time, directly to each Investor at the address provided
on the List of Investors. Included in the remittance shall be a proportionate
share of the income earned in the account allocable to each Investor’s
investment in accordance with the terms and conditions specified herein, except
that in the case of Investors who have not provided an executed Form W-9 or
substitute Form W-9 (or the applicable substitute Form W-8 for foreign
investors), the Escrow Agent shall withhold the applicable percentage of the
earnings attributable to those Investors in accordance with IRS regulations.
Notwithstanding the foregoing, the Escrow Agent shall not be required to remit
any payments until funds represented by such payments have been collected by
Escrow Agent.

    

    If the Escrow Agent receives written
notice from the Company that the Company intends to reject an Investor’s
subscription, the Escrow Agent shall pay to the applicable Investor(s), within a
reasonable time not to exceed ten (10) business days after receiving notice of
the rejection, by first class United States Mail at the address provided on the
List of Investors, or at such other address as shall be furnished to the Escrow
Agent by the Investor in writing, all collected sums paid by the Investor for
Securities and received by the Escrow Agent, together with the interest earned
on such Investor Funds (determined in accordance with the terms and conditions
specified herein).

    

    4.           Disbursement of Proceeds for
Pennsylvania Investors.   Notwithstanding the foregoing,
proceeds from Pennsylvania Investors will not count towards meeting the Minimum
Amount for purposes of Section
3.  Proceeds received from Pennsylvania Investors will not be
released from the Pennsylvania Escrow Account until the Pennsylvania Minimum
Amount is obtained.  If the Pennsylvania Minimum Amount is obtained at
any time prior to the Termination Date, the Escrow Agent shall promptly notify
the Company and, upon receiving acknowledgement of such notice and written
instructions from the Company’s President or Chief Financial Officer, the Escrow
Agent shall disburse to the Company, by check or wire transfer, the funds in the
Pennsylvania Escrow Account, except for amounts payable by the Company to the
Escrow Agent pursuant to Exhibit D to this
Agreement that remain outstanding.  The Escrow Agent agrees that funds
in the Pennsylvania Escrow Account shall not be released to the Company until
and unless the Escrow Agent receives written instructions to release the funds
from the Company’s President or Chief Financial Officer.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    If the
Pennsylvania Minimum Amount has not been obtained prior to the Termination Date,
the Escrow Agent shall, within a reasonable time following the Termination Date,
but in no event more than thirty (30) days after the Termination Date, refund to
each Pennsylvania Investor by check funds deposited in the Pennsylvania Escrow
Account, or shall return the instruments of payment delivered to Escrow Agent if
such instruments have not been processed for collection prior to such time,
directly to each Pennsylvania Investor at the address provided on the List of
Investors. Included in the remittance shall be a proportionate share of the
income earned in the account allocable to each Pennsylvania Investor’s
investment in accordance with the terms and conditions specified herein, except
that in the case of Investors who have not provided an executed Form W-9 or
substitute Form W-9, the Escrow Agent shall withhold the applicable percentage
of the earnings attributable to those Investors in accordance with IRS
regulations. Notwithstanding the foregoing, the Escrow Agent shall not be
required to remit any payments until funds represented by such payments have
been collected by Escrow Agent.

    

    If the Escrow Agent is not in receipt
of evidence of subscriptions accepted on or before the close of business on such
date that is 120 days after commencement of the Offering (the Company will
notify the Escrow Agent in writing of the commencement date of the Offering)
(the “Initial Escrow
Period”), and instruments of payment dated not later than that date, for
the purchase of Securities providing for total purchase proceeds from all
nonaffiliated sources that equal or exceed the Pennsylvania Minimum Amount, the
Escrow Agent shall promptly notify the Company. Thereafter, the Company or its
agents shall send to each Pennsylvania Investor by certified mail within ten
(10) calendar days after the end of the Initial Escrow Period a
notification substantially in the form of Exhibit F.  If,
pursuant to such notification, a Pennsylvania Investor requests the return of
his or her Investor Funds within ten (10) calendar days after receipt of the
notification (the “Request
Period”), the Escrow Agent shall promptly refund directly to each
Pennsylvania Investor the collected funds deposited in the Pennsylvania Escrow
Account on behalf of such Pennsylvania Investor or shall return the instruments
of payment delivered, but not yet processed for collection prior to such time,
to the address provided on the List of Investors, upon which the Escrow Agent
shall be entitled to rely, together with interest income earned as determined in
accordance with the terms and conditions specified herein (which interest shall
be paid within five business days after the first business day of the succeeding
month). Notwithstanding the above, if the Escrow Agent has not received an
executed Form W-9 or substitute Form W-9 for such Pennsylvania Investor, the
Escrow Agent shall thereupon remit an amount to such Pennsylvania Investor in
accordance with the provisions hereof, withholding the applicable percentage for
backup withholding required by the Internal Revenue Code, as then in effect,
from any interest income earned on Investor Funds (determined in accordance with
the terms and conditions specified herein) attributable to such Pennsylvania
Investor. However, the Escrow Agent shall not be required to remit such payments
until the Escrow Agent has collected funds represented by such
payments.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

