Document:

SECOND AMENDED AND RESTATED SUBSCRIPTION
ESCROW AGREEMENT

 

THIS SUBSCRIPTION ESCROW
AGREEMENT dated as of October 15, 2012 (this “Agreement”), is entered into among Realty Capital Securities,
LLC (the “Dealer Manager”), American Realty Capital Global Trust, Inc. (the “Company”) and
UMB Bank, N.A., as escrow agent (the “Escrow Agent”).

 

WHEREAS, the Company intends to raise
cash funds from investors (the “Investors”) pursuant to a public offering (the “Offering”)
of not less than 200,000 (the “Minimum Amount”) nor more than 150,000,000 shares of common stock, par value
$0.01 of the Company (the “Securities”), pursuant to the registration statement on Form S-11 of the Company
(No. 333-163069) (as amended, the “Offering Document”) a copy of which is attached as Exhibit A hereto.

 

WHEREAS, the Company desires to establish
an escrow account with the Escrow Agent for funds contributed by the Investors with the Escrow Agent, to be held for the benefit
of the Investors and the Company until such time as (i) in the case of subscriptions received from residents of Pennsylvania (“Pennsylvania
Investors”), aggregate subscriptions from all Investors resulting in a total minimum capital raised of $75,000,000 (the
“Pennsylvania Minimum Amount”) and deposited into escrow or other provided in accordance with the terms of this
Escrow Agreement, (ii) in the case of subscriptions received from residents of Tennessee (“Tennessee Investors”),
aggregate subscriptions from all Investors resulting in a total minimum capital raised of $20,000,000 (the “Tennessee
Minimum Amount”) and deposited into escrow or otherwise provided in accordance with the terms of the Escrow Agreement,
and (iii) in the case of subscriptions received from residents of Ohio (“Ohio Investors”), aggregate subscriptions
from all Investors resulting in a total minimum capital raised of $20,000,000 (the “Ohio Minimum Amount”) and
deposited into escrow or otherwise provided in accordance with the terms of the Escrow Agreement.

 

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

 

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

 

1.                 
Proceeds to be Escrowed. On or before the first date of the Offering, the Company shall establish an escrow account
with the Escrow Agent to be invested in accordance with Section 7 hereof entitled “ESCROW ACCOUNT FOR THE BENEFIT
OF INVESTORS FOR COMMON STOCK OF AMERICAN REALTY CAPITAL GLOBAL TRUST, INC.” (including such abbreviations as are required
for the Escrow Agent’s systems) (the “Escrow Account”). All funds received from subscribers of Securities
(“Investors”, which term shall also include Pennsylvania Investors, Tennessee Investors and Ohio Investors unless
the context otherwise requires) in payment for the Securities (“Investor Funds”) will be delivered to the Escrow
Agent within one (1) business day following the day upon which such Investor Funds are received by the Company or its agents, and
shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested as stated herein. During the term
of this Agreement, the Company or its agents shall cause all checks received by and made payable to it in payment for the Securities
to be endorsed in favor of the Escrow Agent and delivered to the Escrow Agent for deposit in the Escrow Account.

    	 

    	 

    

 

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

 

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

 

Proceeds received from
Ohio Investors shall be accounted for separately in a subaccount entitled “Escrow Account for the Benefit of Ohio Investors
for American Realty Capital Global Trust, Inc.” (including such abbreviations as are required for the Escrow Agent’s
systems) (the “Ohio Escrow Account,” and together with the Escrow Account, the Pennsylvania Escrow Account and
the Tennessee Escrow Account, the “Company Escrow Accounts”), until such Ohio Escrow Account has closed pursuant
to Section 6. The Company shall, and shall cause its agents to, cooperate with the Escrow Agent in separately accounting
for Investor Funds from Ohio Investors in the Ohio Escrow Account, and the Escrow Agent shall be entitled to rely upon information
provided by the Company or its agents in this regard.

 

The Escrow Agent shall
have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected funds.
If any checks deposited in the Company Accounts are returned or prove uncollectible after the funds represented thereby have been
released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs incurred for such,
upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall be under no duty or
responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend
or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary to comply with applicable
laws or to eliminate practices that are not consistent with the purposes of the Offering.

 

2.                 
Investors. Investors (including Pennsylvania, Tennessee and Ohio Investors) will be instructed by the Dealer Manager
or any soliciting dealers to remit the purchase price in the form of checks (hereinafter “instruments of payment”)
payable to the order of, or funds wired in favor of, “UMB BANK, NA, ESCROW AGENT FOR AMERICAN REALTY CAPITAL GLOBAL TRUST,
INC.” Any checks made payable to a party other than the Escrow Agent shall be returned to the soliciting dealer who submitted
the check. By 12:00 p.m. (Noon) the next business day after receipt of instruments of payment from the Offering, the Company
or the Dealer Manager shall furnish the Escrow Agent with a list of the Investors who have paid for the Securities showing the
name, address, tax identification number, the amount of Securities subscribed for purchase, the amount paid and whether such Investors
are Pennsylvania Investors, Tennessee Investors or Ohio Investors. The information comprising the identity of Investors shall be
provided to the Escrow Agent in substantially the format set forth in the “List of Investors” attached hereto as Exhibit
B. The Escrow Agent shall be entitled to conclusively rely upon the List of Investors in determining whether Investors are
Pennsylvania Investors, Tennessee Investors or Ohio Investors, and shall have no duty to independently determine or verify the
same.

