Exhibit 10.36

 

SECOND AMENDMENT TO LOAN AGREEMENT

 

THIS SECOND AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made and entered
into as of December 31, 2003 by and among CARROLS CORPORATION, a Delaware
corporation (the “Borrower”); each of the Lenders which is or may from time to
time become a party to the Loan Agreement (as defined below) (individually, a
“Lender” and, collectively, the “Lenders”), BANK OF AMERICA, N.A., as
Syndication Agent, SUNTRUST BANK, ATLANTA, as Documentation Agent, MANUFACTURERS
AND TRADERS TRUST COMPANY, as Co-Agent, and JPMORGAN CHASE BANK, acting as agent
for the Lenders (in such capacity, together with its successors in such
capacity, the “Agent”).

 

RECITALS

 

A. The Borrower, the Lenders and the Agent executed and delivered that certain
Loan Agreement dated as of December 19, 2000, as amended by instrument dated as
of March 31, 2003. Said Loan Agreement, as amended, is herein called the “Loan
Agreement.” Any capitalized term used in this Amendment and not otherwise
defined shall have the meaning ascribed to it in the Loan Agreement.

 

B. The Borrower, the Lenders and the Agent desire to amend the Loan Agreement in
certain respects.

 

NOW, THEREFORE, in consideration of the premises and the mutual agreements,
representations and warranties herein set forth, and further good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Borrower, the Lenders and the Agent do hereby agree as follows:

 

SECTION 1. Amendments to Loan Agreement.

 

(a) The following new definitions are hereby added to Section 1.1 of the Loan
Agreement:

 

“Restatement” means the restatement of the consolidated financial statements of
the Borrower for fiscal periods ending prior to December 31, 2003 whereby the
Subject Transactions have been recharacterized as financing transactions and the
Subject Leases have been recharacterized as financing leases on the consolidated
financial statements of the Borrower.

 

“Subject Leases” means the leases for restaurant Properties identified on
Exhibit H attached hereto.

 

“Subject Transactions” means the sale/leaseback transactions entered into with
respect to the Subject Leases prior to December 31, 2003.

--------------------------------------------------------------------------------

(b) Section 1.2 of the Loan Agreement is hereby amended to read in its entirety
as follows:

 

1.2 Miscellaneous. The words “hereof,” “herein,” and “hereunder” and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not any particular provision of this Agreement. The term “annualized”
as used herein shall mean the multiplication of the applicable amount for any
given period by a fraction, the numerator of which is 365 and the denominator of
which is the number of days elapsed in such period. This Agreement and the
observance, performance and calculation of all covenants hereunder shall be
construed as if the Restatement, the recharacterization of the Subject
Transactions as financing transactions and the recharacterization of the Subject
Leases as financing leases, had not occurred, notwithstanding the effect of the
Restatement, including without limitation, treatment of the Subject Transactions
as financing transactions and the recharacterization of the Subject Leases as
financing leases, in the consolidated financial statements of the Company for
future periods. Borrower hereby agrees that in connection with the delivery of
Compliance Certificates hereunder it shall provide to the Agent and Lenders a
reconciliation from the consolidated financial statements covered by such
Compliance Certificate, showing the covenant calculations as if the Restatement,
the recharacterization of the Subject Transactions as financing transactions and
the recharacterization of the Subject Leases as financing leases had all not
occurred and demonstrating compliance with the covenants under this Agreement.

 

(c) Section 7.2(d) of the Loan Agreement is hereby amended to read in its
entirety as follows:

 

(d) within 100 days after the beginning of each fiscal year, Borrower’s annual
business plan for such fiscal year (including its balance sheet and income and
cash flow projections for such fiscal year)

 

(d) A new Exhibit H is hereby added to the Loan Agreement, such new exhibit to
be identical to Exhibit H attached hereto.

