Document:

exv10w4

Exhibit 10.4

FORM
OF
ESCROW AGREEMENT

UMB Bank, N.A.

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, MO 64106

			
	      Re:	 	Cole Corporate Income Trust, Inc.

Ladies and Gentlemen:

COLE CORPORATE INCOME TRUST, INC., a Maryland corporation (the “Company”), will issue in a
public offering (the “Offering”) shares of its common stock (the “Stock”) pursuant
to a registration statement on Form S-11 filed by the Company with the Securities and Exchange
Commission. Cole Capital Corporation, an Arizona corporation (the “Dealer Manager”), will
act as dealer manager for the offering of the Stock. The Company is entering into this agreement
to set forth the terms on which UMB BANK, N.A. (the “Escrow Agent”), will, except as
otherwise provided herein, hold and disburse the proceeds from subscriptions for the purchase of
the Stock in the Offering until such time as: (i) in the case of subscriptions received from all
nonaffiliates of the Company, the Company has received subscriptions for Stock resulting in a total
of 250,000 shares of common stock sold in the offering (the “Required Capital”); and (ii)
in the case of subscriptions received from residents of Pennsylvania (“Pennsylvania
Subscribers”), the Company has received subscriptions for Stock from nonaffiliates of the
Company resulting in total minimum capital raised of $148,750,000 (the “Pennsylvania Required
Capital”).

The Company hereby appoints UMB Bank, N.A. as Escrow Agent for purposes of holding the proceeds
from the subscriptions for the Stock, on the terms and conditions hereinafter set forth:

1. Until such time as the Company has received subscriptions for Stock resulting in total
minimum capital raised equal to the Required Capital and such funds are disbursed from the Escrow
Account (as defined below) in accordance with paragraph 3(a) hereof, persons subscribing to
purchase the Stock (the “Subscribers”) will be instructed by the Dealer Manager or any
soliciting dealers to remit the purchase price in the form of checks, drafts, wires, Automated
Clearing House (ACH) or money orders (hereinafter “instruments of payment”) payable to the
order of “UMB Bank, N.A., Agent for Cole Corporate Income Trust, Inc.” or a recognizable
contraction or abbreviation thereof, including but not limited to, “UMB Bank, N.A., f/b/o Corporate
Income Trust” or, in the event that the purchase is made using a subscription agreement covering
the Stock and the stock of one or more other Cole REITs, “UMB Bank, N.A., Agent for Cole REIT” or a
recognizable contraction or abbreviation thereof. After subscriptions are received resulting in
total minimum capital raised equal to the Required Capital and such funds are disbursed from the
Escrow Account in accordance with paragraph 3(a) hereof, subscriptions shall continue to be so
submitted unless otherwise instructed by the Dealer Manager. Any checks, drafts or money orders
received made payable to a party other than the Escrow Agent (or after the Required Capital is
received, made payable by a Subscriber other than a Pennsylvania Subscriber to a party other than
the party designated by the Dealer Manager) shall be returned to the soliciting dealer who
submitted the check, draft or money order. Within one (1) business day after receipt of
instruments of payment from the Offering, the Dealer Manager, the Company or their respective
agents will (a) send to the Escrow Agent: each Subscriber’s name, address, number of shares
purchased, and purchase price remitted, and (b) Escrow Agent will deposit the instruments of
payment from such Subscribers into an interest-bearing deposit account entitled “Escrow Account for
the Benefit of Subscribers for Common Stock of Cole

 

 

Corporate Income Trust, Inc.” (the “Escrow Account”), which deposit shall occur within one
(1) business day after the Escrow Agent’s receipt of the instrument of payment, until such Escrow
Account has closed pursuant to paragraph 3(a) hereof. The Escrow Agent agrees to maintain the
funds contributed by the Pennsylvania Subscribers in a manner in which they may be separately
accounted for on the records of Escrow Agent so that the requirements of Section 3 of this
Agreement can be met. The Escrow Account will be established and maintained in such a way as to
permit the interest income calculations described in paragraph 7. The Company shall, and shall
cause its agents to, cooperate with the Escrow Agent in separately accounting for Pennsylvania
subscription proceeds in the Escrow Account, and the Escrow Agent shall be entitled to rely upon
information provided by the Company or its agents in this regard.