                  The
Investor Funds of Pennsylvania Investors who do not request the return of their
Investor Funds within the Request Period shall remain in the Pennsylvania Escrow
Account for successive 120-day escrow periods (a “Successive Escrow Period”),
each commencing automatically upon the termination of the prior Successive
Escrow Period, and the Company and Escrow Agent shall follow the notification
and payment procedure set forth above with respect to the Initial Escrow Period
for each Successive Escrow Period until the occurrence of the earliest of
(i) the Termination Date, (ii) the receipt and acceptance by the
Company of subscriptions for the purchase of Securities with total purchase
proceeds that equal or exceed the Pennsylvania Minimum Amount and the
disbursement of the Pennsylvania Escrow Account on the terms specified herein,
and (iii) all funds held in the Pennsylvania Escrow Account having been
returned to the Pennsylvania Investors in accordance with the provisions
hereof.

    

    5.           Disbursement of Proceeds for
Tennessee Investors.   Notwithstanding the foregoing, proceeds
from Tennessee Investors will not count towards meeting the Minimum Amount for
purposes of Section
3.  Proceeds received from Tennessee Investors will not be
released from the Tennessee Escrow Account until the Tennessee Minimum Amount is
obtained.  If the Tennessee Minimum Amount is obtained at any time
prior to the Termination Date, the Escrow Agent shall promptly notify the
Company and, upon receiving acknowledgement of such notice and written
instructions from the Company’s President or Chief Financial Officer, the Escrow
Agent shall disburse to the Company, by check or wire transfer, the funds in the
Tennessee Escrow Account, except for amounts payable by the Company to the
Escrow Agent pursuant to Exhibit D to this
Agreement that remain outstanding.  The Escrow Agent agrees that funds
in the Tennessee Escrow Account shall not be released to the Company until and
unless the Escrow Agent receives written instructions to release the funds from
the Company’s President or Chief Financial Officer.

    

    If the
Tennessee Minimum Amount has not been obtained prior to the Termination Date,
the Escrow Agent shall, within a reasonable time following the Termination Date,
but in no event more than thirty (30) days after the Termination Date, refund to
each Tennessee Investor by check funds deposited in the Tennessee Escrow
Account, or shall return the instruments of payment delivered to Escrow Agent if
such instruments have not been processed for collection prior to such time,
directly to each Tennessee Investor at the address provided on the List of
Investors. Included in the remittance shall be a proportionate share of the
income earned in the account allocable to each Tennessee Investor’s investment
in accordance with the terms and conditions specified herein, except that in the
case of Investors who have not provided an executed Form W-9 or substitute Form
W-9, the Escrow Agent shall withhold the applicable percentage of the earnings
attributable to those Investors in accordance with IRS regulations.
Notwithstanding the foregoing, the Escrow Agent shall not be required to remit
any payments until funds represented by such payments have been collected by
Escrow Agent.

    

