Exhibit 10.1
 EXECUTION COPY
 LOAN AGREEMENT
   THE BORROWERS LISTED ON SCHEDULE I ATTACHED HERETO,
  THE ROYAL BANK OF SCOTLAND PLC,




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TABLE OF CONTENTS
 PAGEARTICLE 1 DEFINITIONS; PRINCIPLES OF CONSTRUCTION
    
    
    1Section 1.1 Definitions
    
    
    1Section 1.2 Principles of Construction
    
    
    30ARTICLE 2 GENERAL TERMS
    
    
    30Section 2.1 Loan Commitment; Disbursement to Borrowers
    
    
    302.1.1 Agreement to Lend and Borrow
    
    
    302.1.2 Single Disbursement to Borrowers
    
    
    302.1.3 The Note, Mortgages and Loan Documents
    
    
    302.1.4 Use of Proceeds
    
    
    30Section 2.2 Interest Rate
    
    
    312.2.1 Interest Rate
    
    
    312.2.2 Interest Calculation
    
    
    312.2.3 Default Rate
    
    
    312.2.4 Usury Savings
    
    
    31Section 2.3 Monthly Debt Service Payment
    
    
    312.3.1 Monthly Debt Service Payment
    
    
    312.3.2 Payments Generally
    
    
    322.3.3 Payment on Maturity Date
    
    
    322.3.4 Late Payment Charge
    
    
    322.3.5 Method and Place of Payment
    
    
    32Section 2.4 Prepayments
    
    
    322.4.1 Voluntary Prepayments
    
    
    322.4.2 Mandatory Prepayments
    
    
    332.4.3 Prepayments Made While any Event of Default Exists
    
    
    33Section 2.5 Intentionally Omitted
    
    
    33Section 2.6 Release of Properties
    
    
    332.6.1 Partial Releases
    
    
    332.6.2 Release of Property
    
    
    352.6.3 Release Upon Payment in Full
    
    
    362.6.4 Application of Payments of Principal
    
    
    362.6.5 Definition of Property
    
    
    38Section 2.7 Cash Management
    
    
    382.7.1 Lockbox Account
    
    
    382.7.2 Cash Management Account
    
    
    392.7.3 Payments Received Under the Cash Management Agreement
    
    
    41ARTICLE 3 CONDITIONS PRECEDENT
    
    
    41Section 3.1 Conditions Precedent to Closing
    
    
    413.1.1 Representations and Warranties; Compliance with Conditions
    
    
    41
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TABLE OF CONTENTS
 PAGE3.1.2 Loan Agreement and Note
    