2. The Escrow Agent agrees to promptly process for collection the instruments of payment upon
deposit into the Escrow Account. Deposits shall be held in the Escrow Account until such funds are
disbursed in accordance with paragraph 3 hereof. Prior to disbursement of the funds deposited in
the Escrow Account, such funds shall not be subject to claims by creditors of the Escrow Agent, the
Company, the Dealer Manager, any soliciting dealer or any of their respective affiliates. If any
of the instruments of payment are returned to the Escrow Agent for nonpayment prior to receipt of
the Required Capital or, in connection with subscriptions from Pennsylvania Subscribers, the
Pennsylvania Required Capital, the Escrow Agent shall promptly notify the Dealer Manager and the
Company in writing via mail, email or facsimile of such nonpayment, and is authorized to debit the
Escrow Account in the amount of such returned payment as well as any interest earned on the amount
of such payment.

     3. (a) (i) Subject to the provisions of subparagraphs 3(b)-3(f) below, once the collected
funds in the Escrow Account are an amount equal to or greater than the Required Capital, the Escrow
Agent shall promptly notify the Company and, upon receiving written instruction from the Company,
(A) disburse to the Company, by check, ACH or wire transfer, the funds in the Escrow Account
representing the gross purchase price for the Stock less any funds received from Pennsylvania
Subscribers, and (B) within five business days after the first business day of the succeeding
month, disburse to the Company any interest thereon pursuant to the provisions of subparagraph
3(f). After such time the Escrow Account shall remain open and the Company shall continue to cause
subscriptions for the Stock to be deposited therein until the Company informs the Escrow Agent in
writing to cease depositing subscriptions received from Subscribers other than Pennsylvania
Subscribers, and thereafter any subscription documents and instruments of payment received by the
Escrow Agent from Subscribers other than Pennsylvania Subscribers shall be forwarded directly to
the Company. For purposes of this Agreement, the term “collected funds” shall mean all funds
received by the Escrow Agent that have cleared normal banking channels and are in the form of cash
or cash equivalent. After the satisfaction of the aforementioned provisions of this paragraph
3(a)(i), in the event the Company receives subscriptions made payable to the Escrow Agent (other
than subscriptions from Pennsylvania Subscribers), such subscription proceeds may continue to be
received in this account generally, but to the extent such proceeds shall not be subject to escrow
due to the satisfaction of the aforementioned provisions of this paragraph 3(a)(i), such proceeds
are not subject to this Escrow Agreement and at the instruction of the Company to the Escrow Agent
shall be transferred from the Escrow Account or deposited directly into, as the case may be, a
commercial deposit account in the name of the Company (the “Deposit Account”) that has been
previously established by the Company, unless otherwise directed by the Company. The Company
hereby covenants and agrees that it shall do all things necessary in order to establish the Deposit
Account, which, if established with the Escrow Agent, shall be subject to the Escrow Agent’s usual
account guidelines and regulations, prior to its use. No provisions of this Escrow Agreement shall
apply to the Deposit Account.

          (ii) regardless of any release of funds from the Escrow Account from Subscribers other than
Pennsylvania Subscribers, the Company, the Dealer Manager and soliciting dealers shall continue to
forward instruments of payment received from Pennsylvania Subscribers for deposit into the Escrow
Account to the Escrow Agent until such time as the Company notifies the Escrow Agent in writing
that

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total subscription proceeds (including the amount then in the Escrow Account from Pennsylvania
Subscribers) equal or exceed the Pennsylvania Required Capital. Within five days after receipt by
the Escrow Agent of such notice, the Escrow Agent shall (A) disburse to the Company, by check, ACH
or wire transfer, the funds then in the Escrow Account representing the gross purchase price for
the Stock from Pennsylvania Subscribers, and (B) within five business days after the first business
day of the succeeding month, disburse to the Company any interest thereon pursuant to the
provisions of subparagraph 3(f). Following such disbursements, the Escrow Agent shall close the
Escrow Account, and thereafter any instruments of payment received by the Escrow Agent from
Pennsylvania Subscribers shall not be subject to this Escrow Agreement and shall be deposited
directly into the Deposit Account, as instructed in writing by the Company pursuant to subparagraph
3(a)(i) above.