    6.           Term of Escrow. The “Termination Date” shall be
the earliest of:  (i) the close of business on September 2, 2011, the
one year anniversary of the date the Offering Document was declared effective by
the Securities and Exchange Commission; (ii) all funds held in the ARC
Healthcare Escrow Accounts are distributed to the Company or to Investors
pursuant to Section
3, for Pennsylvania Investors, Section 4, or, for
Tennessee Investors, Section 5, and the
Company has informed the Escrow Agent in writing to close each of the ARC
Healthcare Escrow Accounts; (iii) the date the Escrow Agent receives written
notice from the Company that it is abandoning the sale of the Securities; and
(iv) 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 twenty (20) days.  After the
Termination Date the Company and its agents shall not deposit, and the Escrow
Agent shall not accept, any additional amounts representing payments by
prospective Investors.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    7.           Duty and Liability of the Escrow
Agent. The sole duty of the Escrow Agent shall be to receive Investor
Funds and hold them subject to release, in accordance herewith, and the Escrow
Agent shall be under no duty to determine whether the Company or the Dealer
Manager is complying with requirements of this Agreement, the Offering or
applicable securities or other laws in tendering the Investor Funds to the
Escrow Agent. No other agreement entered into between the parties, or any of
them, shall be considered as adopted or binding, in whole or in part, upon the
Escrow Agent notwithstanding that any such other agreement may be referred to
herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge
thereof, including specifically but without limitation any Offering Documents
(including the subscription agreement and exhibits thereto), and the Escrow
Agent’s rights and responsibilities shall be governed solely by this
Agreement.  The Escrow Agent shall not be responsible for or be
required to enforce any of the terms or conditions of any Offering Document
(including the subscription agreement and exhibits thereto) or other agreement
between the Company and any other party.  The Escrow Agent may
conclusively rely upon and shall be protected in acting upon any statement,
certificate, notice, request, consent, order or other document believed by it to
be genuine and to have been signed or presented by the proper party or parties.
The Escrow Agent shall have no duty or liability to verify any such statement,
certificate, notice, request, consent, order or other document, and its sole
responsibility shall be to act only as expressly set forth in this Agreement.
Concurrent with the execution of this Agreement, the Company shall deliver to
the Escrow Agent an authorized signers form in the form of Exhibit C to this
Agreement.  The Escrow Agent shall be under no obligation to institute
or defend any action, suit or proceeding in connection with this Agreement
unless first indemnified to its satisfaction.  The Escrow Agent may
consult counsel of its own choice with respect to any question arising under
this Agreement and the Escrow Agent shall not be liable for any action taken or
omitted in good faith upon advice of such counsel.  The Escrow Agent
shall not be liable for any action taken or omitted by it in good faith except
to the extent that a court of competent jurisdiction determines that the Escrow
Agent’s gross negligence or willful misconduct was the primary cause of loss.
The Escrow Agent is acting solely as escrow agent hereunder and owes no duties,
covenants or obligations, fiduciary or otherwise, to any other person by reason
of this Agreement, except as otherwise stated herein, and no implied duties,
covenants or obligations, fiduciary or otherwise, shall be read into this
Agreement against the Escrow Agent.  If any disagreement between any of the
parties to this Agreement, or between any of them and any other person,
including any Investor, resulting in adverse claims or demands being made in
connection with the matters covered by this Agreement, or if the Escrow Agent is
in doubt as to what action it should take hereunder, the Escrow Agent may, at
its option, refuse to comply with any claims or demands on it, or refuse to take
any other action hereunder, so long as such disagreement continues or such doubt
exists, and in any such event, the Escrow Agent shall not be or become liable in
any way or to any person for its failure or refusal to act, and the Escrow Agent
shall be entitled to continue so to refrain from acting until (i) the rights of
all interested parties shall have been fully and finally adjudicated by a court
of competent jurisdiction, or (ii) all differences shall have been adjudged and
all doubt resolved by agreement among all of the interested persons, and the
Escrow Agent shall have been notified thereof in writing signed by all such
persons. Notwithstanding the foregoing, the Escrow Agent may in its discretion
obey the order, judgment, decree or levy of any court, whether with or without
jurisdiction and the Escrow Agent is hereby authorized in its sole discretion to
comply with and obey any such orders, judgments, decrees or
levies.  If any controversy should arise with respect to this
Agreement the Escrow Agent shall have the right, at its option, to institute an
interpleader action in any court of competent jurisdiction to determine the
rights of the parties.  IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE,
DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR
DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN
IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR
DAMAGES AND REGARDLESS OF THE FORM OF ACTION.  The parties agree that
the Escrow Agent has no role in the preparation of the Offering Documents
(including the subscription agreement and exhibits thereto) and makes no
representations or warranties with respect to the information contained therein
or omitted therefrom.  The Escrow Agent shall have no obligation, duty
or liability with respect to compliance with any federal or state securities,
disclosure or tax laws concerning the Offering Documents (including the
subscription agreement and exhibits thereto) or the issuance, offering or sale
of the Securities.  The Escrow Agent shall have no duty or obligation
to monitor the application and use of the Investor Funds once transferred to the
Company, that being the sole obligation and responsibility of the
Company.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    8.           Escrow Agent’s Fee. The Escrow
Agent shall be entitled to compensation for its services as stated in the fee
schedule attached hereto as Exhibit D, which
compensation shall be paid by the Company. The fee agreed upon for the services
rendered hereunder is intended as full compensation for the Escrow Agent’s
services as contemplated by this Agreement; provided, however, that if the
conditions for the disbursement of funds under this Agreement are not fulfilled,
or the Escrow Agent renders any material service not contemplated in this
Agreement, or there is any assignment of interest in the subject matter of this
Agreement, or any material modification hereof, or if any material controversy
arises hereunder, or the Escrow Agent is made a party to any litigation
pertaining to this Agreement, or the subject matter hereof, then the Escrow
Agent shall be reasonably compensated for such extraordinary services and
reimbursed for all costs and expenses, including reasonable attorney’s fees,
occasioned by any delay, controversy, litigation or event, and the same shall be
recoverable from the Company.  The Company’s obligations under this
Section 8 shall
survive the resignation or removal of the Escrow Agent and the assignment or
termination of this Agreement.