    
    423.1.3 Delivery of Loan Documents; Title Insurance; Reports; Leases
    
    
    423.1.4 Related Documents
    
    
    433.1.5 Delivery of Organizational Documents
    
    
    433.1.6 Opinions of Borrowers Counsel
    
    
    443.1.7 Budgets
    
    
    443.1.8 Basic Carrying Costs
    
    
    443.1.9 Completion of Proceedings
    
    
    443.1.10 Payments
    
    
    443.1.11 Tenant Estoppels
    
    
    443.1.12 Transaction Costs
    
    
    443.1.13 Material Adverse Change
    
    
    443.1.14 Leases and Rent Roll
    
    
    453.1.15 Subordination and Attornment
    
    
    453.1.16 Tax Lot
    
    
    453.1.17 Condition of Improvements
    
    
    453.1.18 Management Agreement; Management Agreement Side Letter
    
    
    453.1.19 Appraisal
    
    
    453.1.20 Financial Statements
    
    
    453.1.21 Further Documents
    
    
    453.1.22 Compliance With Law
    
    
    453.1.23 Intentionally Omitted
    
    
    463.1.24 No Condemnation
    
    
    463.1.25 Mezzanine Loans
    
    
    46ARTICLE 4 REPRESENTATIONS AND WARRANTIES
    
    
    46Section 4.1 Representations of Borrowers
    
    
    464.1.1 Organization
    
    
    464.1.2 Proceedings
    
    
    464.1.3 No Conflicts
    
    
    474.1.4 Litigation
    
    
    474.1.5 Agreements
    
    
    474.1.6 Title
    
    
    474.1.7 Solvency
    
    
    484.1.8 Full and Accurate Disclosure
    
    
    484.1.9 No Plan Assets
    
    
    494.1.10 Compliance
    
    
    494.1.11 Financial Information
    
    
    494.1.12 Condemnation
    
    
    504.1.13 Federal Reserve Regulations
    
    
    504.1.14 Utilities and Public Access
    
    
    504.1.15 Not a Foreign Person
    
    
    504.1.16 Separate Lots
    
    
    504.1.17 Assessments
    
    
    50
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TABLE OF CONTENTS
 PAGE4.1.18 Enforceability
    
    
    514.1.19 No Prior Assignment
    
    
    514.1.20 Insurance
    
    
    514.1.21 Use of Property
    
    
    514.1.22 Certificate of Occupancy; Licenses
    
    
    514.1.23 Flood Zone
    
    
    514.1.24 Physical Condition
    
    
    514.1.25 Boundaries
    
    
    524.1.26 Leases
    
    
    524.1.27 Survey
    
    
    534.1.28 Principal Place of Business; State of Organization
    
    
    534.1.29 Filing and Recording Taxes
    
    
    534.1.30 Special Purpose Entity/Separateness
    
    
    534.1.31 Management Agreement
    
    
    544.1.32 Illegal Activity
    
    
    544.1.33 No Change in Facts or Circumstances; Disclosure
    
    
    544.1.34 Investment Company Act
    
    
    544.1.35 Embargoed Person; OFAC
    
    
    554.1.36 Cash Management Account
    
    
    554.1.37 Filing of Returns
    
    
    564.1.38 REA
    
    
    564.1.39 Intentionally omitted
    
    
    564.1.40 No Ground Leases
    
    
    56Section 4.2 Survival of Representations
    
    
    56ARTICLE 5 BORROWER COVENANTS
    
    
    57Section 5.1 Affirmative Covenants
    
    
    575.1.1 Existence; Compliance with Legal Requirements
    
    
    575.1.2 Taxes and Other Charges
    
    
    585.1.3 Litigation
    
    
    595.1.4 Access to Property
    
    
    595.1.5 Notice of Default
    
    
    595.1.6 Cooperate in Legal Proceedings
    
    
    595.1.7 Perform Loan Documents
    
    
    605.1.8 Award and Insurance Benefits
    
    
    605.1.9 Further Assurances
    
    
    605.1.10 Mortgage Taxes
    
    
    605.1.11 Financial Reporting
    
    
    605.1.12 Business and Operations
    
    
    645.1.13 Title to the Property
    
    
    645.1.14 Costs of Enforcement
    
    
    645.1.15 Estoppel Statement
    
    
    645.1.16 Loan Proceeds
    
    
    65
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TABLE OF CONTENTS
 PAGE5.1.17 Performance by Borrowers
    