     (b) Within four business days of the close of business on the date that is one year following
commencement of the Offering (the “Expiration Date”), the Escrow Agent shall promptly
notify the Company if it is not in receipt of evidence of deposits for the purchase of Stock
providing for aggregate offering proceeds that equal or exceed the Required Capital (from all
sources but exclusive of any funds received from subscriptions for Stock from entities which the
Company has notified the Escrow Agent are affiliated with the Company). Within ten days following
the date of such notice, the Escrow Agent shall promptly return directly to each Subscriber the
collected funds deposited in the Escrow Account on behalf of such Subscriber (unless earlier
disbursed in accordance with paragraph 3(c)), or shall return the instruments of payment delivered,
but not yet processed for collection prior to such time, in either case, together with interest
income (which interest shall be paid within five business days after the first business day of the
succeeding month) in the amounts calculated pursuant to paragraph 7 for each Subscriber at the
address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent
shall be entitled to rely upon. Notwithstanding the above, in the event the Escrow Agent has not
received an executed IRS Form W-9 at such time for each Subscriber, the Escrow Agent shall remit an
amount to the Subscribers 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 on subscription proceeds (determined in accordance with paragraph 7)
attributable to each Subscriber for whom the Escrow Agent does not possess an executed IRS Form
W-9. However, the Escrow Agent shall not be required to remit any payments until the Escrow Agent
has collected funds represented by such payments.

     (c) Notwithstanding subparagraphs 3(a) and 3(b) above, 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 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 Stock providing for total purchase
proceeds from all nonaffiliated sources that equal or exceed the Pennsylvania Required Capital, the
Escrow Agent shall promptly notify the Company. Thereafter, the Company shall send to each
Pennsylvania Subscriber by certified mail within ten (10) calendar days after the end of the
Initial Escrow Period a notification in the form of Exhibit A. If, pursuant to such notification,
a Pennsylvania Subscriber requests the return of his or her subscription funds within ten (10)
calendar days after receipt of the notification (the “Request Period”), the Escrow Agent
shall promptly refund directly to each Pennsylvania Subscriber the collected funds deposited in the
Escrow Account on behalf of such Pennsylvania Subscriber or shall return the instruments of payment
delivered, but not yet processed for collection prior to such time, to the address provided by the
Dealer Manager or the Company or their respective agents to the Escrow Agent, which the Escrow
Agent shall be entitled to rely upon, together with interest income (which interest shall be paid
within five business days after the first business day of the succeeding month) in the amounts
calculated pursuant to paragraph 7. Notwithstanding the above, if the Escrow Agent has not
received an executed IRS Form W-9 is for such Pennsylvania Subscriber, the Escrow Agent shall
thereupon remit an amount to such Pennsylvania Subscriber in accordance with the provisions hereof,
withholding the applicable percentage for backup

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withholding required by the Internal Revenue Code, as then in effect, from any interest income
earned on subscription proceeds (determined in accordance with paragraph 7) attributable to such
Pennsylvania Subscriber. However, the Escrow Agent shall not be required to remit such payments
until the Escrow Agent has collected funds represented by such payments.

     (d) The subscription funds of Pennsylvania Subscribers who do not request the return of their
subscription funds within the Request Period shall remain in the 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 in subparagraph 3(c) above with respect to
the Initial Escrow Period for each Successive Escrow Period until the occurrence of the earliest of
(i) the Expiration Date, (ii) the receipt and acceptance by the Company of subscriptions for the
purchase of Stock with total purchase proceeds that equal or exceed the Pennsylvania Required
Capital and the disbursement of the funds from Pennsylvania Subscribers from the Escrow Account on
the terms specified herein, or (iii) all funds held in the Escrow Account from Pennsylvania
Subscribers having been returned to the Pennsylvania Subscribers in accordance with the provisions
hereof.