    

    9.           Investment of Investor Funds.
The Investor Funds shall be deposited in the ARC Healthcare Escrow
Accounts in accordance with Section 3, for
Pennsylvania Investors, Section 4, or, for
Tennessee Investors, Section
5.  The Escrow Agent is hereby directed to invest all funds
received under this Agreement, including principal and interest in, the Wells
Fargo Bank Money Market Deposit Account, as directed in writing in the form of
Exhibit E to
this Agreement.  The Escrow Agent shall invest the Investor Funds in
alternative investments in accordance with written instructions as may from time
to time be provided to the Escrow Agent and signed by the Company.  In
the absence of written investment instructions from the Company to the contrary,
the Escrow Agent is hereby directed to invest the Investor Funds in the Wells
Fargo Bank Money Market Deposit Account.  Notwithstanding the
foregoing, Investor Funds shall not be invested in anything other than “Short
Term Investments” in compliance with Rule 15c2-4 of the Securities Exchange Act
of 1934, as amended.  The following are not permissible
investments:  (a) money market mutual funds; (b) corporate debt or
equity securities; (c) repurchase agreements; (d) banker’s acceptance; (e)
commercial paper; and (f) municipal securities.  Any interest received
by the Escrow Agent with respect to the Investor Funds, including reinvested
interest shall become part of the Investor Funds, and shall be disbursed
pursuant to Section
3, for Pennsylvania Investors, Section 4, or, for
Tennessee Investors, Section 5.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    The
Escrow Agent shall be entitled to sell or redeem any such investments as
necessary to make any payments or distributions required under this
Agreement.  The Escrow Agent shall have no responsibility or liability
for any loss which may result from any investment made pursuant to this
Agreement, or for any loss resulting from the sale of such
investment.  The parties acknowledge that the Escrow Agent is not
providing investment supervision, recommendations, or advice.

    

    The
Company on the date of this Agreement shall provide the Escrow Agent with a
certified tax identification number by furnishing appropriate IRS form W-9 or
W-8 (or substitute Form W-9 or W-8) and other forms and documents that the
Escrow Agent may reasonably request, including without limitation a tax form for
each Investor.  The Company understands that if such tax reporting
documentation is not so certified to the Escrow Agent, the Escrow Agent may be
required by the Internal Revenue Code of 1986, as amended, to withhold a portion
of any interest or other income earned on the Investor Funds pursuant to this
Agreement.  For tax reporting purposes, all interest and other income
from investment of the Investor Funds shall, as of the end of each calendar year
and to the extent required by the Internal Revenue Service, be reported as
having been earned by the party to whom such interest or other income is
distributed, in the year in which it is distributed.

    

    The
Company agrees to indemnify and hold the Escrow Agent harmless from and against
any taxes, additions for late payment, interest, penalties and other expenses
that may be assessed against the Escrow Agent on or with respect to any payment
or other activities under this Agreement unless any such tax, addition for late
payment, interest, penalties and other expenses shall be determined by a court
of competent jurisdiction to have been caused by the Escrow Agent’s gross
negligence or willful misconduct.  The terms of this Section shall
survive the termination of this Agreement and the resignation or removal of the
Escrow Agent.

    

    10.           Notices.  All
notices, requests, demands, and other communications under this Agreement shall
be in writing and shall be deemed to have been duly given (a) on the date of
service if served personally on the party to whom notice is to be given, (b) on
the day of transmission if sent by facsimile/email transmission bearing an
authorized signature to the facsimile number/email address given below, and
written confirmation of receipt is obtained promptly after completion of
transmission, (c) on the day after delivery to Federal Express or similar
overnight courier or the Express Mail service maintained by the United States
Postal Service, or (d) on the fifth day after mailing, if mailed to the party to
whom notice is to be given, by first class mail, registered or certified,
postage prepaid, and properly addressed, return receipt requested, to the party
as follows:

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    If to the
Company:

    

    405 Park
Avenue

    New York,
New York 10022

    Fax:
(212) 421-5799

    Attention:  Edward
M. Weil, Jr., Executive Vice President and Secretary

    Attention:  Brian
S. Block, Executive Vice President and Chief Financial Officer

    

    with a
copy to:

    

    Proskauer
Rose LLP

    1585
Broadway

    New York,
New York 10036

    Fax:
(212) 969-2900

    Attention:
Peter M. Fass, Esq.