    
    655.1.18 Confirmation of Representations
    
    
    655.1.19 Intentionally Omitted
    
    
    655.1.20 Leasing Matters
    
    
    655.1.21 Alterations
    
    
    665.1.22 Operation of Properties
    
    
    675.1.23 Changes in the Legal Requirements Regarding Taxation
    
    
    685.1.24 No Credits on Account of the Obligations
    
    
    685.1.25 Personal Property
    
    
    685.1.26 Appraisals
    
    
    68Section 5.2 Negative Covenants
    
    
    695.2.1 Operation of Properties
    
    
    695.2.2 Liens
    
    
    695.2.3 Dissolution
    
    
    695.2.4 Change in Business
    
    
    705.2.5 Debt Cancellation
    
    
    705.2.6 Zoning
    
    
    705.2.7 No Joint Assessment
    
    
    705.2.8 Principal Place of Business and Organization
    
    
    705.2.9 ERISA
    
    
    715.2.10 Transfers
    
    
    715.2.11 REA
    
    
    76ARTICLE 6 INSURANCE; CASUALTY; CONDEMNATION; REQUIRED REPAIRS
    
    
    76Section 6.1 Insurance
    
    
    76Section 6.2 Casualty
    
    
    81Section 6.3 Condemnation
    
    
    81Section 6.4 Restoration
    
    
    82ARTICLE 7 RESERVE FUNDS
    
    
    86Section 7.1 Required Repair Funds
    
    
    867.1.1 Deposits
    
    
    867.1.2 Release of Required Repair Funds
    
    
    867.1.3 Balance in Required Repair Account
    
    
    88Section 7.2 Tax and Insurance Escrow
    
    
    887.2.1 Tax and Insurance Escrow Funds
    
    
    887.2.2 Disbursements from Tax and Insurance Escrow Funds
    
    
    90Section 7.3 Replacements and Replacement Reserve
    
    
    907.3.1 Replacement Reserve Funds
    
    
    907.3.2 Disbursements from Replacement Reserve Account
    
    
    91
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TABLE OF CONTENTS
 PAGE7.3.3 Balance in the Replacement Reserve Account
    
    
    92Section 7.4 Rollover Reserve
    
    
    927.4.1 Deposits to Rollover Reserve Funds
    
    
    927.4.2 Withdrawal of Rollover Reserve Funds
    
    
    92Section 7.5 Excess Cash Reserve Funds
    
    
    937.5.1 Deposits to Excess Cash Reserve Funds
    
    
    937.5.2 Release of Excess Cash Funds
    
    
    94Section 7.6 Conns Special Reserve Funds
    
    
    94Section 7.7 Intentionally Omitted
    
    
    94Section 7.8 Reserve Funds, Generally
    
    
    94ARTICLE 8 DEFAULTS
    
    
    96Section 8.1 Event of Default
    
    
    96Section 8.2 Remedies
    
    
    99ARTICLE 9 SPECIAL PROVISIONS
    
    
    101Section 9.1 Sale of Notes and Securitization
    
    
    101Section 9.2 Securitization Indemnification
    
    
    102Section 9.3 Intentionally Omitted
    
    
    105Section 9.4 Exculpation
    
    
    105Section 9.5 Matters Concerning Manager
    
    
    107Section 9.6 Servicer
    
    
    108Section 9.7 Intentionally omitted
    
    
    109Section 9.8 Restructuring of Loan
    
    
    109ARTICLE 10 MISCELLANEOUS
    
    
    110Section 10.1 Survival
    
    
    110Section 10.2 Lenders Discretion
    
    
    110Section 10.3 Governing Law
    
    
    110Section 10.4 Modification, Waiver in Writing
    
    
    112Section 10.5 Delay Not a Waiver
    
    
    112Section 10.6 Notices
    
    
    112Section 10.7 Trial by Jury
    
    
    114Section 10.8 Headings
    
    
    114Section 10.9 Severability
    
    
    114Section 10.10 Preferences
    
    
    114Section 10.11 Waiver of Notice
    
    
    114Section 10.12 Remedies of Borrowers
    
    
    114Section 10.13 Expenses; Indemnity
    
    
    115Section 10.14 Schedules Incorporated
    
    
    116Section 10.15 Offsets, Counterclaims and Defenses
    
    
    116Section 10.16 No Joint Venture or Partnership; No Third Party Beneficiaries
    
    
    116
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TABLE OF CONTENTS
 PAGESection 10.17 Publicity
    