 

SECTION 2. Waiver of Prior Defaults. Lenders hereby waive any Events of Default
which may have occurred prior to the date hereof as a result of the Restatement,
the recharacterization of the Subject Transactions as financing transactions and
the recharacterization of the Subject Leases as financing leases on the
consolidated financial statements of the Borrower. Lenders hereby further waive
any Events of Default arising by reason of the delivery of the Annual Audited
Financial Statements of Borrower and Carrols Holdings for the fiscal year 2003
and related Compliance Certificate and Borrower’s annual business plan for the
fiscal year 2004 after the date required for such delivery; provided, however,
that the failure to deliver such Annual Audited Financial Statements and related
Compliance Certificate and Borrower’s annual business plan for the fiscal year
2004 to the Agent and the Lenders on or before May 6, 2004 shall constitute an
Event of Default under the Loan Agreement,

 

SECTION 3. Ratification. Except as expressly amended by this Amendment, the Loan
Agreement and the other Loan Documents shall remain unchanged and in full force
and effect. None of the rights, title and interests existing and to exist under
the Loan Agreement are hereby

 

2

--------------------------------------------------------------------------------

released, diminished or impaired, and the Borrower hereby reaffirms all
covenants, representations and warranties in the Loan Agreement.

 

SECTION 4. Expenses. The Borrower shall pay to the Agent all reasonable fees and
expenses of its respective legal counsel (pursuant to Section 11.3 of the Loan
Agreement) incurred in connection with the execution of this Amendment.

 

SECTION 5. Certifications. The Borrower hereby certifies that except for the
Restatement and its effect on the Borrower’s financial statements (a) no
material adverse change in the assets, liabilities, financial condition,
business or affairs of the Borrower has occurred and (b) after giving effect to
this Amendment, no Default or Event of Default has occurred and is continuing or
will occur as a result of this Amendment.

 

SECTION 6. Miscellaneous. This Amendment (a) shall be binding upon and inure to
the benefit of the Borrower, the Lenders and the Agent and their respective
successors, assigns, receivers and trustees; (b) may be modified or amended only
by a writing signed by the required parties; (c) shall be governed by and
construed in accordance with the laws of the State of New York and the United
States of America; (d) may be executed in several counterparts by the parties
hereto on separate counterparts, and each counterpart, when so executed and
delivered, shall constitute an original agreement, and all such separate
counterparts shall constitute but one and the same agreement and (e) together
with the other Loan Documents, embodies the entire agreement and understanding
between the parties with respect to the subject matter hereof and supersedes all
prior agreements, consents and understandings relating to such subject matter.
The headings herein shall be accorded no significance in interpreting this
Amendment. Upon the execution of this Amendment by the Borrower and the Majority
Lenders, the Loan Agreement shall be deemed to be amended and all references to
the Loan Agreement shall mean the Loan Agreement, as amended hereby.

 

NOTICE PURSUANT TO TEX. BUS. & COMM. CODE §26.02

 

THE LOAN AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND ALL OTHER LOAN DOCUMENTS
EXECUTED BY ANY OF THE PARTIES PRIOR HERETO OR SUBSTANTIALLY CONCURRENTLY
HEREWITH CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES 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.

 

3

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the Borrower, the Lenders and the Agent have caused this
Amendment to be signed by their respective duly authorized officers, effective
as of the date first above written.

 

Exhibit H – Subject Leases

 

CARROLS CORPORATION,

a Delaware corporation

By:

    /s/    Joseph A. Zirkman    

--------------------------------------------------------------------------------

Name:

    Joseph A. Zirkman    

--------------------------------------------------------------------------------

Title:

    Vice President    

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

JPMORGAN CHASE BANK, as Agent and as a

Lender

By:   

/s/    William P. Wallace

--------------------------------------------------------------------------------

Name:

  

William P. Wallace

--------------------------------------------------------------------------------

Title:

  

Vice President

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

BANK OF AMERICA, N.A.,

as Syndication Agent and as a Lender

By:

  

/s/    Jay R. Goldstein

--------------------------------------------------------------------------------

Name:

  

Jay R. Goldstein

--------------------------------------------------------------------------------

Title:

  

Vice President

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

SUNTRUST BANK,

as Documentation Agent and as a Lender

By:   

/s/    Susan M. Hall

--------------------------------------------------------------------------------

Name:   

Susan M. Hall

--------------------------------------------------------------------------------

Title:

  

Managing Director

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

MANUFACTURERS AND TRADERS TRUST COMPANY, as Co-Agent and as a Lender By:   

/s/    Timothy P. McDevitt

--------------------------------------------------------------------------------

Name:   

Timothy P. McDevitt

--------------------------------------------------------------------------------

Title:

  

Vice President

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

THE NORTHERN TRUST COMPANY

By:   

/s/    Laurie Kieta

--------------------------------------------------------------------------------

Name:   

Laurie Kieta

--------------------------------------------------------------------------------

Title:   

Vice President

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

BSB BANK & TRUST COMPANY

By:   

/s/    C. Patrick O’Neil

--------------------------------------------------------------------------------

Name:   

C. Patrick O’Neil

--------------------------------------------------------------------------------

Title:   

Vice President

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

GE CAPITAL BUSINESS ASSET FUNDING

By:   

/s/    Todd J. Weiss

--------------------------------------------------------------------------------

Name:   

Todd J. Weiss

--------------------------------------------------------------------------------

Title:   

Authorized Signatory

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

       

STEIN ROE & FARNHAM CLO I LTD.

