Document:

SUBSCRIPTION
      ESCROW AGREEMENT

     

    This
      SUBSCRIPTION ESCROW AGREEMENT, dated as of December 11th 2007 (the “Agreement”),
      is made by and among American Realty Capital Trust, Inc., a Maryland corporation
      (the “Company”), Realty Capital Securities, LLC, a Delaware limited liability
      company (“the Dealer Manager”), and Boston Private Bank & Trust Company, a
      Massachusetts trust company (the “Escrow Agent”).

     

    Whereas,
      the
      Company will issue in a public offering (the “Offering”) its common stock (the
“Shares”) to investors (the “Investors”) pursuant to a Registration Statement on
      Form S-11 (the “Registration Statement”) filed by the Company with the
      Securities and Exchange Commission (the “SEC”);

     

    Whereas,
      the Dealer Manager will act as dealer manager for the Offering;  

     

    Whereas,
      until such time as subscriptions from non-affiliates of the Company have been
      received for Stock, resulting in total minimum capital raised of $7,500,000
      (the
“Minimum Amount”), the Company desires to deposit funds contributed by the
      Investors with the Escrow Agent, to be held for the benefit of the Investors
      and
      the Company; and

     

    Whereas,
      the Escrow Agent represents and warrants that it is and at all times during
      the
      term of this agreement will be, deemed a “bank” as that term is defined in
      Section 3(a)(6) of the Securities Exchange Act of 1934, as
      amended;

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and adequacy of
      which are hereby acknowledged by each of the parties hereto, the parties hereto,
      intending to be legally bound, do hereby agree as follows:

     

    Section
      1. Appointment
      of Escrow Agent.
      The
      Company hereby appoints Boston Private Bank & Trust Company as escrow agent
      in accordance with the terms and conditions set forth herein, and the Escrow
      Agent hereby accepts such appointment.

     

    Section
      2. Proceeds
      to be Escrowed.
      Persons
      subscribing to purchase the Stock will be instructed by the Dealer Manager
      or
      any soliciting dealers to remit the purchase price in the form of checks, drafts
      or wires (hereinafter called “instruments of payment”) payable to the order of,
      or funds wired in favor of either (i) “American Realty Capital Trust Inc.,
      Boston Private Bank & Trust Company Escrow Agent” or (ii) “ARC Trust, Inc.,
      BPB&TC Escrow Agent.” Any checks received made payable other than as set
      forth in the preceding sentence shall be returned to the soliciting dealer
      or
      investor who submitted the check. By 12:00 p.m. (noon) the next business
      day after receipt of instruments of payment from the Offering, the Dealer
      Manager or its Transfer Agent will send to the Escrow Agent the instruments
      of
      payment from such subscribers, for deposit by the Escrow Agent into an
      interest-bearing deposit account entitled “American Realty Capital Trust, Inc.,
      by Boston Private Bank & Trust Company as Escrow Agent” (the “Escrow
      Account”), which deposit shall occur within one (1) business day after you
      receive such materials. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    In
      the
      event that any checks deposited in the Escrow Account prove uncollectible after
      the funds represented thereby have been released by the Escrow Agent, then
      the
      Company shall promptly reimburse the Escrow Agent for any and all costs incurred
      for such upon request, and the Escrow Agent shall deliver the returned checks
      to
      the Company.

     

    All
      funds
      in the Escrow Account (hereinafter, the “Escrow Property”), until disbursed to
      the Company in accordance with Section 4 hereof, are to be held for the
      benefit of the shareholders of the Company and are not to (i) be commingled
      with
      the monies or become an asset of the Company, or (ii) be subject to attachment,
      levy or other encumbrance in any action by a third party against the Company.
      

     

    Section
      3. Identity
      of Subscribers.
      The
      Company or its Transfer Agent or the Dealer Manager shall furnish to the Escrow
      Agent with each delivery of funds, as provided in Section 2 hereof, a list
      of
      the persons who have paid money for the purchase of Stock showing the name,
      address, tax identification number, number of shares purchased, and the amount
      of money paid. The information comprising the identity of investors shall be
      provided to the Escrow Agent in the format set forth in the List
      of Investors
      attached
      as Exhibit A. All proceeds so deposited shall remain the property of the
      subscriber and shall not be subject to any liens or charges by the Company,
      or
      the Escrow Agent, until released to the Company as hereinafter provided.

     

    The
      Company and the Dealer Manager hereby acknowledges the Escrow Agent’s sole right
      to reject any subscriber based on the results of the Escrow Agent’s internal due
      diligence policies and procedures, including, but not limited to, its “Know Your
      Customer” and anti-money laundering policies. The Escrow Agent may, in its sole
      discretion, reject any subscriber by giving written notice to the Company and
      the Dealer Manager.

     

    Section
      4. Disbursement
      of Funds.
      On a
      weekly basis (and more frequently if requested by the Company), the Escrow
      Agent
      shall notify the Company and the Dealer Manager of the amount of the funds
      received hereunder. If payments of the Minimum Amount or more for Shares are
      obtained at any time prior to the Termination Date (as defined in
      Section 6), the Escrow Agent shall promptly notify the Company and the
      Dealer Manager, and upon the Company’s and Dealer Manager’s delivering a joint
      written notice (the “Disbursement Notice”) attached as Exhibit B signed jointly
      by two Authorized Persons (as defined in Section 12(q)) of the Company,
      stating that is has received and accepted subscription agreements for the
      Minimum Amount of Shares, then the Escrow Agent shall disburse to the Company,
      by check or wire transfer, the funds in the Escrow Account representing the
      gross purchase price for the Stock, and any interest earned thereon at
      prevailing market rates and calculated pursuant to the provisions of
      Section 5. The Company shall determine the amount of interest due to each
      subscriber and promptly following a Disbursement Notice shall itself pay such
      interest to subscribers. Following such disbursements, the Escrow Account shall
      close and thereafter Escrow Agent shall forward directly to the Company upon
      receipt by Escrow Agent of any subscription documents and instruments of payment
      received by Escrow Agent from subscribers. If the Minimum Amount of proceeds
      has
      not been obtained and delivered 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
      at the address appearing on the List of Investors, or at such other address
      as
      shall be furnished to the Escrow Agent by the investor in writing, all sums
      paid
      by the investor pursuant to his subscription agreement for Shares, together
      with
      the interest accrued on such funds in the Escrow Account, and shall then notify
      the Company in writing of such refunds. If the Company rejects any subscription
      for which the Escrow Agent has already collected funds, the Escrow Agent shall,
      upon the written request of the Company, promptly issue a refund check to the
      rejected subscriber. 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 issue a check in the
      amount of the subscriber’s check to the rejected subscriber after the Escrow
      Agent has cleared such funds. 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.

     

    
      
        
        

      

      
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    Any
      check
      to be drawn on the Escrow Account will be either a cashier’s check or a bank
      check of Boston Private Bank & Trust Company. In addition to any other
      compensation owed to the Escrow Agent under the terms of this Agreement, the
      Company shall pay the Escrow Agent a fee of Ten U.S. Dollars ($10.00) for each
      such check drawn on the Escrow Account. In addition to any other compensation
      owed to the Escrow Agent under the terms of this Agreement, the Company shall
      pay the Escrow Agent a fee of Fifteen U.S. Dollars ($15.00) for each wire
      transfer out of the Escrow Account. The Company agrees to make such payment
      within five (5) business days of the Escrow Agent’s issuance of each such check
      or sending of each such wire transfer. 

     

    Section
      5. Investment
      of the Escrow Property.
      Prior
      to the disbursement of funds deposited in the Escrow Account in accordance
      with
      the provisions of Section 2 and/or 3 hereof, the Escrow Agent shall invest
      all
      of the funds deposited in the Escrow Account in “Short-Term Investments” (as
      defined below) in compliance with SEC Rule 15c2-4 and the Escrow Agent is
      further authorized and agrees to reinvest all earnings and interest derived
      there from in Short-Term Investments specified below. In the event that
      instruments of payment are returned to the Escrow Agent for nonpayment, the
      Escrow Agent is authorized to debit the Escrow Account in accordance with
      Section 2 hereof. 

     

    “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
      termination of the Offering, unless such instrument cannot be readily sold
      or
      otherwise disposed of for cash by the termination of the Offering without any
      dissipation of the offering proceeds invested. 

     

    
      
        
        

      

      
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    The
      following securities are not permissible investments: 

     

    
      	 	
              (a)

            	
              money
                market mutual funds; 

            

    

     

    
      	 	
              (b)

            	
              corporate
                equity or debt securities; 

            

    

     

    
      	 	
              (c)

            	
              repurchase
                agreements; 

            

    

     

    
      	 	
              (d)

            	
              bankers’
                acceptances; 

            

    

     

    
      	 	
              (e)

            	
              commercial
                paper; and 

            

    

     

    
      	 	
              (f)

            	
              municipal
                securities. 