    
    117Section 10.18 Waiver of Marshalling of Assets
    
    
    117Section 10.19 Waiver of Counterclaim
    
    
    117Section 10.20 Conflict; Construction of Documents; Reliance
    
    
    117Section 10.21 Brokers and Financial Advisors
    
    
    118Section 10.22 Prior Agreements
    
    
    118Section 10.23 Cumulative Rights
    
    
    118Section 10.24 Counterparts
    
    
    118Section 10.25 Time is of the Essence
    
    
    118Section 10.26 Consent of Holder or Agent
    
    
    118Section 10.27 Successor Laws
    
    
    119Section 10.28 Reliance on Third Parties
    
    
    119Section 10.29 Joint and Several Liability; Contribution
    
    
    119ARTICLE 11 MEZZANINE LOAN
    
    
    119Section 11.1 Mezzanine Loan Notice
    
    
    119Section 11.2 Mezzanine Loan Estoppels
    
    
    119Section 11.3 Intercreditor Agreement
    
    
    120SCHEDULESSCHEDULE I
List of BorrowersSCHEDULE II Rent Roll/LeasesSCHEDULE III Required Repairs/Deadlines For CompletionSCHEDULE IV Organizational StructureSCHEDULE V Allocated Loan AmountsSCHEDULE VI Property DescriptionsSCHEDULE VII Intentionally OmittedSCHEDULE VIII Conns Stores Total Square FootageSCHEDULE IX Properties in a Flood ZoneSCHEDULE X Release Price Calculation ExampleSCHEDULE XI Apria Health Care Improvements
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LOAN AGREEMENT
 THIS LOAN AGREEMENT Agreement THE ROYAL BANK OF
SCOTLAND PLC Lender THE
BORROWERS LISTED ON SCHEDULE I ATTACHED HERETO Borrower Borrowers
 W I T N E S S E T H:
 WHEREAS
 WHEREAS
 NOW THEREFORE
 ARTICLE 1
 DEFINITIONS; PRINCIPLES OF CONSTRUCTION
 Definitions
 actual knowledge
 Additional Insolvency Opinion Section 4.1.30(c)
 Affiliate
 Affiliated Manager
 Agent Section 9.6(b)
 Agreement
 Aggregate Outstanding Principal Balance




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Allocated Loan Amount Schedule V pro rata provided however pro rata
 ALTA
 Annual Budget
 Approved Annual Budget Section 5.1.11(d)
 Approved Leasing Expenses Approved Leasing Expenses
 Assignment of Leases Assignments of Leases
  2




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Assignment of Management Agreement
 Award
 Bankruptcy Action
 Bankruptcy Code
 Basic Carrying Costs
 Basic Rollover Reserve Monthly Deposit Section 7.4.1
 Borrower Borrowers
 Borrower Policies Section 7.2.1(a)
 Business Day
  3




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Calculated Payments
 Capital Expenditures
 Cash Management Account Section 2.7.2(a)
 Cash Management Agreement
 Cash Management Period
 Casualty Section 6.2
 Casualty Consultant Section 6.4(b)(iii)
 Casualty Retainage Section 6.4(b)(iv)
 Closing Date
 Closing Date NOI
 Closing Date Percentage of Investment Grade Income
 Code
 Condemnation
  4




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Condemnation Proceeds Section 6.4(b)
 Conns Section 7.6
 Conns Period Section 7.6
 Conns Special Rollover Reserve Monthly Deposit Section 7.6
 Control
 Covered Disclosure Information Section 9.2
(b)
 Debt
 Debt Service Coverage Ratio
   Default
 Default Rate
 Deposit Bank
 Disclosure Document
  5




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Discount Rate
 Eligible Account
 Eligible Institution
 Embargoed Person Section 4.1.35
 Environmental Indemnity
 Environmental Laws
  6