       

By:

 

Columbia Management Advisors, Inc. (f/k/a Stein Roe & Farnham Incorporated,

as Portfolio Manager

                By:   

/s/    Brian J. Murphy

--------------------------------------------------------------------------------

                Name:   

Brian J. Murphy

--------------------------------------------------------------------------------

                Title:   

Vice President

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

SRF 2000, INC.

By:   

/s/    Ann E. Morris

--------------------------------------------------------------------------------

Name:

  

Ann E. Morris

--------------------------------------------------------------------------------

Title:

  

Asst. Vice President

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

INDOSUEZ CAPITAL FUNDING IIA, LIMITED

By:   

Indosuez Capital,

as Portfolio Manager

     By:   /s/    Charles Kobayashi        

--------------------------------------------------------------------------------

     Name:   Charles Kobayashi        

--------------------------------------------------------------------------------

     Title:   Principal and Portfolio Manager        

--------------------------------------------------------------------------------

INDOSUEZ CAPITAL FUNDING VI, LIMITED

By:   

Indosuez Capital,

as Collateral Manager

     By:   /s/    Charles Kobayashi        

--------------------------------------------------------------------------------

     Name:   Charles Kobayashi        

--------------------------------------------------------------------------------

     Title:   Principal and Portfolio Manager        

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

ANTARES CAPITAL CORPORATION

By:    /s/    Tyler W. Lindblad    

--------------------------------------------------------------------------------

Name:    Tyler W. Lindblad    

--------------------------------------------------------------------------------

Title:    Director    

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

ANTARES FUNDING L.P.

By:   

JPMorgan Chase Bank, as trustee of the

Antares Funding Trust created under the

Trust Agreement dated as of November 30, 1999

     By:   /s/    Leslie Hundley        

--------------------------------------------------------------------------------

     Name:   Leslie Hundley        

--------------------------------------------------------------------------------

     Title:   AVP        

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

HELLER FINANCIAL INC.

By:   /s/    Robert M. Kadlick    

--------------------------------------------------------------------------------

Name:   Robert M. Kadlick    

--------------------------------------------------------------------------------

Title:   Duly Authorized Signatory    

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

MARINER CDO 2002, LTD.

By:  

 

/s/    Tyler W. Lindblad

   

--------------------------------------------------------------------------------

Name:  

 

Tyler W. Lindblad

   

--------------------------------------------------------------------------------

Title:  

 

Director

   

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

NOVA CDO 2001, LTD. By:  

 

/s/    Tyler W. Lindblad

   

--------------------------------------------------------------------------------

Name:  

 

Tyler W. Lindblad

   

--------------------------------------------------------------------------------

Title:  

 

Director

   

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

RIVIERA FUNDING LLC By:   /s/    Ann E. Morris    

--------------------------------------------------------------------------------

Name:   Ann E. Morris    

--------------------------------------------------------------------------------

Title:   Asst. Vice President    

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

The undersigned hereby join in this Amendment to evidence their consent to
execution by Borrower of this Amendment, to confirm that each Loan Document now
or previously executed by the undersigned applies and shall continue to apply to
the Loan Agreement, as amended hereby, to acknowledge that without such consent
and confirmation, Lender would not execute this Amendment and to join in the
notice pursuant to Tex. Bus. & Comm. Code §26.02 set forth above.