    	2

    	 

    

 

When Soliciting Dealer’s
internal supervisory procedures are conducted at the site at which the subscription agreement and check were initially received
by Soliciting Dealer from the subscriber, Soliciting Dealer shall transmit the subscription agreement and check to the Escrow Agent
by the end of the next business day following receipt of the check and subscription agreement. When, pursuant to Soliciting Dealer’s
internal supervisory procedures, Soliciting Dealer’s final internal supervisory procedures are conducted at a different location
(the “Final Review Office”), Soliciting Dealer shall transmit the check and subscription agreement to the Final
Review Office by the end of the next business day following Soliciting Dealer’s receipt of the subscription agreement and
check. The Final Review Office will, by the end of the next business day following its receipt of the subscription agreement and
check, forward both the subscription agreement and check to the Escrow Agent. If any subscription agreement solicited by Soliciting
Dealer is rejected by the Dealer Manager or the Company, then the subscription agreement and check will be returned to the rejected
subscriber within ten (10) business days from the date of rejection.

 

All Investor Funds
deposited in the Company Escrow Accounts shall not be subject to any liens or charges by the Company or the Escrow Agent, or judgments
or creditors’ claims against the Company, until and unless released to the Company as hereinafter provided. The Company understands
and agrees that the Company shall not be entitled to any Investor Funds on deposit in the Company Escrow Accounts and no such funds
shall become the property of the Company, or any other entity except as released to the Company pursuant to Sections 3,
4, 5 or 6 hereto. The Escrow Agent will not use the information provided to it by the Company for any purpose
other than to fulfill its obligations as Escrow Agent. The Company and the Escrow Agent will treat all Investor information as
confidential. The Escrow Agent shall not be required to accept any Investor Funds which are not accompanied by the information
on the List of Investors.

 

3.                 
Disbursement of Funds. Once the Escrow Agent is in receipt of good and collected Investor Funds totaling at least
the Minimum Amount from Investors (excluding funds from Pennsylvania, Tennessee and Ohio Investors), the Escrow Agent shall notify
the Company of the same in writing. Additionally, at the end of the third business day following the Termination Date (as defined
in Section 7), the Escrow Agent shall notify the Company of the amount of the Investor Funds received. If the Minimum Amount
has been obtained on or before the Termination Date, the Escrow Agent shall promptly notify the Company and, upon receiving acknowledgement
of such notice and written instructions from the Company’s President or Chief Financial Officer to disburse the Investor
Funds, the Escrow Agent shall disburse to the Company, by check or wire transfer, the funds in the Escrow Account, except for amounts
payable by the Company to the Escrow Agent pursuant to Exhibit D to this Agreement that remain outstanding. The Escrow Agent
agrees that funds in the Escrow Account shall not be released to the Company until and unless the Escrow Agent receives written
instructions to release the funds from the Company’s President or Chief Financial Officer.

 

If the Minimum Amount
has not been obtained prior to the Termination Date, the Escrow Agent shall promptly following the Termination Date, but in no
event more than ten (10) business days after the Termination Date, refund to each Investor by check, funds deposited in the Escrow
Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments have not been processed for collection
prior to such time, directly to each Investor at the address provided on the List of Investors. Included in the remittance shall
be a proportionate share of the income earned in the account allocable to each Investor’s investment in accordance with the
terms and conditions specified herein, except that in the case of Investors who have not provided an executed Form W-9 or substitute
Form W-9 (or the applicable substitute Form W-8 for foreign investors), the Escrow Agent shall withhold the applicable percentage
of the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent
shall not be required to remit any payments until funds represented by such payments have been collected by Escrow Agent.

    	3

    	 

    

 

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

 

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

 

If the Pennsylvania
Minimum Amount has not been obtained prior to the Termination Date, the Escrow Agent shall promptly refund to each Pennsylvania
Investor by check funds deposited in the Pennsylvania Escrow Account, or shall return the instruments of payment delivered to Escrow
Agent if such instruments have not been processed for collection prior to such time, directly to each Pennsylvania Investor at
the address provided on the List of Investors. Included in the remittance shall be a proportionate share of the income earned in
the account allocable to each Pennsylvania Investor’s investment in accordance with the terms and conditions specified herein,
except that in the case of Investors who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall
withhold the applicable percentage of the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding
the foregoing, the Escrow Agent shall not be required to remit any payments until funds represented by such payments have been
collected by Escrow Agent.

 

If the Escrow Agent
is not in receipt of evidence of subscriptions accepted on or before the close of business on such date that is 120 days after
commencement of the Offering (the

    	4

    	 

    

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

 

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

 

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

    	5

    	 

    

 

If the Tennessee Minimum
Amount has not been obtained prior to the Termination Date, the Escrow Agent shall promptly refund to each Tennessee Investor by
check funds deposited in the Tennessee Escrow Account, or shall return the instruments of payment delivered to Escrow Agent if
such instruments have not been processed for collection prior to such time, directly to each Tennessee Investor at the address
provided on the List of Investors. Included in the remittance shall be a proportionate share of the income earned in the account
allocable to each Tennessee Investor’s investment in accordance with the terms and conditions specified herein, except that
in the case of Investors who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the
applicable percentage of the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding the foregoing,
the Escrow Agent shall not be required to remit any payments until funds represented by such payments have been collected by Escrow
Agent.

 

6.                 
Disbursement of Proceeds for Ohio Investors. Notwithstanding the foregoing, proceeds from Ohio Investors will not
count towards meeting the Minimum Amount for purposes of Section 3. Proceeds received from Ohio Investors will not be released
from the Ohio Escrow Account until the Ohio Minimum Amount is obtained. If the Ohio Minimum Amount is obtained at any time prior
to the Termination Date, the Escrow Agent shall promptly notify the Company and, upon receiving acknowledgement of such notice
and written instructions from the Company’s President or Chief Financial Officer, the Escrow Agent shall disburse to the
Company, by check or wire transfer, the funds in the Ohio Escrow Account, except for amounts payable by the Company to the Escrow
Agent pursuant to Exhibit D to this Agreement that remain outstanding. The Escrow Agent agrees that funds in the Ohio Escrow
Account shall not be released to the Company until and unless the Escrow Agent receives written instructions to release the funds
from the Company’s President or Chief Financial Officer.