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ERISA
 ERISA Affiliate
 Event of Default Section 8.1(a)
 Excess Cash Section 2.7.2(b)(vii)
 Excess Cash Reserve Account Section 7.5.1
 Excess Cash Reserve Funds Section 7.5.1
 Exchange Act Section 9.2(a)
 Extraordinary Expense Section 5.1.11(e)
 Financing Percentages
 Fiscal Year
 Fitch
 GAAP
 Governmental Authority
  7




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Gross Income from Operations
 Guarantor
 Guaranty
 Hazardous Substances
 Holder Section 9.6(b)
 Impaired NOI Threshold
 Improvements
  8




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Indebtedness
 Indemnified Liabilities Section 10.13(b)
 Indemnified Persons Section 9.2(b)
 Indemnifying Person
 Independent Director Independent Manager Professional Independent Director
  9




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Insolvency Opinion
 Insurance Premiums Section 6.1(b)
 Insurance Proceeds Section 6.4(b)
 Intercreditor Agreement Section 11.3
 Interest Rate
 Investment Grade
 Investor Section 5.1.11(f)
 Lease
 Leases in Place
  10




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Lease Termination Payments Section 7.4.1(b)(i)
 Legal Requirements
 Lender
 Liabilities Section 9.2(b)
 Licenses Section 4.1.22
 Lien
 Loan
 Loan Application Section 10.22
 Loan Documents
  11




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Loan Percentage
 Loan to Value Ratio
 Lockbox Account Section 2.7.1(a)
 Lockbox Agreement
 Lockbox Bank
 Lockout Period
 Major Lease
 Management Agreement
 Management Agreement Side Letter
 Manager
  12




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Market Conditions
 Maturity Date
 Material Action
 Material Adverse Change
 Maximum Legal Rate
 Mezzanine Borrower
 Mezzanine Debt
 Mezzanine Lender
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Mezzanine Loan
 Mezzanine Loan Agreement
 Mezzanine Loan Debt Service Payment Amount
 Mezzanine Loan Documents
 Mezzanine Loan Event of Default
 Mezzanine Loan Outstanding Principal Balance
 Mezzanine Loan Percentage
 Mezzanine Note
 Monthly Borrower Insurance Payment Section
7.2.1(a)
 Monthly Debt Service Payment Amount
 Monthly Tenant Insurance Payment Section
7.2.1(b)
  14




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Monthly Tenant Tax Payment Section 7.2.1(c)
 Moodys
 Mortgage Mortgages
 Multiemployer Plan
 Multiple Employer Plan
 Net Cash Flow
 Net Operating Income
 Net Proceeds Section 6.4(b)
 Net Proceeds Deficiency Section 6.4(b)(vi)
 New Mezzanine Loan Section 9.8(a)
 Note
 Note Register Section 9.6(b)
 Notice Section 10.6
 O&M Agreement
  15




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Obligations
 OFAC Section 4.1.35
 Officers Certificate
 Open Date Section 2.4.1
 Operating Expenses
 Original Tenant Insurance Deposit Section
7.2.1(b)
 Original Tenant Tax Deposit Section 7.2.1(c)
 Other Charges
  16




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Other Obligations
 Outstanding Principal Balance
 Overpayment Section 10.29(b)
 Overpaying Borrower Section 10.29(b)
 Patriot Act
 Payment Date
 Permitted Encumbrances Schedule II Section 5.1.20 (e)
 Permitted Investments
 Permitted Transfer Section 5.2.10(d)
 Person
  17




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Personal Property
 Physical Conditions Report
 Policies Section 6.1(b)
 Prepayment Date
 Principal
 Professional Independent Director
 Proforma Net Operating Income
 Prohibited Transaction
 Properties Schedule VI Section 2.6.2
 Property
  18




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Property Sale Section 2.6.1
 Provided Information Section 5.1.1
 Qualified Manager
 Rating Agencies
 REA
 Regulation AB
 Related Entities Section 5.2.10(f)
 Related Loan
 Related Property
 Release
 Release Price
  19