            

    

     

    The
      Escrow Agent shall have no obligation to invest or reinvest the Escrow Property
      if deposited with the Escrow Agent after noon (E.S.T.) on such day of deposit.
      Instructions received after noon (E.S.T.) will be treated as if received on
      the
      following business day. The Escrow Agent shall have no liability whatsoever
      to
      any party or other person or entity for any investment losses resulting from
      the
      investment, reinvestment or liquidation of the Escrow Property. Any interest
      or
      other income received on such investment and reinvestment of the Escrow Property
      shall become part of the Escrow Property and any losses incurred on such
      investment and reinvestment of the Escrow Property shall be debited against
      the
      Escrow Property. If a written direction is not given to the Escrow Agent, the
      Escrow Property shall remain uninvested with no liability for interest therein.
      It is agreed and understood that the Escrow Agent may earn fees associated
      with
      the investments outlined above in accordance with the terms of such investments.
      Notwithstanding the foregoing, the Escrow Agent shall have the power to sell
      or
      liquidate the foregoing investments whenever the Escrow Agent shall be required
      to release all or any portion of the Escrow Property pursuant to Section 4
      hereof. In no event shall the Escrow Agent be deemed an investment manager
      or
      adviser in respect of any selection of investments hereunder. It is understood
      and agreed that the Escrow Agent or its affiliates are permitted to receive
      additional compensation that could be deemed to be in the Escrow Agent’s
      economic self-interest for (1) serving as administrator, shareholder
      servicing agent, custodian or sub-custodian with respect to certain of the
      investments, (2) using affiliates to effect transactions in certain
      investments and (3) effecting transactions in investments.

     

    Section
      6. Term
      of Escrow.
      The
“Termination Date” shall be (i) December 31, 2010 or (ii) the date the
      Escrow Agent receives written notice from the Company that it is abandoning
      the
      sale of the Shares. The Company may extend the termination date for up to one
      year upon written notice to the Escrow Agent. Upon the termination of the
      Agreement any remaining Escrow Property shall be forwarded to the Company in
      accordance with the Company’s written directions.

     

    The
      provisions of Sections 8, 10 and 11 shall survive the termination of this
      Agreement and the earlier resignation or removal of the Escrow
      Agent.

     

    Section
      7. Intentionally
      Omitted.
      

     

    Section
      8. Compensation
      of Escrow Agent.
      The
      Escrow Agent shall be entitled to payment from the Company for customary fees
      and expenses for all services rendered as described in Schedule II (as such
      fees
      may be adjusted from time to time). Annual fees are due annually in advance
      for
      each year or any part thereof.  The
      Company shall reimburse the Escrow Agent on demand for all loss, liability,
      damage, disbursements, advances or expenses paid or incurred by it in the
      administration of its duties hereunder, including, but not limited to, all
      counsel, advisors’ and agents’ fees and disbursements and all taxes or other
      governmental charges. The obligations contained in this Section 8 shall survive
      the termination of this Agreement and the resignation or removal of the Escrow
      Agent. 

     

    
      
        
        

      

      
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    Section
      9. Resignation
      of Escrow Agent.
      The
      Escrow Agent may, in its sole discretion, resign and be discharged from its
      duties hereunder at any time by giving thirty (30) calendar days’ prior
      written notice of such resignation to the Company and the Dealer Manager. The
      Company and the Dealer Manager may remove the Escrow Agent at any time by giving
      thirty (30) calendar days’ prior written notice to the Escrow Agent. Upon such
      notice, a successor escrow agent shall be appointed by the Company and the
      Dealer Manager who shall provide written notice of such to the resigning Escrow
      Agent. Such successor escrow agent shall become the escrow agent hereunder
      upon
      the resignation or removal date specified in such notice. If the Company and
      the
      Dealer Manager are unable to agree upon a successor escrow agent within thirty
      (30) days after such notice, the Escrow Agent may, in its sole discretion,
      deliver the Escrow Property to the Company at the address provided herein or
      may
      apply to a court of competent jurisdiction for the appointment of a successor
      escrow agent or for other appropriate relief. The costs and expenses (including
      its attorneys’ fees and expenses) incurred by the Escrow Agent in connection
      with such proceeding shall be paid by the Company. Upon receipt of the identity
      of the successor escrow agent, the Escrow Agent shall either deliver the Escrow
      Property then held hereunder to the successor Escrow Agent, less the Escrow
      Agent’s fees, costs and expenses or other obligations owed to the Escrow Agent
      to be paid from any interest earned in respect of the Escrow Property, or hold
      any interest earned in respect of the Escrow Property (or any portion thereof),
      pending distribution, until all such fees, costs and expenses or other
      obligations are paid. Upon its resignation and delivery of the Escrow Property
      as set forth in this Section 9, the Escrow Agent shall be discharged of and
      from
      any and all further obligations arising in connection with the Escrow Property
      or this Agreement.

     

    Section
      10. Indemnification
      of Escrow Agent.
      The
      Company and the Dealer Manager shall jointly and severally indemnify, defend
      and
      hold harmless the Escrow Agent and its officers, directors, employees,
      representatives and agents, from and against and reimburse the Escrow Agent
      for
      any and all claims, expenses, obligations, liabilities, losses, damages,
      injuries (to person, property, or natural resources), penalties, stamp or other
      similar taxes, actions, suits, judgments, reasonable costs and expenses
      (including reasonable attorney’s fees and expenses) of whatever kind or nature
      regardless of their merit, demanded, asserted or claimed against the Escrow
      Agent directly or indirectly relating to, or arising from, claims against the
      Escrow Agent by reason of its participation in the transactions contemplated
      hereby, including without limitation all costs required to be associated with
      claims for damages to persons or property, and all attorneys’ and consultants’
fees and expenses and court costs. Except to the extent caused by the Escrow
      Agent’s gross negligence or willful misconduct. The provisions of this Section
      10 shall survive the termination of this Agreement or the earlier resignation
      or
      removal of the Escrow Agent.

     

    
      
        
        

      

      
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    Section
      11. The
      Escrow Agent.

     

    (a) The
      duties, responsibilities and obligations of Escrow Agent shall be limited to
      those expressly set forth herein and no duties, responsibilities or obligations
      shall be inferred or implied against the Escrow Agent. The Escrow Agent shall
      not be subject to, nor required to comply with, any other agreement to which
      the
      Company or the Dealer Manager is a party, even though reference thereto may
      be
      made herein, or to comply with any direction or instruction (other than those
      contained herein or delivered in accordance with this Agreement) from the
      Company, the Dealer Manager or an entity acting on its behalf. The Escrow Agent
      shall not be required to expend or risk any of its own funds or otherwise incur
      any liability, financial or otherwise, in the performance of any of its duties
      hereunder.

     

    (b) If
      at any
      time the Escrow Agent is served with any judicial or administrative order,
      judgment, decree, writ or other form of judicial or administrative process
      which
      in any way affects the Escrow Property (including but not limited to orders
      of
      attachment or garnishment or other forms of levies or injunctions or stays
      relating to the transfer of the Escrow Property), the Escrow Agent is authorized
      to comply therewith in any manner it or legal counsel of its own choosing deems
      appropriate; and if the Escrow Agent complies with any such judicial or
      administrative order, judgment, decree, writ or other form of judicial or
      administrative process, Escrow Agent shall not be liable to any of the parties
      hereto or to any other person or entity even though such order, judgment,
      decree, writ or process may be subsequently modified or vacated or otherwise
      determined to have been without legal force or effect.

     

    (c) The
      Escrow Agent shall not be liable for any action taken or omitted or for any
      loss
      or injury resulting from its actions or its performance or lack of performance
      of its duties hereunder in the absence of gross negligence or willful misconduct
      on its part. In no event shall the Escrow Agent be liable (i) for acting in
      accordance with or conclusively relying upon any instruction, notice, demand,
      certificate or document from the Company, the Dealer Manager, or any entity
      acting on behalf of the Company, (ii) for any indirect, consequential, punitive
      or special damages, multiple damages under M.G.L. c. 93A or any other authority,
      damages for lost profits, damages for emotional distress, or attorney’s fees and
      costs, all regardless of the form of action and whether or not any such damages
      were foreseeable or contemplated, (iii) for the acts or omissions of its
      nominees, correspondents, designees, agents, subagents or subcustodians, (iv)
      for the investment or reinvestment of any cash held by it hereunder in
      accordance with the terms hereof, including without limitation any liability
      for
      any delays (not resulting from its gross negligence or willful misconduct)
      in
      the investment or reinvestment of the Escrow Property, or any loss of interest
      or income incident to any such delays, or (v) for an amount in excess of the
      value of the Escrow Property, valued as of the date of deposit, but only to
      the
      extent of direct money damages. The provisions of this subsection shall survive
      the termination of this Agreement or the earlier resignation or removal of
      the
      Escrow Agent. 