     (e) If the Company rejects any subscription for which the Escrow Agent has collected funds,
the Escrow Agent shall, upon the written request of the Company, promptly issue a refund to the
rejected Subscriber at the address provided by the Dealer Manager or the Company, which the Escrow
Agent shall be entitled to rely upon. If the Company rejects any subscription for which the Escrow
Agent has not yet collected funds but has submitted the Subscriber’s check for collection, the
Escrow Agent shall promptly return the funds in the amount of the Subscriber’s check to the
rejected Subscriber, at the address provided by the Dealer Manager or the Company or their
respective agents, which the Escrow Agent shall be entitled to rely upon, after such funds have
been collected. If the Escrow Agent has not yet submitted a rejected Subscriber’s check for
collection, the Escrow Agent shall promptly remit the Subscriber’s check directly to the
Subscriber.

     (f) At any time after funds are disbursed upon the Company’s acceptance of subscriptions
pursuant to subparagraph 3(a) above, on the fifth business day following the first business day of
the next succeeding month following the date of such acceptance, the Escrow Agent shall promptly
provide directly to the Company the amount of the interest payable to the Company. However, the
Escrow Agent shall not be required to remit any payments until the Escrow Agent has collected the
funds represented by such payments.

     In the event that instruments of payment are returned for nonpayment, the Escrow Agent is
authorized to debit the Escrow Account in accordance with paragraph 2 hereof.

4. The Escrow Agent shall provide to the Company monthly statements (or more frequently as
reasonably requested by the Company) which include, without limitation, if such amounts are not
available to the Company at least daily pursuant to the “TrustDirect” program, the account balance
in the Escrow Account, the account balance of the funds in the Escrow Account from Pennsylvania
Subscribers, and the activity in the Escrow Account and, separately, the activity involving
Pennsylvania Subscribers since the last report. The Escrow Agent will provide access to its
“TrustDirect” program to allow the Company to view account balances for the Escrow Account and the
funds in the Escrow Account from Pennsylvania Subscribers at any time.

5. Prior to the disbursement of funds deposited in the Escrow Account in accordance with the
provisions of paragraph 3 hereof, the Escrow Agent shall invest all of the funds deposited as well
as earnings and interest derived therefrom in the Escrow Account in the “Short-Term Investments”
specified below at the written direction of the Company, unless the costs to the Company for the
making of such

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investment are reasonably expected to exceed the anticipated interest earnings from such investment
in which case the funds and interest thereon shall remain in the Escrow Account until the balance
in the Escrow Account reaches the minimum amount necessary for the anticipated interest earnings
from such investment to exceed the costs to the Company for the making of such investment, as
determined by the Company based upon applicable interest rates.

     “Short-Term Investments” include obligations of, or obligations guaranteed by, the United
States government or bank money-market accounts or certificates of deposit of national or state
banks that have deposits insured by the Federal Deposit Insurance Corporation (including
certificates of deposit of any bank acting as a depository or custodian for any such funds) which
mature on or before the Expiration Date, unless such instrument cannot be readily sold or otherwise
disposed of for cash by the Expiration Date without any dissipation of the offering proceeds
invested. Without limiting the generality of the foregoing, Exhibit B hereto sets forth
specific Short-Term Investments that shall be deemed permissible investments hereunder.

The following securities are not permissible investments:

	 	(a)	 	money market funds;
	 
	 	(b)	 	corporate equity or debt securities;
	 
	 	(c)	 	repurchase agreements;
	 
	 	(d)	 	bankers’ acceptances;
	 
	 	(e)	 	commercial paper; and
	 
	 	(f)	 	municipal securities.