 

If the Ohio Minimum
Amount has not been obtained prior to the Termination Date, the Escrow Agent shall promptly refund to each Ohio Investor by check
funds deposited in the Ohio Escrow Account, or shall return the instruments of payment delivered to Escrow Agent if such instruments
have not been processed for collection prior to such time, directly to each Ohio Investor at the address provided on the List of
Investors. Included in the remittance shall be a proportionate share of the income earned in the account allocable to each Ohio
Investor’s investment in accordance with the terms and conditions specified herein, except that in the case of Investors
who have not provided an executed Form W-9 or substitute Form W-9, the Escrow Agent shall withhold the applicable percentage of
the earnings attributable to those Investors in accordance with IRS regulations. Notwithstanding the foregoing, the Escrow Agent
shall not be required to remit any payments until funds represented by such payments have been collected by Escrow Agent.

 

7.                 
Term of Escrow. The “Termination Date” shall be the earliest of: (i) the Initial Escrow Break
Date, if the Minimum Amount has not been obtained prior to such date; (ii) the close of business on April 20, 2014, the two year
anniversary of the date the Offering Document was declared effective by the Securities and Exchange Commission; (iii) the date
on which all funds held in the Company Escrow Accounts are distributed to the Company or to Investors pursuant to Section 3,
for Pennsylvania Investors, Section 4, for Tennessee Investors, Section 5 and for Ohio Investors, Section 6,
and the Company has informed the Escrow Agent in writing to close each of the Company Escrow Accounts; (iv) the date the Escrow
Agent receives written notice from the Company that it is abandoning the sale of the Securities; and (v) the date the Escrow Agent
receives notice from the Securities and Exchange Commission or any other federal or state regulatory authority that a stop or similar
order has been issued with respect to the Offering Document and has remained in effect for at least twenty (20) days. After the
Termination Date the Company and its agents shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing
payments by prospective Investors.

 

    	6

    	 

    

 

8.                 
Duty and Liability of the Escrow Agent. The sole duty of the Escrow Agent shall be to receive Investor Funds and
hold them subject to release, in accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company
or the Dealer Manager is complying with requirements of this Agreement, the Offering or applicable securities or other laws in
tendering the Investor Funds to the Escrow Agent. No other agreement entered into between the parties, or any of them, shall be
considered as adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement may
be referred to herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof, including specifically
but without limitation any Offering Documents (including the subscription agreement and exhibits thereto), and the Escrow Agent’s
rights and responsibilities shall be governed solely by this Agreement. The Escrow Agent shall not be responsible for or be required
to enforce any of the terms or conditions of any Offering Document (including the subscription agreement and exhibits thereto)
or other agreement between the Company and any other party. The Escrow Agent may conclusively rely upon and shall be protected
in acting upon any statement, certificate, notice, request, consent, order or other document believed by it to be genuine and to
have been signed or presented by the proper party or parties. The Escrow Agent shall have no duty or liability to verify any such
statement, certificate, notice, request, consent, order or other document, and its sole responsibility shall be to act only as
expressly set forth in this Agreement. Concurrent with the execution of this Agreement, the Company and the Dealer Manager shall
deliver to the Escrow Agent an authorized signers form in the forms of Exhibit C and Exhibit C-1 to this Agreement.
The Escrow Agent shall be under no obligation to institute or defend any action, suit or proceeding in connection with this Agreement
unless first indemnified to its satisfaction. The Escrow Agent may consult counsel of its own choice with respect to any question
arising under this Agreement and the Escrow Agent shall not be liable for any action taken or omitted in good faith upon advice
of such counsel. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except to the extent
that a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the
primary cause of loss. The Escrow Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations,
fiduciary or otherwise, to any other person by reason of this Agreement, except as otherwise stated herein, and no implied duties,
covenants or obligations, fiduciary or otherwise, shall be read into this Agreement against the Escrow Agent. If any disagreement
between any of the parties to this Agreement, or between any of them and any other person, including any Investor, resulting in
adverse claims or demands being made in connection with the matters covered by this Agreement, or if the Escrow Agent is in doubt
as to what action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or demands on
it, or refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such
event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act, and the Escrow
Agent shall be entitled to continue so to refrain from acting until (i) the rights of all interested parties shall have been fully
and finally adjudicated by a court of competent

    	7

    	 

    

jurisdiction, or (ii) all differences shall have been adjudged
and all doubt resolved by agreement among all of the interested persons, and the Escrow Agent shall have been notified thereof
in writing signed by all such persons. Notwithstanding the foregoing, the Escrow Agent may in its discretion obey the order, judgment,
decree or levy of any court, whether with or without jurisdiction and the Escrow Agent is hereby authorized in its sole discretion
to comply with and obey any such orders, judgments, decrees or levies. If any controversy should arise with respect to this Agreement,
the Escrow Agent shall have the right, at its option, to institute an interpleader action in any court of competent jurisdiction
to determine the rights of the parties. IN NO EVENT SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL,
INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW
AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION. The parties agree that
the Escrow Agent has no role in the preparation of the Offering Documents (including the subscription agreement and exhibits thereto)
and makes no representations or warranties with respect to the information contained therein or omitted therefrom. The Escrow Agent
shall have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure or tax
laws concerning the Offering Documents (including the subscription agreement and exhibits thereto) or the issuance, offering or
sale of the Securities. The Escrow Agent shall have no duty or obligation to monitor the application and use of the Investor Funds
once transferred to the Company, that being the sole obligation and responsibility of the Company.