     

    (d) If
      any
      fees, expenses or costs incurred by, or any obligations owed to, the Escrow
      Agent or its counsel hereunder are not paid within fifteen (15) calendar days
      of
      when they are due, the Escrow Agent may reimburse itself therefor from the
      Escrow Property and may sell, liquidate, convey or otherwise dispose of any
      investment in respect of the Escrow Property for such purpose. The Escrow Agent
      may in its sole discretion withhold from any distribution of any interest earned
      in respect of the Escrow Property an amount it believes would, upon sale or
      liquidation, produce proceeds equal to any unpaid amounts to which the Escrow
      Agent is entitled to hereunder. 

     

    
      
        
        

      

      
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    (e) The
      Escrow Agent may consult with legal counsel of its own choosing, at the expense
      of the Company as to any matter relating to this Agreement, and the Escrow
      Agent
      shall not incur any liability in acting in good faith in accordance with any
      advice from such counsel. Reliance on such advice of counsel shall not effect
      or
      be deemed to be a waiver of the Escrow Agent’s attorney-client privilege or any
      other applicable privilege or protection. 

     

    (f) The
      Escrow Agent shall not incur any liability for not performing any act or
      fulfilling any duty, obligation or responsibility hereunder by reason of any
      occurrence beyond the control of the Escrow Agent (including but not limited
      to
      any act or provision of any present or future law or regulation or governmental
      authority, any act of God or war, civil unrest, local or national disturbance
      or
      disaster, any act of terrorism, the unavailability of the Federal Reserve Bank
      wire or facsimile or other wire or communication facility, or any computer
      or
      other technological malfunction). 

     

    (g) The
      Escrow Agent shall be entitled to conclusively rely upon any order, judgment,
      certification, demand, notice, instrument or other writing delivered to it
      hereunder without being required to determine the authenticity or the
      correctness of any fact stated therein or the propriety or validity or the
      service thereof. The Escrow Agent may act in conclusive reliance upon any
      instrument or signature believed by it to be genuine and may assume that any
      person purporting to give receipt or advice to make any statement or execute
      any
      document in connection with the provisions hereof has been duly authorized
      to do
      so.

     

    (h) The
      Escrow Agent shall not be responsible in any respect for the form, execution,
      validity, value or genuineness of documents or securities deposited hereunder,
      or for any description therein, or for the identity, authority or rights of
      persons executing or delivering or purporting to execute or deliver any such
      document, security or endorsement. The Escrow Agent shall not be called upon
      to
      advise any party as to the wisdom in selling or retaining or taking or
      refraining from any action with respect to any securities or other property
      deposited hereunder.

     

    (i) The
      Escrow Agent shall not be under any duty to give the Escrow Property held by
      it
      hereunder any greater degree of care than it gives its own similar property
      and
      shall not be required to invest any funds held hereunder except as directed
      in
      this Agreement. 

     

    (j) When
      the
      Escrow Agent acts on any information, instructions, communications, (including,
      but not limited to, communications with respect to the delivery of securities
      or
      the wire transfer of funds) sent by telex, facsimile, email or other form of
      electronic or data transmission, the Escrow Agent, absent its own gross
      negligence, shall not be responsible or liable in the event such communication
      is not an authorized or authentic communication of the Company or the Dealer
      Manager or is not in the form the Company or the Dealer Manager sent or intended
      to send (whether due to fraud, distortion or otherwise). The Company shall
      indemnify the Escrow Agent against any loss, liability, claim or expense
      (including legal fees and expenses) it may incur with its acting in accordance
      with any such communication. 

     

    
      
        
        

      

      
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    (k) In
      the
      event of any ambiguity or uncertainty hereunder or in any notice, instruction
      or
      other communication received by the Escrow Agent hereunder, the Escrow Agent
      may, in its sole discretion, refrain from taking any action other than to retain
      possession of the Escrow Property, unless the Escrow Agent receives written
      instructions, signed by the Company which eliminates such ambiguity or
      uncertainty. 

     

    (l) In
      the
      event of any dispute between or conflicting claims among the Company and any
      other person or entity with respect to any Escrow Property, the Escrow Agent
      shall be entitled, in its sole discretion, to refuse to comply with any and
      all
      claims, demands or instructions with respect to such Escrow Property for so
      long
      as such dispute or conflict shall continue, and the Escrow Agent shall not
      be or
      become liable in any way to the Company or any other person for failure or
      refusal to comply with such conflicting claims, demands or instructions. The
      Escrow Agent shall be entitled to refuse to act until, to its sole satisfaction,
      either (i) such conflicting or adverse claims or demands shall have been
      determined by a final order, judgment or decree of a court of competent
      jurisdiction, which order, judgment or decree is not subject to appeal, or
      settled by agreement between the conflicting parties as evidenced in a writing
      satisfactory to the Escrow Agent or (ii) the Escrow Agent shall have
      received security or an indemnity satisfactory to it sufficient to hold it
      harmless from and against any and all losses which it may incur by reason of
      so
      acting. Any court order, judgment or decree shall be accompanied by a legal
      opinion by counsel for the presenting party, satisfactory to the Escrow Agent
      in
      its sole discretion, to the effect that said order, judgment or decree
      represents a final adjudication of the rights of the parties by a court of
      competent jurisdiction, and that the time for appeal from such order, judgment
      or decree has expired without an appeal having been filed with such court.
      The
      Escrow Agent may act on such court order and legal opinions without further
      question. The Escrow Agent may, in addition, elect, in its sole discretion,
      to
      commence an interpleader action or seek other judicial relief or orders as
      it
      may deem, in its sole discretion, necessary. The costs and expenses (including
      reasonable attorneys’ fees and expenses) incurred in connection with such
      proceeding shall be paid by, and shall be deemed an obligation of, the
      Company.

     

    (m) The
      Escrow Agent shall have no responsibility for the contents of any writing of
      the
      arbitrators or any third party contemplated herein as a means to resolve
      disputes and may conclusively rely without any liability upon the contents
      thereof.

     

    (n) The
      Escrow Agent does not have any interest in the Escrow Property deposited
      hereunder but is serving as escrow holder only and having only possession
      thereof. The Company shall pay or reimburse the Escrow Agent upon request for
      any transfer taxes or other taxes relating to the Escrow Property incurred
      in
      connection herewith and shall indemnify and hold harmless the Escrow Agent
      from
      any amounts that it is obligated to pay in the way of such taxes. Any payments
      of income from this Escrow Account shall be subject to withholding regulations
      then in force with respect to United States taxes. The Company or the Dealer
      Manager will provide the Escrow Agent with appropriate W-9 forms for tax
      identification number certifications, or W-8 forms for non-resident alien
      certifications. This paragraph shall survive notwithstanding any termination
      of
      this Agreement or the resignation or removal of the Escrow Agent.

     

    
      
        
        

      

      
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    (o) The
      Escrow Agent shall provide to the Company and the Dealer Manager monthly
      statements identifying transactions, transfers or holdings of Escrow Property
      and each such statement shall be deemed to be correct and final upon receipt
      thereof by the Company and the Dealer Manager unless the Escrow Agent is
      notified in writing, by the Company or the Dealer Manager, to the contrary
      within thirty (30) business days of the date of such statement.

     

    Section
      12. Miscellaneous.

     

    (a) This
      Agreement embodies the entire agreement and understanding among the parties
      relating to the subject matter hereof.

     

    (b) This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      Commonwealth of Massachusetts without reference to its principles of conflict
      of
      laws.

     

    (c) Each
      of
      the parties hereto hereby irrevocably consents to the jurisdiction of the courts
      of the Commonwealth of Massachusetts and of any Federal Court located in such
      Commonwealth in connection with any action, suit or other proceeding arising
      out
      of or relating to this Agreement or any action taken or omitted hereunder,
      and
      waives any claim of forum non conveniens and any objections as to laying of
      venue. Each party further waives personal service of any summons, complaint
      or
      other process and agrees that service thereof may be made by certified or
      registered mail directed to such person at such person’s address for purposes of
      notices hereunder. Each party further waives any claim to trial by jury. Nothing
      contained herein shall preclude any party from seeking to remove a proceeding
      from Massachusetts state court to a federal court located in
      Massachusetts.