It is hereby expressly agreed and stipulated by the parties hereto that the Escrow Agent shall not
be required to exercise any discretion hereunder and shall have no investment or management
responsibility and, accordingly, shall have no duty to, or liability for its failure to, provide
investment recommendations or investment advice to the parties hereto. It is the intention of the
parties hereto that the Escrow Agent shall never be required to use, advance or risk its own funds
or otherwise incur financial liability in the performance of any of its duties or the exercise of
any of its rights and powers hereunder.

6. The Escrow Agent is entitled to rely upon written instructions received from the Company or the
Dealer Manager or their respective agents, unless the Escrow Agent has actual knowledge that such
instructions are not valid or genuine; provided that, if in the Escrow Agent’s opinion, any
instructions from the Company or the Dealer Manager or their respective agents are unclear, the
Escrow Agent may request clarification from the Company or the Dealer Manager or their respective
agents, as applicable, prior to taking any action, and if such instructions continue to be unclear,
the Escrow Agent may rely upon written instructions from the Company’s legal counsel in
distributing or continuing to hold any funds. However, the Escrow Agent shall not be required to
disburse any funds attributable to instruments of payment that have not been processed for
collection, until such funds are collected and then shall disburse such funds in compliance with
the disbursement instructions from the Company or the Dealer Manager or their respective agents.

7. If the Offering terminates prior to receipt of the Required Capital, or one or more Pennsylvania
Subscribers elects to have his or her subscription returned in accordance with paragraph 3,
interest income earned in the Escrow Account on subscription proceeds deposited in the Escrow
Account (the “Escrow Income”) shall be remitted to Subscribers at the addresses provided by
the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to
rely upon, in accordance with paragraph 3 and without any deductions for escrow expenses. The
Company shall reimburse the Escrow Agent for all escrow expenses. If the Escrow Agent remits
interest income pursuant to this Agreement, the Escrow Agent shall be responsible for any necessary
federal tax reporting associated with such

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income; provided, however, that the Escrow Agent shall not be responsible for any other tax
reporting associated with this Agreement. The Escrow Agent shall remit all such Escrow Income in
accordance with paragraph 3. If the Company chooses to leave the Escrow Account open to
Subscribers other than Pennsylvania Subscribers after receiving the Required Capital, then it shall
make regular acceptances of such subscriptions therein, but no less frequently than monthly, and
the Escrow Income from the last such acceptance shall be calculated and remitted to the Company
pursuant to the provisions of paragraph 3(f).

8. The Escrow Agent shall receive compensation from the Company as set forth in Exhibit C
attached hereto, which such Exhibit C is hereby incorporated by reference.

9. In performing any of its duties hereunder, the Escrow Agent shall not incur any liability to
anyone for any damages, losses, or expenses, except for willful misconduct, breach of trust, or
gross negligence. Accordingly, the Escrow Agent shall not incur any such liability with respect to
any action taken or omitted (a) in good faith upon advice of the Escrow Agent’s counsel given with
respect to any questions relating to the Escrow Agent duties and responsibilities under this
Agreement, or (b) in reliance upon any instrument, including any written instrument or instruction
provided for in this Agreement, not only as to its due execution and validity and effectiveness of
its provisions but also as to the truth and accuracy of information contained therein, which the
Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by a
proper person or persons and to conform to the provisions of this Agreement.

10. The Company hereby agrees to indemnify and hold the Escrow Agent harmless against any and all
losses, claims, damages, liabilities, and expenses, including reasonable attorneys’ fees and
disbursements, that may be imposed on or incurred by the Escrow Agent in connection with acceptance
of appointment as the Escrow Agent hereunder, or the performance of the duties hereunder, including
any litigation arising from this Agreement or involving the subject matter hereof, except where
such losses, claims, damages, liabilities, and expenses result from willful misconduct, breach of
trust, or gross negligence.

11. In the event of a dispute between the parties hereto sufficient in the Escrow Agent’s
discretion to justify doing so, the Escrow Agent shall be entitled to tender into the registry or
custody of any court of competent jurisdiction all money or property in its hands under this
Agreement, together with such legal pleadings as deemed appropriate, and thereupon be discharged
from all further duties and liabilities under this Agreement. In the event of any uncertainty as to
the duties hereunder, the Escrow Agent may refuse to act under the provisions of this Agreement
pending order of a court of competent jurisdiction and shall have no liability to the Company or to
any other person as a result of such action. Any such legal action may be brought in such court,
as the Escrow Agent shall determine to have jurisdiction thereof. The filing of any such legal
proceedings shall not deprive the Escrow Agent of its compensation earned prior to such filing.