    Attention:  James
P. Gerkis, Esq.

     

    If to the
Dealer Manager:

    

    Realty
Capital Securities, LLC

    Three
Copley Place

    Suite
3300

    Boston,
MA 02116

    Attention:  Louisa
Quarto, President

    

    with a
copy to:

    

    Proskauer
Rose LLP

    1585
Broadway

    New York,
New York 10036

    Fax:
(212) 969-2900

    Attention:
Peter M. Fass, Esq.

    Attention:  James
P. Gerkis, Esq.

    

    and:

    

    American
Realty Capital Healthcare Trust, Inc.

    405 Park
Avenue

    New York,
New York 10022

    Fax:
(212) 421-5799

    Attention:  Edward
M. Weil, Jr., Executive Vice President and Secretary

    Attention:  Brian
S. Block, Executive Vice President and Chief Financial Officer

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    If to
Escrow Agent:

    

    Wells
Fargo Bank, National Association

    45
Broadway, 14th Floor

    New York,
NY  10006

    Fax:
(212) 509-1716

    Attention:  Matt
Sherman

    

    Any party
may change its address for purposes of this Section by giving the other party
written notice of the new address in the manner set forth above.

    

    11.           Indemnification of Escrow Agent.
The Company and the Dealer Manager hereby jointly and severally
indemnify, defend and hold harmless the Escrow Agent from and against, any and
all loss, liability, cost, damage and expense, including, without limitation,
reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur
by reason of any action, claim or proceeding brought against the Escrow Agent
arising out of or relating in any way to this Agreement or any transaction to
which this Agreement relates unless such loss, liability, cost, damage or
expense is finally determined by a court of competent jurisdiction to have been
primarily caused by the willful misconduct of the Escrow Agent.  The
terms of this Section shall survive the termination of this Agreement and the
resignation or removal of the Escrow Agent.

    

    12.           Successors and Assigns. Except
as otherwise provided in this Agreement, no party hereto shall assign this
Agreement or any rights or obligations hereunder without the prior written
consent of the other parties hereto and any such attempted assignment without
such prior written consent shall be void and of no force and effect. This
Agreement shall inure to the benefit of and shall be binding upon the successors
and permitted assigns of the parties hereto.  Any corporation or
association into which the Escrow Agent may be converted or merged, or with
which it may be consolidated, or to which it may sell or transfer all or
substantially all of its corporate trust business and assets as a whole or
substantially as a whole, or any corporation or association resulting from any
such conversion, sale, merger, consolidation or transfer to which the Escrow
Agent is a party, shall be and become the successor Escrow Agent under this
Agreement and shall have and succeed to the rights, powers, duties, immunities
and privileges as its predecessor, without the execution or filing of any
instrument or paper or the performance any further act.

    

    13.           Governing Law; Jurisdiction.
This Agreement shall be construed, performed, and enforced in accordance
with, and governed by, the internal laws of the State of New York, without
giving effect to the principles of conflicts of laws thereof.

    

    14.           Severability. If any part of
this Agreement is declared by any court or other judicial or administrative body
to be null, void, or unenforceable, said provision shall survive to the extent
it is not so declared, and all of the other provisions of this Agreement shall
remain in full force and effect.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    15.           Amendments; Waivers. This
Agreement may be amended or modified, and any of the terms, covenants,
representations, warranties, or conditions hereof may be waived, only by a
written instrument executed by the parties hereto, or in the case of a waiver,
by the party waiving compliance. Any waiver by any party of any condition, or of
the breach of any provision, term, covenant, representation, or warranty
contained in this Agreement, in any one or more instances, shall not be deemed
to be nor construed as further or continuing waiver of any such condition, or of
the breach of any other provision, term, covenant, representation, or warranty
of this Agreement.  The Company and the Dealer Manager agree that any
requested waiver, modification or amendment of this Agreement shall be
consistent with the terms of the Offering.

    

    16.           Entire Agreement. This
Agreement contains the entire agreement and understanding among the parties
hereto with respect to the escrow contemplated hereby and supersedes and
replaces all prior and contemporaneous agreements and understandings, oral or
written, with regard to such escrow.

    

    17.           Section Headings. The section
headings in this Agreement are for reference purposes only and shall not affect
the meaning or interpretation of this Agreement.