     

    (d) All
      notices and other communications under this Agreement shall be in writing in
      English and shall be deemed given when delivered personally, on the next
      Business Day after delivery to a recognized overnight courier or mailed first
      class (postage prepaid)or when sent by facsimile to the parties (which facsimile
      copy shall be followed, in the case of notices or other communications sent
      to
      the Escrow Agent, by delivery of the original) at the following addresses (or
      to
      such other address as a party may have specified by notice given to the other
      parties pursuant to this provision):

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    If
      to the
      Company, to:

     

    American
      Realty Capital Trust, Inc.

     

    c/o
      American Realty Capital

     

    1725
      The
      Fairway

     

    Jenkintown,
      PA 19046

     

     

    If
      to the
      Dealer Manager, to:

     

    Realty
      Capital Securities

     

    Three
      Copley Place, Suite 3300B

     

    Boston,
      MA 02116

     

     

    If
      to the
      Escrow Agent, to:

     

    Boston
      Private Bank & Trust Company

     

    Ten
      Post
      Office Square

     

    Boston,
      MA 02109

     

    (e) The
      headings of the Sections of this Agreement have been inserted for convenience
      and shall not modify, define, limit or expand the express provisions of this
      Agreement.

     

    (f) This
      Agreement and the rights and obligations hereunder of parties hereto may not
      be
      assigned except with the prior written consent of the other parties hereto.
      This
      Agreement shall be binding upon and inure to the benefit of each party’s
      respective successors and permitted assigns. Except as expressly provided
      herein, no other person shall acquire or have any rights under or by virtue
      of
      this Agreement. This Agreement is intended to be for the sole benefit of the
      parties hereto, and (subject to the provisions of this Section 10(f)) their
      respective successors and assigns, and none of the provisions of this Agreement
      are intended to be, nor shall they be construed to be, for the benefit of any
      third person.

     

    (g) This
      Agreement may not be amended, supplemented or otherwise modified without the
      prior written consent of the parties hereto.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (h) The
      Escrow Agent makes no representation as to the validity, value, genuineness
      or
      the collectability of any security or other document or instrument held by
      or
      delivered to it.

     

    (i) Any
      payments of income from the Escrow Property shall be subject to withholding
      regulations then in force with respect to United States taxes. The Company
      will
      provide the Escrow Agent with its Employer Identification Number for use by
      the
      Escrow Agent if necessary. It is understood that the Escrow Agent shall be
      responsible for income reporting only with respect to income earned on the
      Escrow Property and will not be responsible for any other
      reporting.

     

    (j) This
      Agreement may be executed in two or more counterparts, each of which shall
      be an
      original, but all of which together shall constitute one and the same
      instrument.

     

    (k) The
      rights and remedies conferred upon the parties hereto shall be cumulative,
      and
      the exercise or waiver of any such right or remedy shall not preclude or inhibit
      the exercise of any additional rights or remedies. The waiver of any right
      or
      remedy hereunder shall not preclude the subsequent exercise of such right or
      remedy.

     

    (l) The
      Company and the Dealer Manager hereby acknowledge that, in accordance with
      Section 326 of the USA Patriot Act, the Escrow Agent, like all financial
      institutions and in order to help fight the funding of terrorism and money
      laundering, are required to obtain, verify, and record information that
      identifies each person or legal entity that establishes a relationship or opens
      an account with Boston Private Bank & Trust Company. The Company and the
      Dealer Manager hereby agree that each will provide the Escrow Agent with such
      information as it may request in order for the Escrow Agent to satisfy the
      requirements of the USA Patriot Act.

     

    (m) The
      Company and the Dealer Manager hereby represent and warrant (i) that this
      Agreement has been duly authorized, executed and delivered on its behalf and
      constitutes its legal, valid and binding obligation and (ii) that the
      execution, delivery and performance of this Agreement by the Company and the
      Dealer Manager does not and will not violate any applicable law or
      regulation.

     

    (n) The
      invalidity, illegality or unenforceability of any provision of this Agreement
      shall in no way affect the validity, legality or enforceability of any other
      provision; and if any provision is held to be unenforceable as a matter of
      law,
      the other provisions shall not be affected thereby and shall remain in full
      force and effect.

     

    (o) No
      printed or other material in any language, including prospectuses, notices,
      reports, and promotional material which mentions Boston Private Bank & Trust
      Company or any of their respective affiliates by name or the rights, powers,
      or
      duties of the Escrow Agent under this Agreement shall be issued by any other
      parties hereto, or on such party’s behalf, without the prior written consent of
      the Escrow Agent.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (p) For
      purposes of this Agreement, “Business Day” shall mean any day that is not a
      Saturday or Sunday or a day on which banks are required or permitted by law
      or
      executive order to be closed in the City of Boston, Massachusetts.

     

    (q) For
      purposes of sending and receiving instructions or directions hereunder, all
      such
      instructions or directions shall be, and the Escrow Agent may conclusively
      rely
      upon such instructions or directions, delivered, and executed by representatives
      of the Company and the Dealer Manager designated on Scheduled I attached
      hereto and made a part hereof (each such representative, an “Authorized Person”)
      which such designation shall include specimen signatures of such
      representatives, as such Schedule I may be updated from time to
      time.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
      day
      and year first above written.

     

    
      	 	
              AMERICAN
                REALTY CAPITAL TRUST, INC.

            
	 	 	 	 
	 	
              By:

            	                        
              
	 	 	
              Name:
                

            	
              Brian
                S. Block

            
	 	 	
              Title:
                

            	
              Chief
                Financial Officer

            
	 	 	 	 
	 	 	 	 
	 	
              REALTY
                CAPITAL SECURITIES, LLC

            
	 	 	 	 
	 	
              By:

            	               
              
	 	 	
              Name:

            	
              Frank
                Chandler

            
	 	 	
              Title:

            	
              President

            
	 	 	 	 
	 	 	 	 
	 	
              BOSTON
                PRIVATE BANK & TRUST COMPANY, as Escrow Agent

            
	 	 	 	 
	 	
              By:

            	               
              
	 	 	
              Name:

            	
              Kathleen
                M. McQuillan

            
	 	 	
              Title:

            	
              Senior
                Vice President

            
	 	 	 	 
	 	 	 	 
	 	
              By:

            	            
              
	 	 	
              Name:

            	
              George
                G. Schwartz

            
	 	 	
              Title:

            	
              Executive
                Vice President & Treasurer

            

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

Schedule
      II

     

    $3,000.00
      Initial Administrative Fee

     

    $1,500.00
      Annual Fee

     

    TBD
      -
      Legal Fees

     

    
      
        
        

      

      
        14Unassociated Document

    FORM
      OF 

    ADVISORY
      AGREEMENT AMONG 

    AMERICAN
      REALTY CAPITAL TRUST, INC., 

    AMERICAN
      REALTY CAPITAL OPERATING PARTNERSHIP, L.P. 

    and
      

    AMERICAN
      REALTY CAPITAL ADVISORS, LLC

     

    This
      Advisory Agreement (this “Agreement”) dated as of _______, 2008 is among
      American Realty Capital Trust, Inc., a Maryland corporation (the “Company”),
      American Realty Capital Operating Partnership, L.P., a Delaware limited
      partnership (the “OP”), and American Realty Capital Advisors, LLC, a Delaware
      limited liability company (the “Advisor”). The Company and the OP are sometimes
      referred to herein collectively as the “Advisees” and each individually as an
“Advisee.”

     

    WITNESSETH:

     

    WHEREAS,
      the Company is a Maryland corporation created in accordance with applicable
      provisions of the Maryland General Corporation Law, as amended from time to
      time
      (the “Maryland GCL”); and

     

    WHEREAS,
      the purposes of the Company are, as determined from time to time by the board
      of
      directors of the Company (the “Board of Directors”), to engage in any lawful
      business or activity for which a corporation may be created under the Maryland
      GCL; and

     

    WHEREAS,
      the Company is the general partner of the OP; and

     

    WHEREAS,
      the Company desires, on its own behalf and as general partner of the OP, to
      avail itself of the experience, sources of information, advice and assistance
      of
      the Advisor and to have the Advisor undertake the duties and responsibilities
      hereinafter set forth, on behalf of and subject to the supervision of the Board
      of Directors, all as provided herein; and

     

    WHEREAS,
      the Advisor is willing to render such services, subject to the supervision
      of
      the Board of Directors, on the terms and conditions hereinafter set
      forth;

     

    NOW,
      THEREFORE, in consideration of the mutual covenants herein contained, IT IS
      AGREED as follows:

     

    1.
       Definitions.
      Capitalized terms used but not defined herein shall have the meaning ascribed
      to
      them in the Company’s Charter (as herein defined), and the following terms, as
      used herein, shall have the meanings set forth below:

     

    (a)
       “Acquisition
      Expenses”
shall
      mean expenses related to the Advisee’s selection of, and investment in, real
      properties and mortgage investments and other investments, whether or not
      acquired or made, including but not limited to advertising costs, brokerage
      fees, environmental, engineering and other due diligence expenses, legal fees
      and expenses, travel and communications expenses, cost of appraisals, accounting
      fees and expenses, title insurance and miscellaneous other
      expenses.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)
       “Acquisition
      Fee”
shall
      have the meaning set forth in Section 11(a)(i).