 

CARROLS HOLDINGS CORPORATION, a Delaware corporation, CARROLS REALTY HOLDINGS
CORP., a Delaware corporation, and CARROLS REALTY I CORP., a Delaware
corporation, POLLO FRANCHISE, INC., a Florida corporation, and POLLO OPERATIONS,
INC., a Florida corporation, TACO CABANA, INC., a Delaware corporation, T.C.
MANAGEMENT, INC., a Delaware corporation, and TACO CABANA MANAGEMENT, INC., a
Texas corporation By:   /s/    Joseph A. Zirkman    

--------------------------------------------------------------------------------

    Joseph A. Zirkman, Vice President

TP ACQUISITION CORP.,

a Texas corporation

By:   /s/    Joseph A. Zirkman    

--------------------------------------------------------------------------------

    Joseph A. Zirkman, President

GET REAL, INC.,

a Delaware corporation

By:   /s/    William E. Myers    

--------------------------------------------------------------------------------

Name: William E. Myers Title:    Vice President

--------------------------------------------------------------------------------

TEXAS TACO CABANA, L.P.,

a Texas limited partnership

By:  

Taco Cabana Management, Inc.,

a Texas corporation, General Partner

    By:   /s/    Joseph A. Zirkman        

--------------------------------------------------------------------------------

        Joseph A. Zirkman, Vice President

--------------------------------------------------------------------------------

EXHIBIT H

 

SALE/LEASEBACK

TRANSACTIONS

 

Carrols Corporation                               Syndicator                    
March, 1991    CNL                    

Concept/Rest. #

--------------------------------------------------------------------------------

  

Location Address

--------------------------------------------------------------------------------

   City

--------------------------------------------------------------------------------

   State

--------------------------------------------------------------------------------

   Gross
Proceeds

--------------------------------------------------------------------------------

  

Landlord

--------------------------------------------------------------------------------

BK00209

   298 Smokey Park Dr.    Asheville    NC    824,000    Asheville Joint Venture

BK00305

   164 South Main St.    New City    NY    930,446    CNL Income Fund VIII, Ltd.

BK00383

   1514 Erie Blvd. East    Syracuse    NY    844,650    CNL Income Fund VIII,
Ltd.

BK00386

   110 Bluebell Dr., NW    New
Philadelphia    OH    827,450    CNL Income Fund VIII, Ltd.

BK00396

   2242-2250 South Main St.    Mansfield    OH    875,000    CNL Income Fund
VIII, Ltd.                    

--------------------------------------------------------------------------------

                         4,301,546     

May, 1991

   CNL                    

BK00203

   205 East Dixon Blvd.    Shelby    NC    842,550    CNL Income Fund IX, Ltd.

BK00355

   15650 Broadway    Maple Heights    OH    818,139    CNL Income Fund IX, Ltd.
                   

--------------------------------------------------------------------------------

                         1,660,689     

November, 1991

   CNL                    

BK00215

   1332 Asheville Highway    Hendersonville    NC    793,749    CNL Income Fund
X, Ltd.

BK00358

   625 Ridge Rd. East    Irondequoit    NY    921,370    CNL Income Fund X, Ltd.

BK00398

   910 Claremont Ave.    Ashland    OH    844,879    CNL Income Fund X, Ltd.

BK00401

   339 State St.    Watertown    NY    822,441    CNL Income Fund IX, Ltd.     
              

--------------------------------------------------------------------------------

                         3,382,439     

July, 1994

   CNL                    

BK00433

   1845 W. State Street    Alliance    OH    691,352    CNL Income Fund XIV,
Ltd.

January, 1995

   CNL                    

BK00431

   2584 Airport Road    Jackson    OH    888,443    CNL Income Fund IX, Ltd.

March, 1996

   March, 1996 CNL                    

BK00474

   1130 S. Main Street    Bowling
Green    OH    810,000    M2 Real Estate Holdings, LLC

BK00475

   475 E. Airport Highway    Wauseon    OH    810,000    Ruffini Properties, LLC
                   

--------------------------------------------------------------------------------

                         1,620,000     

December, 1996

   CNL                    

BK00230

   2402 Heritage St.    Kinston    NC    875,000    CNL Income Fund XVIII, Ltd.

BK00364

   1575 South Water St.    Kent    OH    875,000    CNL Funding 2000-A, LP

BK00473

   1390 V. Odom Blvd.    Akron    OH    875,000   

CNL Income Fund XIII Ltd. &

CNL Income Fund

                   

--------------------------------------------------------------------------------

                         2,625,000     

December, 1997

   FFCA                    

--------------------------------------------------------------------------------

EXHIBIT H

 

SALE/LEASEBACK

TRANSACTIONS

 

BK00223

   Tryon Hills Shopping Center    Raleigh    NC    760,000    GE Capital
Franchise Finance Corporation