    

    18.           Counterparts. This Agreement
may be executed (including by facsimile transmission) with counterpart signature
pages or in counterparts, each of which shall be deemed an original, but all of
which shall constitute the same instrument.

    

    19.           Resignation. The Escrow Agent
may resign upon 30 days’ advance written notice to the parties hereto. If a
successor escrow agent is not appointed by the Company within the 30-day period
following such notice, the Escrow Agent may petition any court of competent
jurisdiction to name a successor escrow agent, or may interplead the Investor
Funds with such court, whereupon the Escrow Agent’s duties hereunder shall
terminate.

    

    20.           References to Escrow
Agent.  Other than the Offering Document (including the
subscription agreement and exhibits thereto) and any amendments thereof or
supplements thereto, no printed or other matter in any language (including,
without limitation, notices, reports and promotional material) which mentions
the Escrow Agent’s name or the rights, powers, or duties of the Escrow Agent
shall be issued by the Company or the Dealer Manager, or on the Company’s or the
Dealer Manager’s behalf, unless the Escrow Agent shall first have given its
specific written consent thereto.  Notwithstanding the foregoing, any
amendment or supplement to the Offering Document (including the subscription
agreement and exhibits thereto) that revises, alters, modifies, changes or adds
to the description of the Escrow Agent or its rights, powers or duties hereunder
shall not be issued by the Company or the Dealer Manager, or on the Company’s or
Dealer Manager’s behalf, unless the Escrow Agent has first given specific
written consent thereto.

    

    [Signature
page follows]

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed the date and year first
set forth above.

     

     

     

    
      
        	 	
                AMERICAN
      REALTY CAPITAL 

                HEALTHCARE
      TRUST, INC.

              
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	
                Name:
      Nicholas S. Schorsch

              	 
	 	 	
                Title:
      Chief Executive Officer

              	 
	 	 	 	 
	 	
                REALTY
      CAPITAL SECURITIES, LLC

              
	 	 	 	 
	 	By:
      	 	 
	 	 	
                Name:
      Louisa Quarto

              	 
	 	 	
                Title:
      President

              	 
	 	 	 	 
	 	
                WELLS FARGO BANK,
      NATIONAL ASSOCIATION,
      

                as
      Escrow Agent

              
	 	 	 	 
	 	By: 
      	 	 
	 	 	Name: 	 
	 	 	Title:	 

      

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    Exhibit
A

    

    Copy of
Offering Document

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    Exhibit
B

    

    List of
Investors

    

    Pursuant
to the Subscription Escrow Agreement dated as of   , 2010, among
Realty Capital Securities, LLC, American Realty Capital Healthcare Trust, Inc.,
(the “Company”), and
Wells Fargo Bank, National Association (the “Escrow Agent”), the Company
hereby certifies that the following Investors have paid money for the purchase
of shares of the Company’s common stock, par value $0.01 (“Securities”), and the
money has been deposited with the Escrow Agent:

    

    
      	
              1.

            	
              Name
      of Investor

            
	 
      	
              Address

            
	 
      	
              Tax
      Identification Number

            
	 
      	
              Amount
      of Securities subscribed for

            
	 
      	
              Amount
      of money paid and deposited with Escrow Agent

            
	 
      	
              Is
      Investor a resident of Pennsylvania (Yes or No)?

            
	 
      	
              Is
      Investor a resident of Tennessee (Yes or
No)?

            

    

    

    

    

    
      	
              2.

            	
              Name
      of Investor

            
	 
      	
              Address

            
	 
      	
              Tax
      Identification Number

            
	 
      	
              Amount
      of Securities subscribed for

            
	 
      	
              Amount
      of money paid and deposited with Escrow Agent

            
	 
      	
              Is
      Investor a resident of Pennsylvania (Yes or No)?

            
	 
      	
              Is
      Investor a resident of Tennessee (Yes or
No)?

            

    

     

    
      
        	 	
                REALTY
      CAPITAL SECURITIES, LLC

              	 
	 	 	 	 
	
                
                  Dated:
      _____________________________

                

              	
                By:
      

              	 	 
	 	 	
                Name:
      Louisa Quarto

              	 
	 	 	
                Title:
      President

              	 
	 	 	 	 

      

    

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    Exhibit
C

    

    CERTIFICATE
AS TO AUTHORIZED SIGNATURES

     

    

    
      
        	
                 

              	
                Account
      Name:

              

      

    

    

    
      
        	
                 

              	
                Account
      Number:

              

      

    

     

    The
specimen signatures shown below are the specimen signatures of the individuals
who have been designated as Authorized Representatives of American Realty Capital Healthcare
Trust, Inc. and are authorized to initiate and approve transactions of
all types for the above-mentioned account on behalf of American Realty Capital Healthcare
Trust, Inc.