 

9.                 
Escrow Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as stated in the fee
schedule attached hereto as Exhibit D, which compensation shall be paid by the Company. The fee agreed upon for the services
rendered hereunder is intended as full compensation for the Escrow Agent’s services as contemplated by this Agreement; provided,
however, that if the conditions for the disbursement of funds under this Agreement are not fulfilled, or the Escrow Agent renders
any material service not contemplated in this Agreement, or there is any assignment of interest in the subject matter of this Agreement,
or any material modification hereof, or if any material controversy arises hereunder, or the Escrow Agent is made a party to any
litigation pertaining to this Agreement, or the subject matter hereof, then the Escrow Agent shall be reasonably compensated for
such extraordinary services and reimbursed for all costs and expenses, including reasonable attorney’s fees, occasioned by
any delay, controversy, litigation or event, and the same shall be recoverable from the Company. The Company’s obligations
under this Section 9 shall survive the resignation or removal of the Escrow Agent and the assignment or termination of this
Agreement.

 

10.             
Investment of Investor Funds. The Investor Funds shall be deposited in the Company Escrow Accounts in accordance
with Section 3, for Pennsylvania Investors, Section 4, for Tennessee Investors, Section 5 and for Ohio Investors,
Section 6. The Escrow Agent is hereby directed to invest all funds received under this Agreement, including principal and
interest in, the UMB Bank Money Market Deposit Account, as directed in writing in the form of Exhibit E to this Agreement.
The Escrow Agent shall invest the Investor Funds in alternative investments in accordance with written instructions as may from
time to time be provided to the Escrow Agent and signed by the Company. In the absence of written investment instructions from
the Company to the contrary, the Escrow Agent is hereby directed to invest the Investor Funds in the UMB Bank Money Market Deposit
Account. Notwithstanding the foregoing, Investor Funds shall not be invested in anything other than “Short Term Investments”
in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. The following are not permissible investments:
(a) money market mutual funds; (b) corporate debt or equity securities; (c) repurchase agreements; (d) banker’s acceptance;
(e) commercial paper; and (f) municipal securities. Any interest received by the Escrow Agent with respect to the Investor Funds,
including reinvested interest shall become part of the Investor Funds, and shall be disbursed pursuant to Section 3, for
Pennsylvania Investors, Section 4, for Tennessee Investors, Section 5 and for Ohio Investors, Section 6.

    	8

    	 

    

 

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

 

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

 

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

 

11.             
Notices. All notices, requests, demands, and other communications under this Agreement shall be in writing and shall
be deemed to have been duly given (a) on the date of service if served personally on the party to whom notice is to be given, (b)
on the day of transmission if sent by facsimile/email transmission bearing an authorized signature to the facsimile number/email
address given below, and written confirmation of receipt is obtained promptly after completion of transmission, (c) on the day
after delivery to Federal Express or similar overnight courier or the Express Mail service maintained by the United States Postal
Service, or (d) on the fifth day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered
or certified, postage prepaid, and properly addressed, return receipt requested, to the party as follows:

 

If to the Company:

 

405 Park Avenue, 15th Floor

New York, New York 10022

Fax: (212) 421-5799

Attention: Edward M. Weil, Jr., President, Chief Operating Officer, Treasurer and Secretary

    	9

    	 

    

 

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

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036-8299

Telephone: (212) 969-3000

Fax: (212) 969-2900

Attention: Peter M. Fass, Esq.

 

If to the Dealer Manager:

 

Realty Capital Securities, LLC

Three Copley Place

Suite 3300

Boston, Massachusetts 02116

Attention: Louisa Quarto, President

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036-8299

Telephone: (212) 969-3000

Fax: (212) 969-2900

Attention: Peter M. Fass, Esq.

 

and:

 

American Realty Capital Global Trust, Inc.

405 Park Avenue, 15th Floor

New York, New York 10022

Fax: (212) 421-5799

Attention: Edward M. Weil, Jr., President, Chief Operating Officer, Treasurer and Secretary

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

 

If to Escrow Agent:

 

UMB Bank, N.A.

1010 Grand Blvd., 4th Floor

Mail Stop: 1020409

Kansas City, Missouri 64106

Attention: Lara Stevens, Corporate Trust

Telephone: (816) 860-3017

Facsimile: (816) 860-3029

 

    	10

    	 

    

 

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

 

12.             
Indemnification of Escrow Agent. The Company and the Dealer Manager hereby jointly and severally indemnify, defend
and hold harmless the Escrow Agent from and against, any and all loss, liability, cost, damage and expense, including, without
limitation, reasonable counsel fees and expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or
proceeding brought against the Escrow Agent arising out of or relating in any way to this Agreement or any transaction to which
this Agreement relates unless such loss, liability, cost, damage or expense is finally determined by a court of competent jurisdiction
to have been primarily caused by the willful misconduct of the Escrow Agent. The terms of this Section shall survive the termination
of this Agreement and the resignation or removal of the Escrow Agent.

 

13.             
Successors and Assigns. Except as otherwise provided in this Agreement, no party hereto shall assign this Agreement
or any rights or obligations hereunder without the prior written consent of the other parties hereto and any such attempted assignment
without such prior written consent shall be void and of no force and effect. This Agreement shall inure to the benefit of and shall
be binding upon the successors and permitted assigns of the parties hereto. Any corporation or association into which the Escrow
Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially
all of its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting
from any such conversion, sale, merger, consolidation or transfer to which the Escrow Agent is a party, shall be and become the
successor Escrow Agent under this Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges
as its predecessor, without the execution or filing of any instrument or paper or the performance any further act.