     

    (c)
       “Affiliate”
means
      a
      Person who is (i) in the case of an individual, any relative of such Person,
      (ii) any officer, director, trustee, partner, manager, employee or holder of
      ten
      percent (10%) or more of any class of the voting securities of or equity
      interest in such Person; (iii) any corporation, partnership, limited liability
      company, trust or other entity controlling, controlled by or under common
      control with such Person; or (iv) any officer, director, trustee, partner,
      manager, employee or holder of ten percent (10%) or more of the outstanding
      voting securities of any corporation, partnership, limited liability company,
      trust or other entity controlling, controlled by or under common control with
      such Person. For purposes of this definition, the term “controls,” “is
      controlled by,” or “is under common control with” shall mean the possession,
      direct or indirect, of the power to direct or cause the direction of the
      management and policies of an entity, whether through the ownership of voting
      rights, by contract or otherwise.

     

    (d)
       “Asset
      Management Fee”
shall
      have the meaning set forth in Section 11(a)(ii).

     

    (e)
       “Average
      Invested Assets”
shall
      mean the average, at the end of each calendar month during the calendar quarter
      in respect of which an Asset Management Fee is being calculated, of the
      aggregate book value of the Advisees’ assets invested in equity interests in and
      loans secured by real estate, before reserves for depreciation or bad debt
      or
      other similar non-cash reserves. 

     

    (f)
       “Board
      of Directors”
shall
      have the meaning set forth in the recitals hereto.

     

    (g)
       “Cause”
shall
      mean (x) fraud, criminal conduct, willful misconduct or illegal or negligent
      breach of fiduciary duty by the Advisor or a breach of this Agreement by the
      Advisor; or (y) if any of the following events occur: (i) the Advisor shall
      violate any material provision of this Agreement, and after written notice
      of
      such violation, shall not cure such default within 30 days or have begun action
      within 30 days to cure the default which shall be completed with reasonable
      diligence, (ii) the Advisor shall be adjudged bankrupt or insolvent by a court
      of competent jurisdiction, or an order shall be made by a court of competent
      jurisdiction for the appointment of a receiver, liquidator, or trustee of the
      Advisor, for all or substantially all of its property by reason of the
      foregoing, or if a court of competent jurisdiction approves any petition filed
      against the Advisor for reorganization, and such adjudication or order shall
      remain in force or unstayed for a period of 30 days, (iii) the Advisor shall
      institute proceedings for voluntary bankruptcy or shall file a petition seeking
      reorganization under the federal bankruptcy laws, or for relief under any law
      for relief of debtors, or shall consent to the appointment of a receiver for
      itself or for all or substantially all of its property, or shall make a general
      assignment for the benefit of its creditors, or shall admit in writing its
      inability to pay its debts, generally, as they become due.

     

    (h)
       “Charter”
shall
      mean the Articles of Incorporation of the Company, as amended from time to
      time.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (i)
       “Financing
      Coordination Fee”
shall
      have the meaning set forth in Section 11(a)(iii).

     

    (j)
       “Good
      Reason”
shall
      mean, with respect to the termination of this Agreement, (x) any failure to
      obtain a satisfactory agreement from any successor to an Advisee to assume
      and
      agree to perform such Advisee’s obligations under this Agreement; or (y) any
      material breach (subject to the right to cure set forth in the definition
      of  “cause” herein) of this Agreement of any nature whatsoever by an
      Advisee.

     

    (k)
       “Independent
      Director”
shall
      have the meaning set forth in the By-laws of the Company, as amended from time
      to time.

     

    (l)
       “Initial
      Term”
shall
      have the meaning set forth in Section 17(a).

     

    (m)
       “Offering
      Expenses”
shall
      have the meaning set forth in Article 1 of the Partnership Agreement.

     

    (n)
       “Offering
      Proceeds”
shall
      have the meaning set forth in Section 16.

     

    (o)
       “Partnership
      Agreement”
shall
      mean the Agreement of Limited Partnership of the OP, as amended and restated
      from time to time.

     

    (p)
       “Person”
shall
      mean an individual, corporation, partnership, joint venture, association,
      company (whether of limited liability or otherwise), trust, bank or other
      entity, or government or any agency or political subdivision of a
      government.

     

    (q)
       “Property
      Disposition Fee”
shall
      have the meaning set forth in Section 11(a)(iv).

     

    (r)
       “Preferred
      Return”
shall
      mean the receipt by the stockholders of the Company of (i) a Cumulative
      Non-Compound Return of 7% per year on such stockholders’ net investment, and
      (ii) the amount of such net investment.

     

    (s)
       “Prospectus”
shall
      mean the final prospectus of the Company in connection with the initial
      registration of the Shares filed with the SEC on Form S-11, as amended and
      supplemented from time to time.

     

    (t)
       “SEC”
shall
      mean the United States Securities and Exchange Commission.

     

    (u)
       “Share”
shall
      mean a share of the Common Stock, par value $0.01, of the Company.

     

    (v)
       “Total
      Operating Expenses”
of
      a
      Person means the aggregate of all expenses paid or incurred by such Person,
      but
      excluding organization and offering expenses, interest payments, taxes, non-cash
      expenditures, any Acquisition Fee or other acquisition expenses.

     

    2.
       Duties
      of Advisor.
      The
      Company, on its own behalf, and as general partner of the OP, hereby retains
      and
      appoints the Advisor as the advisor of the Company and the OP to perform the
      services hereinafter set forth, and the Advisor hereby accepts such appointment,
      all subject to the terms and conditions hereinafter set forth. In the
      performance of this undertaking, subject to the supervision of the Board of
      Directors and consistent with the provisions of the Company’s Charter and the
      Agreement of Limited Partnership of the OP (the “Partnership Agreement”), the
      Advisor shall devote sufficient resources to the administration of the Company
      to discharge is obligations hereunder and shall:

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    a.
       obtain
      for the Advisees, furnish and/or supervise the services necessary to perform
      any
      ministerial functions in connection with the management of the day-to-day
      operations of the Advisees;

     

    b.
       use
      its
      best efforts to seek out, present and recommend to the Advisees, whether through
      its own efforts or those of third parties retained by it, suitable investment
      opportunities that are consistent with the Advisees’ respective investment
      objectives and policies and acquisition strategy and objectives, as adopted
      by
      the Board of Directors from time to time, and negotiate on behalf of the
      Advisees with respect to potential investments or the disposition
      thereof;

     

    c.
       exercise
      absolute discretion, subject to the Board of Directors’ review, in decisions to
      originate, acquire, retain or sell real properties, provided,
      that,
      the
      Advisor may acquire on behalf of the Advisees any real property with purchase
      price that is less than $15,000,000, or finance such an acquisition on the
      Advisees’ behalf, without the prior approval of the Board of Directors if and to
      the extent that:

     

    
      	 	
              i.

            	
              the
                proposed acquisition or financing would not, if consummated, violate
                or
                conflict with the investment guidelines of the Advisees as set forth
                in
                the Prospectus; 

            

    

     

    
      	 	
              ii.

            	
              the
                proposed acquisition or financing would not, if consummated, violate
                the
                restriction set forth in section 2(f) below;
                and

            

    

     

    
      	 	
              iii.

            	
              the
                consideration proposed to be paid for such real property does not
                exceed
                the fair market value of such property, as determined by a qualified
                independent real estate appraiser selected in good faith by the Advisor
                and acceptable to the Independent
                Directors;

            

    

     

    d.
       recommend
      investment opportunities consistent with the Advisees’ respective investment
      objectives and policies and negotiate on behalf of the Advisees with respect
      to
      potential investments or the disposition thereof;

     

    e.
       structure
      the terms and conditions pursuant to which acquisitions of properties will
      be
      made, subject to the Board of Directors’ review;

     

    f.
       arrange
      for financing and refinancing of properties, subject to the Board of Directors’
prior approval if such financing or refinancing, when consummated causes the
      total leverage on each such property or on all such properties in the aggregate
      to exceed 75% of such property’s or properties’, as the case may be, fair market
      value;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    g.
       obtain
      for the Advisees such other services as may be required in acquiring or
      disposing of investments, disbursing and collecting the funds of the Advisees,
      paying the debts and fulfilling the obligations of the Advisees, and handling,
      prosecuting and settling any claims of the Advisees;

     

    h.
       obtain
      for the Advisees such services as may be required for property management,
      leasing, mortgage brokerage and servicing, and other activities relating to
      the
      investment portfolio of the Advisees;

     

    i.
       supervise
      the servicing of the Advisees’ loan portfolios;

     

    j.
       administer
      the Advisee’s respective bookkeeping and accounting functions, and prepare, or
      cause to be prepared, statements and other relevant information for distribution
      to stockholders or partners, as the case may be, including annual and quarterly
      reports and any filings required by regulatory authorities;

     

    k.
       monitor
      operations and expenses of the Advisees;

     

    l.
       from
      time
      to time, or as requested by the Board of Directors, make reports to the Advisees
      as to its performance of the foregoing services;

     

    m.
       perform
      any other powers of the Board of Directors or the Company (as general partner
      of
      the OP) which (with respect to the Company) are set forth in the Charter and
      the
      Partnership Agreement, as applicable, which may be delegated to it by the Board
      of Directors from time to time;

     

    n.
       render
      such other services as the Board of Directors deems appropriate;
      and

     

    o.
       do
      all
      things necessary to assure its ability to render the services contemplated
      herein.