12. All communications and notices required or permitted by this Agreement shall be in writing and
shall be deemed to have been given when delivered personally or by messenger or by overnight
delivery service or when received via telecopy or other electronic transmission, in all cases
addressed to the person for whom it is intended at such person’s address set forth below or to such
other address as a party shall have designated by notice in writing to the other party in the
manner provided by this paragraph:

	 	(a)	 	if to the Company:

	 	 	 	Cole Corporate Income Trust, Inc.

2555 E. Camelback Road, Suite 400

Phoenix, Arizona 85016

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	 	 	 	Fax: (602) 778-8780

Attention: Richard R. Lavin, Esq.

	 	(b)	 	if to the Dealer Manager:

	 	 	 	Cole Capital Corporation

2575 E. Camelback Road, Suite 500

Phoenix, Arizona 85016

Fax: (602) 778-8780

Attention: Marc T. Nemer, Esq.

	 	(c)	 	if to the Escrow Agent:

	 	 	 	UMB Bank, N.A.

Corporate Trust Department M/S 1020409

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, MO 64106

Attention: Lara Stevens

Each party hereto may, from time to time, change the address to which notices to it are to be
delivered or mailed hereunder by notice in accordance herewith to the other parties.

13. This Agreement shall be governed by the laws of the State of Arizona as to both interpretation
and performance without regard to the conflict of laws rules thereof.

14. The provisions of this Agreement shall be binding upon the legal representatives, successors,
and assigns of the parties hereto.

15. The Company and the Dealer Manager hereby acknowledge that UMB Bank, N.A. is serving as Escrow
Agent only for the limited purposes herein set forth, and hereby agree that they will not represent
or imply that, by serving as Escrow Agent hereunder or otherwise, have investigated the
desirability or advisability of investment in the Company or have approved, endorsed, or passed
upon the merits of the Stock or the Company, nor shall they use the name of the Escrow Agent in any
manner whatsoever in connection with the offer or sale of the Stock other than by acknowledgment
that is has agreed to serve as Escrow Agent for the limited purposes herein set forth.

16. This Agreement and any amendment hereto may be executed by the parties hereto in one or more
counterparts, each of which shall be deemed to be an original.

17. Except as otherwise required for subscription funds received from Pennsylvania Subscribers as
provided herein, in the event that the Dealer Manager receives instruments of payment after the
Required Capital has been received and the proceeds of the Escrow Account have been distributed to
the Company, the Escrow Agent is hereby authorized to deposit such instruments of payment within
one (1) business day to any deposit account as directed by the Company. The application of said
funds into a deposit account or to forward such funds directly to the Company, in either case
directed by the Company shall be a full acquittance to the Escrow Agent, who shall not be
responsible for the application of said funds thereafter.

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18. The Escrow Agent shall be bound only by the terms of this Escrow Agreement and shall not be
bound by or incur any liability with respect to any other agreements or understanding between any
other parties, whether or not the Escrow Agent has knowledge of any such agreements or
understandings.

19. Indemnification provisions set forth herein shall survive the termination of this Agreement.

20. In the event that 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.

21. Unless otherwise provided in this Agreement, final termination of this Escrow Agreement shall
occur on the date that all funds held in the Escrow Account are distributed either (a) to the
Company or to Subscribers and the Company has informed the Escrow Agent in writing to close the
Escrow Account pursuant to paragraph 3 hereof or (b) to a successor escrow agent upon written
instructions from the Company.

22. Neither the Escrow Agent, nor its agents, shall have responsibility for accepting, rejecting,
or approving subscriptions. The Escrow Agent, or its agent, shall complete an OFAC search, in
compliance with its policy and procedures, of each subscription check and shall inform the Company
if a subscription check fails the OFAC search. The Dealer Manager shall provide a copy of each
subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search.