     

    
       

      
        
          	
                  Name/Title

                	 	 	
                  Specimen
      Signature

                	 
	 	 	 	 	 
	
                  Nicholas
      S. Schorsch

                	 	 	
                   

                	 
	
                  Chief
      Executive Officer

                	 	 	
                  
                    Signature

                  

                	 
	 	 	 	 	 
	
                  William
      M. Kahane

                	 	 	 	 
	
                  President
      and Chief Operatiing Officer

                	 	 	
                  Signature

                	 
	 	 	 	 	 
	
                  Brian
      Block

                	 	 	 	 
	
                  Executive
      Vice President and Chief Financial Officer

                	 	 	
                  Signature

                	 
	 	 	 	 	 
	
                  Edward
      M. Weil, Jr.

                	 	 	 
      	 
	
                  Executive
      Vice President and Secretary

                	 	 	
                  Signature

                	 

        

      

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    Exhibit
D

    

    
      	
              Wells
      Fargo Bank

              Corporate
      Trust Services

              1445
      Ross Avenue, 2nd
      Floor

              Mac
      T5303-022

              Dallas,
      TX  75202

            	
              [NAME]

              [POSITION]

              Tel:  [__________]

              Fax:  [__________]

              [EMAIL]

            	 	
              [logo]

            

    

     

    GENERAL
SCHEDULE OF FEES

    to
act as ESCROW AGENT for the

    American
Realty Capital Healthcare Trust, Inc. Subscription Escrow up to
$75,000,000

    

    
      	
              Acceptance Fee:
      

            	
              $500

            

    

     

    Initial
Fees as they relate to Wells Fargo Bank acting in the capacity of Escrow Agent –
includes review of the Escrow Agreement; acceptance of the Escrow appointment;
setting up of Escrow Account(s) and accounting records; and coordination of
receipt of funds for deposit to the Escrow Account(s).

     

    Acceptance
Fee payable at time of Escrow Agreement execution.

    

    
      	
              Escrow Agent Annual
      Administration Fee:

            	 	
              $5,000.00
      on first offering, $3,500 on subsequent

            
	
              Pennsylvania
      Sub-Accounting Administration Fee:

            	 	
              $750

            
	
              Tennessee
      Sub-Accounting Administration Fee:

            	 	
              $750

            

    

    

    For
ordinary administrative services by Escrow Agent – includes daily routine
account management; investment transactions; cash transaction processing
(including wire and check processing); monitoring claim notices pursuant to the
agreement; disbursement of funds in accordance with the agreement; and mailing
of trust account statements to all applicable parties.  Float credit
received by the bank for receiving funds that remain uninvested are deemed part
of the Paying Agent/Escrow Agent’s compensation.  These fees do not
contemplate paying interest to Investors or providing 1099s which would be the
responsibility of the Company. If individual 1099s, interest checks, interest
accrual calculations or any individual Investor information are required
additional fees will be charged.  For rejected subscriptions or a
failed offering, the following fees will apply.

    

    1099
Reporting $25 each

    Interest
Rate Calculations and Interest Checks/Wires $35 each

    Returned
Item Charges $35 each

     

    The administrative fee is payable in
advance, with the first year fee due upon opening of the account. The
Annual Fee covers a full year or any part thereof, and therefore will not be
prorated or refunded in the year of early termination.  These fees do
not include bank activity fees associated with Desktop Deposit
system.  Fees for these services will be provided separately by our
Treasury Management Group.

    

    Wells
Fargo’s bid is based on the following assumptions:

     

    
      	
              ·

            	
              Number
      of Escrow Accounts to be established:  Three
  (3)

            

    

     

    
      	
              ·

            	
              Number
      of Deposits to Escrow Accounts:  Electronically, approximately
      (10-20 per day)

            

    

     

    
      	
              ·

            	
              Number
      of Withdrawals from Escrow Accounts:  Not more than two per
      week.