     

    3.
       Fiduciary
      Relationship.
      The
      Advisor, as a result of its relationship with the Advisees pursuant to this
      Agreement, stands in a fiduciary relationship with the stockholders of the
      Company and the partners of the OP.

     

    4.
       No
      Partnership or Joint Venture.
      The
      Advisees and the Advisor are not partners or joint venturers with each other
      and
      nothing herein shall be construed to make them partners or joint venturers
      or
      impose any liability as such on either of them.

     

    5.
       Records.
      At all
      times, the Advisor shall keep books of account and records relating to services
      performed hereunder, which books of account and records shall be accessible
      for
      inspection by the Advisees and the Advisee’s appointees at any time during the
      ordinary business hours of the Advisor.

     

    6.
       REIT
      Qualification; Other Limitations on Advisor Actions.
      Anything else in this Agreement to the contrary notwithstanding, the Advisor
      shall refrain from any action which, in its sole judgment made in good faith,
      or, in the judgment of the Board of Directors provided that the Board of
      Directors give the Advisor written notice to such effect, would (a) adversely
      affect the status of the Company as a real estate investment trust pursuant
      to
      Section 856 of the Code; (b) cause the Advisees to be classified as an
“investment company” for purposes of the Investment Company Act of 1940, as
      amended, (c) cause the OP to be classified other than as a partnership for
      purposes of the Code; (d) violate any law, rule, regulation or statement of
      policy of any governmental body or agency having jurisdiction over the Advisees
      or over their securities, or (e) be prohibited by the Company’s Charter or the
      Partnership Agreement of the OP.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    7.
       Bank
      Accounts.
      The
      Advisor may establish and maintain one or more bank accounts in the name of
      the
      Advisees or in its own name as agent for the Advisees and may collect and
      deposit in and disburse from any such account, any money on behalf of the
      Advisees, under such terms and conditions as the Board of Directors may approve,
      provided that no funds in such account shall be commingled with funds of the
      Advisor. From time to time and upon appropriate request, the Advisor shall
      render appropriate accounting of such collections and payments to the Board
      of
      Directors and the auditors of the Advisees.

     

    8.
       Bond.
      If
      required by the Board of Directors, the Advisor will maintain a fidelity bond
      with a responsible surety company in such amounts as may be required by the
      Board of Directors, covering all members or partners thereof together with
      employees and agents of the advisor handling funds of the Advisees and
      investment documents or records pertaining to investments of the Advisees.
      Such
      bonds shall inure to the benefit of the Advisees in respect of losses from
      acts
      of such partners, employees and agents through theft, embezzlement, fraud,
      negligence, error or omission or otherwise. The premiums on such bonds shall
      be
      paid by the Advisees.

     

    9.
       Information
      Furnished to Advisor.
      The
      Board of Directors shall, at all times, keep the Advisor fully informed with
      regard to the investment policies of the Advisees, including any specific types
      of real properties, mortgage investments and mortgage securities desired, and
      any criteria or conditions established by the Board of Directors as to whether
      the Advisees will make a particular investment, the capitalization policy of
      the
      Advisees (including the policy with regard to the incurrence of indebtedness
      by
      the Advisees) and their intentions as to the future operations of the Advisees.
      In particular, the Board of Directors shall notify the Advisor promptly of
      their
      intention to either sell or otherwise dispose of any of the Advisees’
investments, to make any new investment, to incur any indebtedness or to issue
      any additional shares of Common Stock or Preferred Stock of the Company or
      any
      partnership interests in the OP.

     

    10.
       Consultation
      and Advice.
      In
      addition to the services described above, the Advisor shall consult with the
      Board of Directors and shall, at the request of the Board of Directors of the
      Company, furnish advice and recommendations with respect to other aspects of
      the
      business and affairs of the Advisees.

     

    11.
       Fees
      and Other Compensation of the Advisor.

     

    a.
       The
      Advisor or its designees shall be entitled to receive from the respective
      Advisees (except those payable by others as noted below) the following fees
      and
      other compensation, which shall be paid to the Advisor by the OP on its own
      behalf or on behalf of the Company:

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (i) Acquisition
      Fee. The
      Advisor or its Affiliates shall receive an acquisition fee (the “Acquisition
      Fee”) of one percent (1%) of the gross contract purchase price of each
      property acquired by an Advisee, including the amount of any mortgage securing
      such property, payable by the OP on behalf of the applicable Advisee upon
      consummation of the investment; provided, that, the Acquisition
      Fee, together with any and all Acquisition Expenses and other acquisition fees
      paid to the Advisor or to any third parties, whether or not affiliated with
      the
      Advisor or the Advisees, shall not exceed, in the aggregate, four percent (4.0%)
      of the gross contract purchase price of a particular property, including the
      amount of any mortgage securing such property. In the event that such
      acquisition fees and expenses, including the Acquisition Fee, exceed such
      limitation, the Acquisition Fee shall be reduced by such excess
      amount.

     

    (ii) Asset
      Management Fee. The
      Advisor or its Affiliates shall receive an asset management fee (the “Asset
      Management Fee”) in the form of a of a yearly fee equal to 1% of the
      contract purchase price of all the properties payable quarterly in advance,
      on
      January 1, April 1, July 1 and October 1 based on assets held by the OP on
      that
      date, adjusted for appropriate closing dates for individual property
      acquisitions.

     

    (iii) Financing
      Coordination Fee. For
      services in connection with the origination or refinancing of any debt financing
      the Advisee obtains and uses to acquire properties or to make other permitted
      investments, or that is assumed, directly or indirectly, in connection with
      the
      acquisition of properties, the Advisor or its Affiliates shall receive a
      financing coordination fee (the “Financing
      Coordination Fee”)
      equal
      to 1% of the amount available and/or outstanding under such financing;
provided,
      however, that the Advisor will not be entitled to a financing coordination
      fee
      in connection with the refinancing of any loan secured by any particular
      property that was previously subject to a refinancing in which the Advisor
      received such a fee. Financing coordination fees payable from loan proceeds
      from
      permanent financing will be paid to the Advisor as the Advisees acquire and/or
      assume such permanent financing. 

     

    (iv) Property
      Disposition Fee. The
      Advisor or its Affiliates shall receive an amount equal to up to one-half of
      the
      brokerage commission (the “Property
      Disposition Fee”)
      paid
      on the sale of property, not to exceed 3% of the contract price of each property
      sold; provided,
      however, in no event may the real estate commissions paid to our advisor, its
      affiliates and unaffiliated third parties exceed 6% of the contract sales price.
      

     

    (v) Fees
      for Additional Services. Subject
      to Section 15 below, the Advisor shall be entitled to receive compensation
      for
      any additional services requested from time to time by the Advisees on separate
      agreed-upon terms, subject to approval by a majority of the Independent
      Directors as being fair and reasonable to the Company.

     

    b.
       Stockholder/Partner
      Interests Distributions. The
      Advisor shall be entitled to receive distributions from the Advisees in respect
      of any shares of Common Stock of the Company or partner interests of the OP
      which it holds, along with the other holders of such shares or
      interests.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    12.
       Statements.
      Prior
      to the payment of any fees hereunder, the Advisor shall furnish to the Advisees
      a statement showing the computation of the fees, if any, payable under Section
      11 hereof.