 

14.             
Governing Law; Jurisdiction. This Agreement shall be construed, performed, and enforced in accordance with, and governed
by, the internal laws of the State of New York, without giving effect to the principles of conflicts of laws thereof.

 

15.             
Severability. If any part of this Agreement is declared by any court or other judicial or administrative body to
be null, void, or unenforceable, said provision shall survive to the extent it is not so declared, and all of the other provisions
of this Agreement shall remain in full force and effect.

 

16.             
Amendments; Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations,
warranties, or conditions hereof may be waived, only by a written instrument executed by the parties hereto, or in the case of
a waiver, by the party waiving compliance. Any waiver by any party of any condition, or of the breach of any provision, term, covenant,
representation, or warranty contained in this Agreement, in any one or more instances, shall not be deemed to be nor construed
as further or continuing waiver of any such condition, or of the breach of any other provision, term, covenant, representation,
or warranty of this Agreement. The Company and the Dealer Manager agree that any requested waiver, modification or amendment of
this Agreement shall be consistent with the terms of the Offering.

 

    	11

    	 

    

 

17.             
Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect
to the escrow contemplated hereby and supersedes and replaces all prior and contemporaneous agreements and understandings, oral
or written, with regard to such escrow.

 

18.             
Section Headings. The section headings in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement.

 

19.             
Counterparts. This Agreement may be executed (including by facsimile transmission) with counterpart signature pages
or in counterparts, each of which shall be deemed an original, but all of which shall constitute the same instrument.

 

20.             
Resignation. The Escrow Agent may resign upon 30 days’ advance written notice to the parties hereto. If a successor
escrow agent is not appointed by the Company within the 30-day period following such notice, the Escrow Agent may petition any
court of competent jurisdiction to name a successor escrow agent, or may interplead the Investor Funds with such court, whereupon
the Escrow Agent’s duties hereunder shall terminate.

 

21.             
References to Escrow Agent. Other than the Offering Document (including the subscription agreement and exhibits thereto)
and any amendments thereof or supplements thereto, no printed or other matter in any language (including, without limitation, notices,
reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers, or duties of the Escrow Agent
shall be issued by the Company or the Dealer Manager, or on the Company’s or the Dealer Manager’s behalf, unless the
Escrow Agent shall first have given its specific written consent thereto. Notwithstanding the foregoing, any amendment or supplement
to the Offering Document (including the subscription agreement and exhibits thereto) that revises, alters, modifies, changes or
adds to the description of the Escrow Agent or its rights, powers or duties hereunder shall not be issued by the Company or the
Dealer Manager, or on the Company’s or Dealer Manager’s behalf, unless the Escrow Agent has first given specific written
consent thereto.

 

22.             
Patriot Act Compliance; OFAC Search Duties. The Company shall provide to Escrow Agent upon the execution of this
Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot
Act of 2001, as amended from time to time. The Escrow Agent, or its agent, shall complete an OFAC search, in compliance with its
policy and procedures, of each subscription check and shall inform the Company if a subscription check fails the OFAC search.

 

[Signature page follows]

 

    	12

    	 

    

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

 

AMERICAN REALTY CAPITAL GLOBAL TRUST, INC.

 

		By:	/s/ Nicholas S. Schorsch

Name: Nicholas S. Schorsch

Title: Chief Executive Officer

 

REALTY CAPITAL SECURITIES, LLC

 

		By:	/s/ Louisa H. Quarto

Name: Louisa H. Quarto

Title: President

 

UMB BANK, N.A., as Escrow Agent

 

		By:	/s/ Lara Stevens

Name: Lara Stevens

Title: Vice President

 

    	13

    	 

    

Exhibit A

Copy of Offering Document

 

    	14

    	 

    

Exhibit B

List of Investors

 

Pursuant to the Second Amended and Restated
Escrow Agreement dated as of October 15, 2012, among Realty Capital Securities, LLC, American Realty Capital Global Trust, Inc.
(the “Company”), and UMB Bank, N.A. (the “Escrow Agent”), the Company hereby certifies that
the following Investors have paid money for the purchase of shares of the Company’s common stock, par value $0.01 (“Securities”),
and the money has been deposited with the Escrow Agent:

 

		1.	Name of Investor

Address

Tax Identification Number

Amount of Securities subscribed for

Amount of money paid and deposited with Escrow Agent

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

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

 

		2.	Name of Investor

Address

Tax Identification Number

Amount of Securities subscribed for

Amount of money paid and deposited with Escrow Agent

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

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

 

Dated:                   

 

REALTY CAPITAL SECURITIES, LLC

 

By:                                             

Name: Louisa Quarto

Title: President

 

    	15

    	 

    

Exhibit C

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

Account Name:

 

Account Number:

 

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

 

	Name/Title	Specimen Signature
	Nicholas S. Schorsch	 
	Chief Executive Officer	Signature
	Edward M. Weil, Jr. 	 
	President, Chief Operating Officer, Treasurer and Secretary	Signature
	Brian Block	 
	Executive Vice President and Chief Financial Officer	Signature

 

    	16

    	 

    
 

Exhibit C-1

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

Account Name:

 

Account Number:

 

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

 

	Name/Title	Specimen Signature
	Edward M. Weil, Jr.	 
	Chief Executive Officer	Signature
	Louisa Quarto	 
	President	Signature
	 	 

    	17

    	 

    

Exhibit D

ESCROW FEES AND EXPENSES

 

Acceptance Fee

 

Review escrow agreement, establish account $3,000

DST Agency Engagement (if applicable) $250

 

Annual Fees

 

Annual Escrow Agent $2,500

BAI Files $50 per month

Outgoing Wire Transfer $15 each

Daily Recon File to Transfer Agent $2.50 per Bus. Day

Web Exchange Access $15 per month

Overnight Delivery/Mailings $16.50 each

IRS Tax Reporting $10 per 1099

 

Fees specified are for the regular, routine
services contemplated by the Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements
involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged
based upon time required at the then standard hourly rate. In addition to the specified fees, all expenses related to the administration
of the Escrow Agreement (other than normal overhead expenses of the regular staff) such as, but not limited to, travel, postage,
shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable.