23. This Agreement shall not be modified, revoked, released, or terminated unless reduced to
writing and signed by all parties hereto, subject to the following paragraph.

If, at any time, any attempt is made to modify this Agreement in a manner that would increase the
duties and responsibilities of the Escrow Agent or to modify this Agreement in any manner which the
Escrow Agent shall deem undesirable, or at any other time, the Escrow Agent may resign by providing
written notice to the Company and until (a) the acceptance by a successor escrow agent as shall be
appointed by the Company; or (b) thirty (30) days after such written notice has been given,
whichever occurs sooner, the Escrow Agent’s only remaining obligation shall be to perform its
duties hereunder in accordance with the terms of the Agreement.

24. The Escrow Agent may resign at any time from its obligations under this Escrow Agreement by
providing written notice to the Company. Such resignation shall be effective on the date specified
in such notice, which shall be not less than thirty (30) days after such written notice has been
given. The Escrow Agent shall have no responsibility for the appointment of a successor escrow
agent.

25. The Escrow Agent may be removed for cause by the Company by written notice to the Escrow Agent
effective on the date specified in such written notice. The removal of the Escrow Agent shall not
deprive the Escrow Agent of its compensation earned prior to such removal.

26. The Company shall provide to Escrow Agent any documentation and information reasonably
requested by the Escrow Agent for it to comply with the USA Patriot Act of 2001, as amended from
time to time.

[Signature page follows]

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Agreed to as of the       day of                     , 201  .

	 	 	 	 	 
	 	COLE CORPORATE INCOME TRUST, INC.

 	 
	 	By:  	 	 
	 	 	Richard R. Lavin 	 
	 	 	Executive Vice President and Secretary 	 
	 
	 	COLE CAPITAL CORPORATION

 	 
	 	By:  	 	 
	 	 	Marc T. Nemer 	 
	 	 	President, Secretary and Treasurer 	 
	 

The terms and conditions contained above are hereby accepted and agreed to by:

UMB Bank, N.A. as Escrow Agent

	 	 	 	 	 

	By:
	 	 	 	 
	 

	 	 

	 	 
	Name:
	 	 	 	 
	 

	 	 

	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

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EXHIBIT A

[Form of Notice to Pennsylvania Subscribers]

You have tendered a subscription to purchase shares of common stock of Cole Corporate Income 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 $148,750,000 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 Subscribers 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, UMB
Bank, N.A.

I hereby terminate my prior subscription to purchase shares of common stock of Cole Corporate
Income Trust, Inc. and request the return of my subscription funds. I certify to Cole Corporate
Income Trust, Inc. that I am a resident of Pennsylvania.

	 	 	 	 	 

	 

	 	Signature:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	 	 	     (please print)
	 

	 	Date:	 	 
	 

	 	 	 	 

Please send the subscription refund to:

 

 

 

 

 

 

EXHIBIT B

PERMISSIBLE ESCROW INVESTMENTS

	 	 	 

	(i)

	 	Bank accounts;
	 
	(ii)

	 	Bank money-market accounts;
	 
	(iii)

	 	Short time certificates of deposit issued by a bank; and
	 
	(iv)

	 	Short-term securities issued or guaranteed by the U.S. government

 

 

EXHIBIT CExhibit 4.2

Exhibit 4.2

This Supplemental Indenture (this “Supplemental Indenture”) is entered into as of
December 3, 2010 by and among GenOn Escrow Corp., a Delaware corporation (the “Issuer”),
GenOn Energy, Inc., a Delaware corporation (“Successor”), and Wilmington Trust Company, as
trustee under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of October 4, 2010, providing for the issuance of an aggregate
principal amount of $675.0 million of 9.500% Senior Notes due 2018 (the “2018 Notes”) and
$550.0 million of 9.875% Senior Notes due 2020 (the “2020 Notes” and, together with the
2018 Notes, the “Notes”).