BK00229

   979 Highway 70 East    New Bern    NC    875,000    GE Capital Franchise
Finance Corporation

BK00231

   1195 Glenburnie Road    New Bern    NC    800,000    GE Capital Franchise
Finance Corporation

BK00261

   7589 Oswego Road    Liverpool    NY    940,000    GE Capital Franchise
Finance Corporation

BK00273

   700 S. Salina Street    Syracuse    NY    860,000    GE Capital Franchise
Finance Corporation

BK00301

   N. Plank Road    Newburgh    NY    1,090,000    GE Capital Franchise Finance
Corporation

BK00326

   1096 State Route 222    Cortland    NY    731,000    GE Capital Franchise
Finance Corporation

BK00362

   1456 Fourth Street NW    New
Philadelphia    OH    967,000    GE Capital Franchise Finance Corporation

BK00389

   1907 Cleveland Road    Wooster    OH    1,100,000    GE Capital Franchise
Finance Corporation

BK00393

   971 Court Street    Medina    OH    894,000    GE Capital Franchise Finance
Corporation

BK00399

   1892 W. Market Street    Akron    OH    915,000    GE Capital Franchise
Finance Corporation

BK00405

   1294 Canton Road    Akron    OH    815,000    GE Capital Franchise Finance
Corporation

BK00479

   14834 State Route 49    Edon    OH    715,000    GE Capital Franchise Finance
Corporation

BK00481

   6190 W. Michigan Ave.    Ypsilanti    MI    890,000    GE Capital Franchise
Finance Corporation

BK00555

   3253 Paxton St.    Harrisburg    PA    919,000    GE Capital Franchise
Finance Corporation                    

--------------------------------------------------------------------------------

                         13,271,000     

March, 1998

   FFCA                    

BK00236

   917 N. Green St.    Morganton    NC    920,000    GE Capital Franchise
Finance Corporation

BK00582

   2490 Shawnee Road    Lima    OH    809,000    GE Capital Franchise Finance
Corporation                    

--------------------------------------------------------------------------------

                         1,729,000     

September, 1998

   CNL                    

PT10008

   4211 N.W. 36th St.    Miami Sprngs    FL    1,818,182    CNL Funding 2000-A,
LP

PT10015

   11806 Biscayne Blvd.    Ft. Lauderdale    FL    1,590,909    CNL Funding
2000-A, LP

PT10016

   2390 S. University Dr.    Davie    FL    1,500,000    CNL Net Lease Funding
2001, LP

PT10017

   4331 Lake Worth Rd.    Lake Worth    FL    1,277,273    CNL Net Lease Funding
2001, LP

PT10020

   800 University Dr.    Coral Springs    FL    1,854,545    CNL Net Lease
Funding 2001, LP

PT10022

   West S.R. 436    Altamonte    FL    1,181,818    CNL Funding 2000-A, LP

PT10023

   8412 S. Orange Blossom Trail    Orlando    FL    1,181,818    CNL Funding
2000-A, LP

PT10024

   1555 N.W. 87th Ave.    Miami    FL    1,750,000    CNL Funding 2000-A, LP  
                        

PT10026

   13998 S.W. 56th St.    Miami    FL    1,227,273    Charaf Investments of
Florida                           

PT10030

   581 N.W. 57th Ave.    Miami    FL    1,318,182    Guillermo Sostchin, Trustee
                          

PT10031

   12961 W. Sunrise Blvd.    Sunrise    FL    1,454,545    CWH Sawgrass, LLC  
                        

PT10035

   1819 S. Federal Hwy.    Ft. Lauderdale    FL    1,250,000    CNL Net Lease
Funding 2001, LP                    

--------------------------------------------------------------------------------

                         17,404,545     

December, 1998

   CNL                                               

PT10009

   2710 S. Dixie Hwy.    Miami    FL    2,045,455    CNL Funding 2000-A, LP

June, 1999

  

FFCA/FINCAR/

US REALTY

                   

BK00580

   3196 Manchester Rd.    Akron    OH    1,152,000    Fincar Property Business
Trust

--------------------------------------------------------------------------------

EXHIBIT H

 

SALE/LEASEBACK

TRANSACTIONS

 