 

Acceptance fee and first year Annual Escrow
Agent fee will be payable at the initiation of the escrow. Thereafter, the Annual Escrow Agent fees will be billed in advance and
transactional fees will be billed in arrears. Other fees and expenses will be billed as incurred.

 

    	18

    	 

    

Exhibit E

Agency and Custody Account Direction

For Cash Balances

UMB Bank Money Market Deposit Accounts

 

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

 

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

 

UMB Bank Money Market Deposit Account (“MMDA”)

 

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

 

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

 

American Realty Capital Global Trust, Inc.

 

		By:	 
		 	Signature

 

 

 

 

Date

 

    	19

    	 

    

Exhibit F

[Form of Notice to Pennsylvania Investors]

 

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

 

If you wish to terminate your subscription
for the Company’s common stock and have your subscription returned please so indicate below, sign, date, and return to the
Escrow Agent, UMB Bank, N.A. at 1010 Grand Blvd., 4th Floor, Mail Stop: 1020409, Kansas City, Missouri 64106, Attn: Lara Stevens,
Corporate Trust.

 

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

 

	Signature:	 
	 	 
	Name:	 
	 	(please print)
	 	 
	Date:	

 

Please send the subscription refund to:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	20Exhibit 10.1

 

EXECUTION VERSION

 

THIRD AMENDMENT TO SECOND AMENDED AND
RESTATED

FIRST LIEN CREDIT AGREEMENT

 

This THIRD AMENDMENT
TO SECOND AMENDED AND RESTATED FIRST LIEN CREDIT AGREEMENT (“Amendment”), dated as of October 19, 2012
(the “Effective Date”), is by and among Energy XXI Gulf Coast, Inc., a Delaware corporation (the “Borrower”),
the lenders party to the First Lien Credit Agreement described below (the “Lenders”), and The Royal Bank of
Scotland plc, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and the
other parties in the capacities herein identified.

 

RECITALS

 

WHEREAS, the Borrower,
the Lenders, the Administrative Agent and certain other Persons are parties to the Second Amended and Restated First Lien Credit
Agreement, dated as of May 5, 2011, as amended by the First Amendment to Second Amended and Restated First Lien Credit Agreement
dated as of October 4, 2011 and by the Second Amendment to Second Amended and Restated First Lien Credit Agreement dated as
of May 24, 2012 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “First Lien
Credit Agreement”); and

 

WHEREAS, the Borrower
has requested that the Administrative Agent, the Swing Line Lender, the Issuer, and the Lenders amend the First Lien Credit Agreement
in certain respects as set forth herein.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants, representations and warranties contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

AGREEMENT

 

Section 1.          
Definitions. Capitalized terms used herein but not defined herein shall have the meanings as given them in the First Lien
Credit Agreement, unless the context otherwise requires.

 

Section 2.          Amendments
to First Lien Credit Agreement.

 

(a)          Amendment
to Schedule II of First Lien Credit Agreement.

 

Schedule II
to the First Lien Credit Agreement is amended and replaced in its entirety with a schedule in the form of Annex I attached
to this Amendment.

 

Section 3.          
Borrowing Base. The Borrower and the Lenders hereby agree that effective as of the Effective Date (hereinafter defined),
the Borrowing Base shall be equal to $825,000,000 until such time as the Borrowing Base is redetermined or otherwise adjusted
pursuant to the terms of the First Lien Credit Agreement.

 

    	 

    	 

    

 

Section 4.          
Conditions to Effectiveness.
This Amendment shall be deemed effective (subject to the conditions herein contained) as of the Effective Date when the Administrative
Agent has received counterparts hereof duly executed by the Borrower, the Administrative Agent, the Swing Line Lender, the Issuers
and all of the Lenders and upon the prior or concurrent satisfaction of each of the following conditions:

 

(a)          the
Administrative Agent shall have received from each party hereto counterparts (in such number as may be requested by the Administrative
Agent) of this Amendment signed on behalf of such party;

 

(b)          the
Administrative Agent shall have received for its own account, or for the account of each Lender, as the case may be, all fees,
costs and expenses due and payable pursuant to Section 3.3 of the First Lien Credit Agreement, the fee to each Lender agreed
between the Borrower and the Administrative Agent and, if then invoiced, pursuant to Section 10.3 of the First Lien Credit
Agreement; and

 

(c)          the
representations and warranties in Section 5 below are true and correct.

 

Notwithstanding the foregoing, this Amendment
shall not become effective and the agreements hereunder will be terminated unless each of the foregoing conditions is satisfied
(or waived by all of the Lenders in writing) on or prior to October 31, 2012.