WHEREAS, the Issuer and Successor have entered into an Escrow Merger Agreement, dated as of
December 3, 2010 (the “Escrow Merger Agreement”), which provides for the merger of Issuer with and
into Successor (the “Escrow Merger”), with Successor continuing its existence under Delaware law;

WHEREAS, the Escrow Merger shall become effective upon the filing of the Certificate of Merger
with the Secretary of State of the State of Delaware;

WHEREAS, Section 5.01 of the Indenture provides, among other things, that Issuer shall
not be prevented from merging with or into Successor;

WHEREAS, Section 10.01 of the Indenture provides that the Issuer and the Trustee may,
without the consent of the Holders of Notes, enter into a supplemental indenture for the purposes
of evidencing the succession of another Person to the Issuer;

WHEREAS, each of the Issuer and the Successor has been duly authorized to enter into this
Supplemental Indenture; and

WHEREAS, all acts, conditions, proceedings and requirements necessary to make this
Supplemental Indenture a valid, binding and legal agreement enforceable in accordance with its
terms for the purposes expressed herein, in accordance with its terms, have been duly done and
performed.

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained
herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Issuer, Successor and the Trustee hereby agree as follows:

1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

2. Representations of Issuer and Successor. Each of the Issuer and Successor
represents and warrants to the Trustee as follows:

(a) It is a Delaware corporation duly organized, validly existing and in good standing under
the laws of the State of Delaware.

(b) The execution, delivery and performance by it of this Supplemental Indenture have been
authorized and approved by all necessary corporate action on its part.

(c) Upon the filing and acceptance for record of the Certificate of Merger by the Secretary of
State of the State of Delaware or at such other time thereafter as is provided in the Certificate
of Merger (the “Merger Effective Time”), the Escrow Merger will be effective in
accordance with the terms of the Escrow Merger Agreement and Delaware law.

 

 

3. Assumption and Agreement of Successor.

(a) In accordance with Sections 5.01 and 10.1 of the Indenture, Successor hereby expressly
assumes all of the obligations of Issuer under the Notes and the Indenture. Successor hereby
confirms that its obligations under the Registration Rights Agreement shall remain in full force
and effect.

(b) Successor shall succeed to, and be substituted for, and may exercise every right and power
of, the Issuer under the Indenture and the Notes with the same effect as if Successor had been
named as “Issuer” in the Indenture and the Notes; and thereafter the Issuer shall be fully released
from its obligations under the Indenture and the Notes.

4. Effective Time. This Supplemental Indenture shall become effective as of the
Merger Effective Time.

5. Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

6. Severability. In case any provision in this Supplemental Indenture shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby and such provision shall be
ineffective only to the extent of such invalidity, illegality or unenforceability.

7. Effects of the Indenture and the  Notes. Except as expressly amended
hereby, the Indenture and the Notes are in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore
or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no
representation or warranty as to the validity or sufficiency of this Supplemental Indenture or with
respect to the recitals contained herein, all of which recitals are made solely by the other
parties hereto.

8. Waiver of Jury Trial. EACH OF THE ISSUER, SUCCESSOR AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE
INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

9. Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

10. Headings. The headings of the Sections of this Supplemental Indenture have been
inserted for convenience of reference only, are not to be considered a part of this Supplemental
Indenture and shall in no way modify or restrict any of the terms or provisions hereof.

 

c-2

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written.

	 	 	 	 	 
	 	GENON ESCROW CORP.

 	 
	 	By:  	/s/
J. William Holden
 	 
	 	 	Name:  	J. William Holden 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 	 	 	 	 
	 	GENON ENERGY, INC.

 	 
	 	By:  	/s/ Michael L. Jines
 	 
	 	 	Name:  	Michael L. Jines 	 
	 	 	Title:  	Executive Vice President, General Counsel and Chief
Compliance Officer 	 
	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY, as Trustee

 	 
	 	By:  	/s/ Michael G. Oller, Jr.
 	 
	 	 	Name:  	Michael G. Oller, Jr. 	 
	 	 	Title:  	Assistant Vice President 	 

 

3

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