     

    13.
       Expenses
      of the Company.
      

     

    a.
       The
      OP,
      on its own behalf and on behalf of the Company, shall pay all of the Advisees’
expenses. Without limiting the foregoing, it is specifically agreed that the
      following expenses of an Advisee shall be paid by the OP on its own behalf
      or on
      behalf of the Company and shall not be borne by the Advisor unless such expense
      is a fee or other service for which the Advisor is otherwise receiving a fee
      from the Advisees:

     

    (i)
       the
      cost
      of money borrowed by the Advisee;

     

    (ii)
       all
      taxes
      applicable to the Advisee including, without limitation, taxes on income and
      on
      assessments of real property;

     

    (iii)
       fees
      and
      expenses paid to independent contractors, unaffiliated mortgage servicers,
      consultants, managers and other agents employed by or no behalf of the
      Advisee;

     

    (iv)
       Acquisition
      Expenses and expenses directly connected with the ownership and disposition
      of
      real property or other investments, and with the purchase or origination of
      real
      property and mortgage investments (including the costs of foreclosure, insurance
      premiums, legal services, brokerage and sales commission, maintenance, repair
      and improvement of property);

     

    (v)
       expenses
      of maintaining and managing real estate equity interests, processing and
      servicing mortgage and other loans and managing the Advisee’s other
      investments;

     

    (vi)
       insurance
      coverage in connection with the business of the Advisee (including officers’,
      directors’ and partners’ liability insurance);

     

    (vii)
       the
      expenses of dissolving and liquidating the Advisee or revising, amending or
      modifying its organizational documents;

     

    (viii)
       expenses
      connected with payments of dividends or interest or distribution in cash or
      any
      other form made or caused to be made by the Board of Directors to the
      stockholders or partners, as the case may be, of such Advisee.

     

    (ix)
       all
      expenses connected with communications to stockholders or partners, as the
      case
      may be, and other bookkeeping and clerical work necessary in maintaining
      relations with the stockholders or partners, as the case may be, including
      the
      cost of printing and mailing certificates for securities, proxy solicitation
      materials and reports to holders of the Advisee’s securities;

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (x)
       the
      cost
      of any accounting, statistical or bookkeeping equipment necessary for the
      maintenance of the books and records of the Advisee;

     

    (xi)
       transfer
      agent’s and registrar’s fees and charges; and

     

    (xii)
       other
      legal, accounting and auditing fees and expenses as well as any costs incurred
      in connection with any litigation in which the Advisee is involved and the
      examination, investigation or other proceedings conducted by any regulatory
      agency with respect to the Advisee.

     

    b.
       The
      Advisor shall bear the expenses it incurs in connection with performing its
      duties under the advisory agreement. These include salaries and fringe benefits
      of its directors and officers and travel and other administrative expenses
      of
      its directors or officers.

     

    c.
       The
      OP
      shall reimburse the Advisor and its Affiliates on its own behalf or on behalf
      of
      the Company for (i) advertising expenses, expense reimbursements, and legal
      and
      accounting fees; (ii) the actual cost of goods and materials used by the
      Advisees and obtained from entities not affiliated with the Advisor; (iii)
      administrative services (including personnel costs; provided, however, that
      no
      reimbursement shall be made for costs of personnel to the extent that such
      personnel perform services in transactions for which the Advisor receives a
      separate fee); (iv) acquisition expenses, which include travel and expenses
      related to the selection and acquisition of properties, for goods and services
      provided by the Advisor; (v) rent, leasehold improvement costs, utilities or
      other administrative items generally constituting Advisor’s overhead; and (vi)
      expenses related to negotiating and servicing mortgage loans. In no event shall
      the OP reimburse the Advisor for any services for which the Advisor shall
      receive a separate fee. The amounts charged to an Advisee for services performed
      shall not exceed the lesser of (a) the actual cost of such services, or (b)
      the
      amount which such Advisee would be required to pay to independent parties for
      comparable services.

     

    d.
       Notwithstanding
      the foregoing, reimbursements of expenses and payment of fees under this
      Agreement will be subject to approval by the Board of Directors (including
      the
      approval of the majority of Independent Directors).

     

    14.
       Reimbursement
      by Advisor.
      

     

    a.
       For
      any
      year which the Company qualifies as a real estate investment trust under the
      Internal Revenue Code of 1986, as amended, the Advisor shall be obligated to
      reimburse the Advisees for the amounts, if any, by which the sum of Advisees’
Total Operating Expenses and Asset Management Fees paid during the immediately
      prior fiscal year exceed the greater of (i) 2.0% of the Company’s and the OP’s
      Average Invested Assets during the four quarters of such fiscal year, or (ii)
      25.0% of the Company’s and the OP’s net income for such fiscal year; provided,
      however, that the Board of Directors (including a majority of the Independent
      Directors) may require a lower amount which the Advisor shall be obligated
      to
      reimburse the Company, upon a determination that such lower reimbursement amount
      is justified in light of such unanticipated, unusual or non-recurring factors
      which may have occurred within sixty (60) days after the end of the quarter
      for
      which the excess occurred, and there shall be sent to the stockholders of the
      Company a written disclosure of such determination, together with an explanation
      of the factors the Board of Directors considered in arriving at the conclusion
      that the higher Total Operating Expenses were justified.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    15.
       Other
      Activities of Advisor.
      

     

    (a)
       Except
      as
      set forth in this Section 15, nothing in this Agreement shall prevent the
      Advisor or any of its Affiliates from engaging in other business activities
      related to real estate, mortgage investments or other investments whether
      similar or dissimilar to those made by any of the Advisees or from acting as
      advisor to any other person or entity having investment policies whether similar
      or dissimilar to those of the Company or the OP (including other REITs or
      partnerships); provided,
      that,
      before
      the Advisor and all Persons controlled by the Advisor may take advantage of
      an
      opportunity for their own account or present or recommend it to others, they
      are
      obligated to present an investment opportunity to an Advisee if (i) such
      opportunity is compatible with such Advisee’s investment objectives and policies
      (including such Advisee’s requirements relating to all pertinent factors,
      including diversification, property type and location), (ii) such opportunity
      is
      of a character which could be taken by such Advisee, and (iii) the Advisee
      has
      the financial resources to take advantage of such opportunity. In furtherance,
      and not in limitation, of the immediately preceding sentence, neither the
      Advisor nor any Affiliate of the Advisor may make any investment in residential,
      retail, industrial and office properties where the investment objective is
      substantially similar to the investment objectives of the Advisees until such
      time as seventy five percent (75.0%) of the total gross proceeds (the “Offering
      Proceeds”) from the offering of the Company’s shares offered for sale pursuant
      to a registration statement on form S-11 filed with the SEC, following final
      closing of such offering, have been invested or committed for investment in
      such
      properties.

     

    (b)
       The
      Advisor will use its best efforts to present suitable investments to the
      Advisees consistent with their investment procedures, objectives and policies.
      If the Advisor or any of its Affiliates is presented with a potential investment
      in a property which might be made by more than one investment entity which
      it
      advises or manages, the decision as to the suitability of the property for
      investment by a particular entity will be based upon a review of the investment
      portfolio of each entity and upon factors such as: (i) cash flow from the
      property; (ii) the effect of the acquisition of the property on the
      diversification of each entity's portfolio; (iii) rental payments during any
      renewal period; (iv) the amount of equity required to make the investment;
      (v)
      the policies of each entity relating to leverage; (vi) the funds of each entity
      available for investment; and (vii) the length of time the funds have been
      available for investment and the manner in which the potential investment can
      be
      structured by each entity. To the extent that a particular property might be
      determined to be suitable for more than one investment entity, priority
      generally will be given to the investment entity having uninvested funds for
      the
      longest period of time.

     

    16.
       Term;
      Termination of Agreement.
      This
      Agreement shall continue in force for a period of one year from the date hereof
      (the “Initial Term”) and thereafter it may be renewed from year to year by
      written consent of the parties hereto. Notwithstanding any other provision
      to
      the contrary, this Agreement may be terminable by the Advisor or by the Advisees
      (upon determination of the majority of the Independent Directors) at any time
      upon 60 days’ prior written notice to the non-terminating party. In the event of
      the termination of this Agreement, the Advisor will cooperate with the Advisees
      and take all reasonable steps requested to assist the Advisees in making an
      orderly transition of the advisory function.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    17.
       Amendments.
      This
      Agreement shall not be changed, modified, terminated or discharged in whole
      or
      in part except by an instrument in writing signed by all parties hereto, or
      their respective successors or permitted assigns, or otherwise as provided
      herein.

     

    18.
       Assignment.
      This
      Agreement may not be assigned by the Advisor, except to an Affiliate of the
      Advisor, and then only upon the consent of the Advisees and the approval of
      a
      majority of the Independent Directors. Any assignee of the Advisor shall be
      bound hereunder to the same extent as the Advisor. This Agreement shall not
      be
      assigned by any Advisee without the written consent of the Advisor, except
      to a
      corporation, association, trust or other organization which is a successor
      to
      such Advisee. Such successor shall be bound hereunder to the same extent as
      such
      Advisee. Notwithstanding anything to the contrary contained herein, the economic
      rights of the Advisor hereunder, including the right to receive all compensation
      hereunder, may be sold, transferred or assigned by the Advisor without the
      consent of the Advisees.