BK00584

  90 Campbell Rd.    Schenectady    NY          809,000      Fincar Property
Business Trust

BK00585

  851 State Route 97W    Bellville    OH          1,174,000      Fincar Property
Business Trust

BK00587

  4620 So. Hurstbourne Highway    Louisville    OH          1,044,000     
Fincar Property Business Trust

BK00588

  3007 NYS Route 417 West    Olean    NY          750,000      Fincar Property
Business Trust

BK00589

  311 Brenton Way    Shepherdsville    KY          1,004,000      Fincar
Property Business Trust

BK00594

  499 State Route 103    Bluffton    OH          1,280,000      Fincar Property
Business Trust

BK00595

  7021 Wyoming Ave.    Dearborn    MI          967,000      Fincar Property
Business Trust

PT10013

  8299 Pines Blvd.    Pembroke
Pines    FL          1,284,000      Fincar Property Business Trust

PT10027

  11429 Pines Blvd.    Pembroke
Pines    FL          1,504,000      Fincar Property Business Trust

PT10040

  5720 Wiles Rd.    Coral Springs    FL          1,109,000      Fincar Property
Business Trust

PT10043

  2633 Weston Rd.    Weston    FL          1,374,000      Fincar Property
Business Trust

PT10044

  10575 N.W. 41 St.    Miami    FL          1,349,000      Fincar Property
Business Trust                         

--------------------------------------------------------------------------------

                                14,800,000       

December, 2000

  CNL                            

TC00102

  2627 NW Loop 410    San Antonio    TX          1,134,473      CNL Income Fund
XVI, Ltd.

TC00107

  180 Bitters    San Antonio    TX          952,957      CNL Income Fund XVIII,
Ltd.

TC00113

  1533 Pat Booker Rd    Universal City    TX          1,111,783     

CNL Income Fund VI, Ltd. and

CNL Income Fund XI, Ltd.

as Tenants in Common

TC00119

  4622 Rittiman    San Antonio    TX          1,247,920      CNL Income Fund
XIV, Ltd.

TC00122

  8620 Burnet    Austin    TX          1,497,504      CNL Income Fund XVI, Ltd.

TC00128

  12525 N Mopac Expressway    Austin    TX          1,202,541      CNL Income
Fund XVII, Ltd.

TC00130

  8030 Culebra    San Antonio    TX          1,429,436      Ashland Joint
Venture

TC00136

  6919 Greenville    Dallas    TX          1,220,693      CNL Restaurant
Investments II

TC00143

  9220 Gulf Freeway    Houston    TX          1,293,299      CNL Income Fund XV,
Ltd.

TC00144

  7501 Bellaire    Houston    TX          1,429,436      CNL Income Fund XV,
Ltd.

TC00158

  8213 Marbach    San Antonio    TX          1,370,443      CNL Income Fund XII,
Ltd.

TC00159

  15002 FM 1825    Pflugerville    TX          1,474,815      CNL Income Fund
XII, Ltd.

TC00160

  4992 FM 3009    Schertz    TX          1,107,246     

CNL Income Fund VI, Ltd.

and CNL Income Fund XI, Ltd.

as Tenants in Common

TC00172

  4903 W Belfort    Houston    TX          1,452,125      CNL Income Fund XVII,
Ltd.

TC00174

  2535 Hwy 6 South    Houston    TX          975,647      CNL Income Fund XIII,
Ltd.

TC00176

  3819 Red Bluff    Pasadena    TX          975,647      CNL Income Fund XII,
Ltd.

TC00177

  2025 E FM 1960 West    Houston    TX          952,957      CNL Income Fund VI,
Ltd.

TC00181

  11006 FM 1960    Houston    TX          1,179,852      CNL Income Fund XVIII,
Ltd.

TC00182

  373 S Mason    Katy    TX          1,107,246      Katy Joint Venture

TC00195

  2531 E. Pioneer Pkwy    Arlington    TX          1,066,404      Arlington
Joint Venture

TC00197

  11779 Plano Rd.    Dallas    TX          1,021,026      CNL Income Fund IX,
Ltd.

TC00199

  9705 Manchaca    Austin    TX          1,107,246     

CNL Income Fund X, Ltd.

and CNL Income Fund XVIII, Ltd.

as Co-Tenants

TC00236

  13480 Northwest Freeway    Houston    TX          1,361,367      CNL Income
Fund XI, Ltd.

TC00241

  10325 North Freeway    Houston    TX          1,363,637      CNL Income Fund
X, Ltd.

TC00248

  1300 N. I-35 East    Denton    TX          1,220,693      CNL Income Fund
VIII, Ltd.                         

--------------------------------------------------------------------------------

                                30,256,393