 

Section 5.          
Representations and Warranties. The Borrower hereby represents and warrants that after giving effect hereto:

 

(a)          the
representations and warranties of the Obligors contained in the Loan Documents are true and correct in all material respects, other
than those representations and warranties that expressly relate solely to a specific earlier date, which shall remain correct in
all material respects as of such earlier date;

 

(b)          the
execution, delivery and performance by the Borrower and each other Obligor of this Amendment and the other Loan Documents have
been duly authorized by all necessary corporate or other action required on their part and this Amendment, along with the First
Lien Credit Agreement as amended hereby and the other Loan Documents, constitutes the legal, valid and binding obligation of each
Obligor a party thereto enforceable against them in accordance with its terms, except as its enforceability may be affected by
the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or
affecting the rights or remedies of creditors generally;

 

(c)          neither
the execution, delivery and performance of this Amendment by the Borrower and each other Obligor, the performance by them of the
First Lien Credit Agreement as amended hereby nor the consummation of the transactions contemplated hereby does or shall contravene,
result in a breach of, or violate (i) any provision of any Obligor’s certificate or articles of incorporation or bylaws
or other similar documents, or agreements, (ii) any law or regulation, or any order or decree of any court or government instrumentality,
or (iii) any indenture, mortgage, deed of trust, lease, agreement or other instrument to which any Obligor or any of its Subsidiaries
is a party or by which any Obligor or any of its Subsidiaries or any of their property is bound, except in any such case to the
extent such conflict or breach has been waived by a written waiver document, a copy of which has been delivered to Administrative
Agent on or before the date hereof;

 

    	 	-2-	-EXXI Third Amendment-

    	 

    

 

(d)          no
Material Adverse Effect has occurred since June 30, 2012; and

 

(e)          no
Default or Event of Default or Borrowing Base Deficiency has occurred and is continuing.

 

Section 6.          Assignments.
Effective on the Effective Date, each of the Lenders (herein each Lender an “Assignor” and collectively the “Assignors”)
hereby irrevocably sells and assigns to IBERIABANK, Comerica Bank and Whitney Bank (collectively, the “Assignees”)
and each of IBERIABANK, Comerica Bank and Whitney Bank hereby irrevocably purchases and accepts subject to and in accordance with
the Standard Terms and Conditions set forth in Annex I to Exhibit D to the First Lien Credit Agreement (i) such of Assignors’
rights, benefits, obligations, liabilities and indemnities in their respective capacities as Lenders such that after giving effect
to such sales and assignments, the Assignors and the Assignees have the respective Revolving Loan Commitments and Percentages set
forth in Annex I to this Amendment and (ii) to the extent permitted to be assigned under applicable law, all claims, suits,
causes of action and any other right of the Assignors (in their respective capacities as Lenders) against any Person, whether known
or unknown, arising under or in connection with the First Lien Credit Agreement, the other Loan Documents or in any way based on
or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i)
above. Each such sale and assignment is without recourse to the Assignors and without representations or warranty by the Assignors
except as expressly provided in paragraph 1.1 of the Standard Terms and Conditions. The Administrative Agent, the Issuers, the
Swing Line Lender and the Borrower hereby consent to the foregoing sales and assignments.

 

Section 7.          Loan
Document; Ratification.

 

(a)          This
Amendment is a Loan Document.

 

(b)          The
Borrower and each other Obligor hereby ratifies, approves and confirms in every respect all the terms, provisions, conditions and
obligations of the First Lien Credit Agreement as amended hereby and each of the other Loan Documents including without limitation
all Mortgages, Security Agreements, Guaranties, Control Agreements and other Security Documents, to which it is a party.

 

Section 8.          
Costs and Expenses. As provided in Section 10.3 of the First Lien Credit Agreement, the Borrower agrees to reimburse
Administrative Agent for all fees, costs, and expenses, including the reasonable fees, costs, and expenses of counsel or other
advisors for advice, assistance, or other representation, in connection with this Amendment and any other agreements, documents,
instruments, releases, terminations or other collateral instruments delivered by the Administrative Agent in connection with this
Amendment.

 

    	 	-3-	-EXXI Third Amendment-

    	 

    

 

Section 9.          
GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED A CONTRACT AND INSTRUMENT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE LAWS OF THE UNITED
STATES OF AMERICA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

Section 10.          
Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such
provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Amendment or affecting the validity or enforceability of such provision in any other jurisdiction.

 

Section 11.          
Counterparts. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute
one and the same instrument, and any party hereto may execute this Amendment by signing one or more counterparts. Any signature
hereto delivered by a party by facsimile or electronic transmission shall be deemed to be an original signature hereto.

 

Section 12.          
No Waiver. The express waivers set forth herein are limited to the extent expressly provided in this Amendment and, except
as expressly set forth in this Amendment, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any default of the Borrower or any other Obligor or any right, power or remedy of the Administrative Agent or the other Secured
Parties under any of the Loan Documents, nor constitute a waiver of (or consent to departure from) any terms, provisions, covenants,
warranties or agreements of any of the Loan Documents. The parties hereto reserve the right to exercise any rights and remedies
available to them in connection with any present or future defaults with respect to the First Lien Credit Agreement or any other
provision of any Loan Document.

 

Section 13.          
Successors and Assigns. This Amendment shall be binding upon the Borrower and its successors and permitted assigns and
shall inure, together with all rights and remedies of each Secured Party hereunder, to the benefit of each Secured Party and the
respective successors, transferees and assigns.

 

Section 14.          
Entire Agreement. THIS AMENDMENT, THE FIRST LIEN CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

 

THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

(Signature Pages Follow)

 

    	 	-4-	-EXXI Third Amendment-

    	 

    

 

In Witness Whereof, the
parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized officers as of
the date first written above.