     

    19.
       Action
      Upon Termination.
      From
      and after the effective date of termination of this Agreement, pursuant to
      Section 17 hereof, the Advisor shall not be entitled to compensation for further
      service rendered hereunder but shall be paid all compensation and reimbursed
      for
      all expenses accrued through the date of termination within thirty (30) days
      of
      such termination. The Advisor shall forthwith upon such
      termination:

     

    (a)
       Pay
      over
      to the Advisees all moneys collected and held for the account of such Advisees
      pursuant to this Agreement, after deducting any accrued compensation and
      reimbursement for its expenses to which it is then entitled;

     

    (b)
       Deliver
      to the Advisees a full accounting, including a statement showing all payments
      collected by it and a statement of all moneys held by it, covering the period
      following the date of the last accounting furnished to the Advisees;
      and

     

    (c)
       Deliver
      to the Advisees all property and documents of the Advisees then in the custody
      of the Advisor.

     

    20.
       Incorporation
      of the Charter and the Partnership Agreement.
      To the
      extent the Charter or the Partnership Agreement impose obligations or
      restrictions on the Advisor or grant the Advisor certain rights which are not
      set forth in this Agreement, the Advisor shall abide by such obligations or
      restrictions and such rights shall inure to the benefit of the Advisor with
      the
      same force and effect as if they were set forth herein.

     

    21.
       Standard
      of Care.
      

     

    a.  The
      duties to be performed by the Advisor pursuant to this Agreement may be
      performed by it or by officers, members or directors or by Affiliates of the
      foregoing under the direction of the Advisor or delegated to unaffiliated third
      parties under its direction.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    b.
       The
      Advisor shall look solely to the assets of the Advisees for satisfaction of
      all
      claims against the Advisees, and in no event shall any stockholder, partner
      or
      director of the Advisees, as the case may be, have any personal liability for
      the obligations of the Advisees under this Agreement.

     

    22.
       Indemnification
      of Advisor.
      

     

    a.
       Subject
      to sections (b)-(d) below, the Advisees shall indemnify the Advisor and its
      Affiliates for any loss arising out of any of their acts or omissions in
      connection with this Agreement and the Advisor and its Affiliates will be held
      harmless for any loss of liability suffered by the Advisees.

     

    b.
       The
      Advisees shall not indemnify the Advisor or its Affiliates for any liability
      loss suffered by the Advisor or its Affiliates, nor shall it hold the Advisor
      or
      its Affiliates harmless for any loss or liability suffered by the Advisees
      unless all of the following conditions are met: (i) the Advisor or its
      Affiliates determined in good faith that the course of conduct which caused
      the
      loss or liability was in the best interests of the Advisees, (ii) the Advisor
      or
      its Affiliates were acting on behalf of the Advisees or performing services
      for
      the Advisees, (iii) such liability or loss or expense was not the result of
      negligence or misconduct on the part of the Advisor or its Affiliates and (iv)
      such indemnification or agreement to hold harmless shall be recoverable only
      out
      of the net assets of the Advisees and not from the stockholders, partners or
      members of the Advisees.

     

    c.
       Notwithstanding
      anything to the contrary in subsection b, the Advisees shall not indemnify
      the
      Advisor or its Affiliates or any persons acting as a broker-dealer for any
      losses, liabilities or expenses arising from or out of an alleged violation
      of
      federal or state securities laws by such party unless one or more of the
      following conditions are met: (i) there has been a successful adjudication
      on
      the merits of each count involving alleged securities law violations as to
      the
      particular Indemnitee, (ii) such claims have been dismissed with prejudice
      on
      the merits by a court of competent jurisdiction as to the particular Indemnitee
      or (iii) a court of competent jurisdiction approves a settlement of the claims
      against a particular Indemnitee and finds that indemnification of the settlement
      and related costs should be made, and the court considering the matter has
      been
      advised of the position of the Securities and Exchange Commission and the
      published position of any state securities regulatory authority as to
      indemnification for violations of securities law.

     

    d.
       The
      Advisees will advance amounts to the Advisor or its Affiliates for legal
      expenses and other costs incurred as a result of any legal action for which
      indemnification is being sought is permissible only if all of the following
      conditions are satisfied: (i) the legal action relates to acts or omissions
      with
      respect to the performance of duties or services on behalf of the Advisees,
      (ii)
      the legal action is initiated by a third party who is not a Stockholder or
      is
      initiated by a Stockholder acting in his or her capacity as such and a court
      of
      competent jurisdiction specifically approves the advancement and (iii) the
      Advisor or its Affiliates undertake in writing to repay the advanced funds
      to
      the Advisees, together with the applicable legal rate of interest thereon,
      in
      cases in which such the Advisor or its Affiliates are found not to be entitled
      to indemnification.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    23.
       Notices.
      Any
      notice, report or other communication required or permitted to be given
      hereunder shall be in writing, and shall be given by delivering such notice
      by
      hand or by certified mail, return receipt requested, postage pre-paid, at the
      following addresses of the parties hereto:

     

    Advisees:

     

    The
      Company:

     

     
      
      American
        Realty Capital Trust, Inc. 

      1725
        The
        Fairway

      Jenkintown,
        PA 19046

      Attn: Nicholas
        S. Schorsch

        Chief
        Executive Officer

    

    

    With
      a
      copy to:

     

    Proskauer
      Rose LLP

    1585
      Broadway

    New
      York,
      New York 10036

    Attention:
      Peter M. Fass, Esq.

     

    
      	 	 	
              The
                OP

            

    

     

    
      	 	 	
              American
                Realty Capital Operating Partnership, L.P.

              1725
                The Fairway

              Jenkintown,
                PA
                19046

            

    

                  

                With
      a copy to:

     

    
      	 	 	
              
                Proskauer
                  Rose LLP

                1585
                  Broadway

                New
                  York, New York 10036

              

              Attention:
                Peter M. Fass, Esq.

            

    

     

    
      	 	 	
              The
                Advisor:

            

    

     

    
      American
        Realty Capital Advisors, LLC 

      1725
        The
        Fairway

      Jenkintown,
        PA 19046

      Attn: Nicholas
        S. Schorsch

        Chief
        Executive Officer

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    With
      a
      copy to:

     

    Proskauer
      Rose LLP

    1585
      Broadway

    New
      York,
      New York 10036

    Attention:
      Peter M. Fass, Esq.

     

    Any
      party
      may at any time change its address for the purpose of this Section 25 by like
      notice.

     

    24.
       Headings.
      The
      section headings herein have been inserted for convenience of reference only
      and
      shall not be construed to affect the meaning, construction or effect of this
      Agreement.

     

    25.
       No
      Waivers.
      Neither
      the failure nor any delay on the party of a party to exercise any right, remedy,
      power or privilege under this Agreement shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any right, remedy, power or privilege
      preclude any other or further exercise of the same or of any other right,
      remedy, power or privilege, nor shall any waiver of any right, remedy, power
      or
      privilege with respect to any occurrence be construed as a waiver of such right,
      remedy, power or privilege with respect to any other occurrences. No waiver
      shall be effective unless it is in writing and is signed by the party asserted
      to have granted such waiver.

     

    26.
       Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original, and all of which shall together constitute one and
      the
      same instrument.

     

    27.
       Entire
      Agreement.
      This
      Agreement contains the entire agreement and understanding among the parties
      hereto with respect to the subject matter hereof and supersedes all prior and
      contemporaneous agreements, understandings, inducements and conditions, express
      or implied, oral or written, of any nature whatsoever with respect to the
      subject matter hereof.

     

    28.
       Governing
      Law.
      The
      provisions of this Agreement shall be construed and interpreted in accordance
      with the laws of the State of Pennsylvania as at the time in
      effect.

     

    

     

    [END
      OF
      TEXT]

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the undersigned have caused this Agreement to be signed as
      of
      the day and year first above written.

     

     

    AMERICAN
      REALTY CAPITAL TRUST, INC.

     

     

    
      	 	
              By:

            	
              _________________________________

            

      	 	 	Name: 

      	 	 	Title:

    

     

    AMERICAN
      REALTY CAPITAL OPERATING PARTNERSHIP, L.P.

     

    
      	 	By:	American Realty Capital Trust,
              Inc.,

      	 	 	
                  its
                General Partner

            

    

     

    
       

      
        	 	
                By:

              	
                _________________________________

              

        	 	 	Name: 

        	 	 	Title:

      

       

    

    AMERICAN
      REALTY CAPITAL ADVISORS, LLC

     

    
       

      
        	 	
                By:

              	
                _________________________________

              

        	 	 	Name: 

        	 	 	Title:

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