            

    

     

    
      	
              ·

            	
              Term
      of Escrow:  One (1) year

            

    

     

    
      	
              ·

            	
              APPOINTMENT SUBJECT TO RECEIPT
      OF REQUESTED DUE DILIGENCE INFORMATION AS PER THE USA PATRIOT
      ACT

            

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      	
              ·

            	
              THIS PROPOSAL ASSUMES THAT
      BALANCES IN THE ACCOUNT WILL BE INVESTED IN MONEY MARKET
      FUNDS

            

    

     

    
      	
              ·

            	
              ALL FUNDS WILL BE RECEIVED
      FROM OR DISTRIBUTED TO A DOMESTIC OR AN APPROVED FOREIGN
      ENTITY

            

    

     

    
      	
              ·

            	
              IF THE ACCOUNT(S) DOES NOT OPEN
      WITHIN THREE (3) MONTHS OF THE DATE SHOWN BELOW, THIS PROPOSAL WILL BE
      DEEMED TO BE NULL AND VOID

            

    

     

    
      
        	
                Out-of
      Pocket Expenses:

              	
                At
      Cost

              

      

    

     

    We will
charge for out-of-pocket expenses in response to specific tasks assigned by the
client or provided for in the escrow agreement.  Possible expenses
would be, but are not limited to, express mail and messenger charges, travel
expenses to attend closing or other meetings.   There are no
charges for indirect out-of- pocket expenses.

     

    This
fee schedule is based upon the assumptions listed above which pertain to the
responsibilities and risks involved in Wells Fargo undertaking the role of
Escrow Agent.  These assumptions are based on information provided to
us as of the date of this fee schedule.  Our fee schedule is subject
to review and acceptance of the final documents.  Should any of the
assumptions, duties or responsibilities change, we reserve the right to affirm,
modify or rescind our fee schedule. Extraordinary services (services other than
the ordinary administration services of Escrow Agent described above) are not
included in the annual administration fee and will be billed as incurred at the
rates in effect from time to time.

     

    Submitted
on:                       ,
2010

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    Exhibit
E

    

    Agency
and Custody Account Direction

    For
Cash Balances

    Wells
Fargo Bank Money Market Deposit Accounts

    

    

    Direction
to use the following Wells Fargo Bank Money Market Deposit Accounts for Cash
Balances for the escrow account (the “Account”) created under the
Subscription Escrow Agreement to which this Exhibit E is
attached.

    

    You are
hereby directed to deposit, as indicated below, or as we shall direct further in
writing from time to time, all cash in the Account in the following money market
deposit account of Wells Fargo Bank, National Association (“Bank”):

    

    Wells
Fargo Bank Money Market Deposit Account (“MMDA”)

    

    We
understand that amounts on deposit in the MMDA are insured, subject to the
applicable rules and regulations of the Federal Deposit Insurance Corporation
(the “FDIC”), in the
basic FDIC insurance amount of $250,000 per depositor, per insured bank. This
includes principal and accrued interest up to a total of $250,000.

    

    We
acknowledge that we have full power to direct investments in the
Account.

    

    We
understand that we may change this direction at any time and that it shall
continue in effect until revoked or modified by us by written notice to
you.

    
    

     

    
      
        	 	
                American
      Realty Capital Healthcare Trust, Inc.

              
	 	 	 	 
	 	By:
      	 	 
	 	 	Signature	 
	 	 	 	 
	 	 	 	 
	 	 	Date 	 

      

    

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    Exhibit
F

    

    [Form of
Notice to Pennsylvania Investors]

    

    You have
tendered a subscription to purchase shares of common stock of American Realty
Capital Healthcare Trust, Inc. (the “Company”). Your subscription
is currently being held in escrow.  The guidelines of the Pennsylvania
Securities Commission do not permit the Company to accept subscriptions from
Pennsylvania residents until an aggregate of $75,000,000 of gross offering
proceeds have been received by the Company. The Pennsylvania guidelines provide
that until this minimum amount of offering proceeds is received by the Company,
every 120 days during the offering period Pennsylvania Investors may
request that their subscription be returned.  If you wish to continue
your subscription in escrow until the Pennsylvania minimum subscription amount
is received, nothing further is required.

    

    If you
wish to terminate your subscription for the Company’s common stock and have your
subscription returned please so indicate below, sign, date, and return to the
Escrow Agent, Wells Fargo Bank, National Association at 45 Broadway, 14th Floor,
New York, NY  10006, Attn:  Matt Sherman.

    

    I hereby
terminate my prior subscription to purchase shares of common stock of American
Realty Capital Healthcare Trust, Inc. and request the return of my subscription
funds.  I certify to American Realty Capital Healthcare Trust, Inc.
that I am a resident of Pennsylvania.

     

    
      
        	 	 	 	 	 
	
                 

              	 	Signature:
      	
                 

              	 
	 	 	 	 	 
	
                 

              	 	Name:	
                 

              	 
	 	 	 	
                (please
      print)

              	 
	 	 	 	 	 
	
                 

              	 	Date: 	
                 

              	 
	 	 	 	 	 
	
                Please
      send the subscription refund to:

              	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

      

    

     

    
      
         

      

      
        19

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