 

	 	BORROWER:
	 	 
	 	ENERGY XXI GULF COAST, INC.
	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name:  Rick Fox
	 	 	Title:  Chief Financial Officer

 

    	 	S-5	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	ADMINISTRATIVE AGENT, ISSUERS AND LENDERS:
	 	 
	 	THE ROYAL BANK OF SCOTLAND plc, as Administrative Agent, Issuer and Lender
	 	 	 
	 	By:	/s/ Sanjay Remond
	 	 	Name:  Sanjay Remond
	 	 	Title:  Director

 

    	 	S-6	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	WELLS FARGO BANK, N.A., as Issuer and Lender
	 	 	 
	 	By:	/s/ Patrick J. Fults
	 	 	Name:  Patrick J. Fults
	 	 	Title:  Vice President

 

    	 	S-7	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	AMEGY BANK NATIONAL ASSOCIATION, as Lender
	 	 	 
	 	By:	/s/ Wakeford Thompson
	 	 	Name:  Wakeford Thompson
	 	 	Title:  Vice President

 

    	 	S-8	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	THE BANK OF NOVA SCOTIA, as Lender
	 	 	 
	 	By:	/s/ Terry Donovan
	 	 	Name:  Terry Donovan
	 	 	Title:  Managing Director

 

    	 	S-9	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	TORONTO DOMINION (TEXAS) LLC, as Lender
	 	 	 
	 	By:	/s/ Vicki Ferguson
	 	 	Name:  Vicki Ferguson
	 	 	Title:  Authorized Signatory

 

    	 	S-10	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	CAPITAL ONE, NATIONAL ASSOCIATION, as Lender
	 	 	 
	 	By:	/s/ Peter Shen
	 	 	Name:  Peter Shen
	 	 	Title:  Vice President

 

    	 	S-11	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	NATIXIS, as Lender
	 	 	 
	 	By:	/s/ Timothy L. Polvado
	 	 	Name:  Timothy L. Polvado
	 	 	Title:  Senior Managing Director
	 	 	 
	 	By:	/s/ Louis P. Laville, III
	 	 	Name:  Louis P. Laville, III
	 	 	Title:  Managing Director

 

    	 	S-12	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	BARCLAYS BANK PLC, as Lender
	 	 	 
	 	By:	/s/ Vanessa A. Kurbatskiy
	 	 	Name:  Vanessa A. Kurbatskiy
	 	 	Title:  Vice President

 

    	 	S-13	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Lender
	 	 	 
	 	By:	/s/ Doreen Barr
	 	 	Name:  Doreen Barr
	 	 	Title:  Director
	 	 	 
	 	By:	/s/ Michael Spaight
	 	 	Name:  Michael Spaight
	 	 	Title:  Associate

 

    	 	S-14	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	UBS AG, STAMFORD BRANCH, as Lender
	 	 	 
	 	By:	/s/ Irja R. Otsa
	 	 	Name:  Irja R. Otsa
	 	 	Title:  Associate Director
	 	 	 
	 	By:	/s/ David Urban
	 	 	Name:  David Urban
	 	 	Title:  Associate Director

 

    	 	S-15	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	ING CAPITAL LLC, as Lender
	 	 	 
	 	By:	/s/ Juli Bieser
	 	 	Name:  Juli Bieser
	 	 	Title:  Director

 

    	 	S-16	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	REGIONS BANK, as Lender and
	 	as Swing Line Lender
	 	 	 
	 	By:	/s/ Kelly L. Elmore III
	 	 	Name:  Kelly L. Elmore III
	 	 	Title:  Senior Vice President

 

    	 	S-17	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	UBS AG, STAMFORD BRANCH, as Issuer
	 	 	 
	 	By:	/s/ Irja R. Otsa
	 	 	Name:  Irja R. Otsa
	 	 	Title:  Associate Director
	 	 	 
	 	By:	/s/ David Urban
	 	 	Name:  David Urban
	 	 	Title:  Associate Director

 

    	 	S-18	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	CITIBANK, N.A., as Lender
	 	 	 
	 	By:	/s/ John Miller
	 	 	Name:  John Miller
	 	 	Title:  Vice President

 

    	 	S-19	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	IBERIABANK, as Lender
	 	 	 
	 	By:	/s/ Cameron D. Jones
	 	 	Name:  Cameron D. Jones
	 	 	Title:  Vice President

 

    	 	S-20	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	COMERICA BANK, as Lender
	 	 	 
	 	By:	/s/ Brenton Bellamy
	 	 	Name:  Brenton Bellamy
	 	 	Title:  Assistant Vice President

 

    	 	S-21	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	WHITNEY BANK, as Lender
	 	 	 
	 	By:	/s/ Liana Tchernysheva
	 	 	Name:  Liana Tchernysheva
	 	 	Title:  Vice President

 

    	 	S-22	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:
	 	 	 
	 	ENERGY XXI GOM, LLC
	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name:  Rick Fox
	 	 	Title:  Chief Financial Officer
	 	 	 
	 	ENERGY XXI TEXAS ONSHORE, LLC
	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name:  Rick Fox
	 	 	Title:  Chief Financial Officer
	 	 	 
	 	ENERGY XXI ONSHORE, LLC
	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name:  Rick Fox
	 	 	Title:  Chief Financial Officer
	 	 	 
	 	ENERGY XXI PIPELINE, LLC
	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name:  Rick Fox
	 	 	Title:  Chief Financial Officer
	 	 	 
	 	ENERGY XXI LEASEHOLD, LLC
	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name:  Rick Fox
	 	 	Title:  Chief Financial Officer

 

    	 	S-23	-Signature page to
EXXI Third Amendment-

    	 

    

 

	 	ENERGY XXI PIPELINE II, LLC
	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name:  Rick Fox
	 	 	Title:  Chief Financial Officer
	 	 	 
	 	ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN IN ITS CAPACITY AS GUARANTOR UNDER ITS LIMITED RECOURSE GUARANTY AND GRANTOR UNDER ITS PLEDGE AGREEMENT AND IRREVOCABLE PROXY DELIVERED IN CONNECTION WITH THE FIRST LIEN CREDIT AGREEMENT:
	 	 	 
	 	ENERGY XXI U.S.A., INC
	 	 	 
	 	By:	/s/ Rick Fox
	 	 	Name:  Rick Fox
	 	 	Title:  Chief Financial Officer

 

    	 	S-24	-Signature page to
EXXI Third Amendment-

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