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Trigger Amount Sale Request Properties
Allocated Loan Amount (the Release Price Threshold
Amount) clause (i) 115% Calculated Amount clause (i) clause (ii) mutatis 120% Calculated Amount clause (ii) Schedule X
 clause (i)
 Release Price Threshold Amount
 Released Allocated Loan Amount
 Rents
  20




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Replacement Management Agreement subclause (ii)
 Replacement Reserve Account Section 7.3.1
 Replacement Reserve Funds Section 7.3.1
 Replacement Reserve Monthly Deposit Section 7.3.1
 Replacements Section 7.3.1
 Replacement Mezzanine Borrower Section 5.2.10(f)
 Replacement Mezzanine Borrowers Principal Section 5.2.10(f)
 Required Repair Account Section 7.1.1
 Required Repair Funds Section 7.1.1
 Required Repairs Section 7.1.1
 Reserve Funds
  21




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Restoration
 Restricted Party
 RICO
 Rollover Reserve Account Section 7.4.1
 Rollover Reserve Funds Section 7.4.1
 Rollover Reserve Monthly Deposit
 S&P
 Sale Pledge
 Sale Request Section 2.6.1
 Sale Request Properties Section 2.6.1
 Sale Request Properties Allocated Loan Amount
 SEC Section 7.6
 Securities Section 9.1
 Securities Act Section 9.2(a)
 Securitization Section 9.1
 Servicer Section 9.6
 Servicing Agreement Section 9.6
 Severed Loan Documents Section 8.2(c)
 Significant Obligor
  22




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Special Purpose Entity
         23




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27




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State
 Survey Section 3.1.3(c) Surveys
 Tax and Insurance Escrow Funds Section 7.2.1(e)
 Tax and Insurance Escrow Monthly Deposit Section
7.2.1(e)
 Taxes
 Tenant Policies Section 7.2.1(b)
 Tenant Taxes Section 7.2.1(c)
 Threshold Amount Section 5.1.21
 Title Company
 Title Insurance Policy
 Transfer Section 5.2.10(b)
  28




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Transferee Section 5.2.10(f)
 Transferees Principal Section 5.2.10(f)
 Transferees Sponsor Section 5.2.10(f)
 Trigger Amount
 Trustee
 UCC Uniform Commercial Code
 U.S. Obligations
 Wachovia
Borrowers
 Wachovia Lockbox Agreements
 Yield Maintenance Premium Prepayment Date Calculated Payments
  29




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Discount Rate Yield Maintenance Treasury Rate
 Yield Maintenance Treasury Rate
 Principles of Construction
 ARTICLE 2
 GENERAL TERMS
 Loan Commitment; Disbursement to Borrowers
 Agreement to Lend and Borrow
 Single Disbursement to Borrowers
 The Note, Mortgages and Loan Documents
 Use of Proceeds
  30




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Interest Rate
 Interest Rate Section 2.2.4
 Interest Calculation
 Default Rate
 Usury Savings
 Monthly Debt Service Payment
 Monthly Debt Service Payment
  31




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Payments Generally
 Payment on Maturity Date
 Late Payment Charge
 Method and Place of Payment Section 2.3.5
 Prepayments
 Voluntary Prepayments
  32




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Open Date
 Mandatory Prepayments Section 2.4.2 Section 2.4.2
 Prepayments Made While any Event of Default Exists Section 2.4.1
 Intentionally Omitted
 Release of Properties Section 2.6
 Partial Releases Property Sale bona fide
  33




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Sale Request Sale Request Properties
 Section 2.6.1(c) Section 2.6.1(c)
 Section 2.6.4
     34




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Release of Property Section 2.6.1
  35




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Section 2.6.5
 Release Upon Payment in Full Security Documents
 Application of Payments of Principal
 Section 2.4.1 Section 2.4.1 Section 2.4.1 clause (a) Section 2.6.4(a)
  36




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Article 7 Article 7
  37




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Article
7
 Definition of Property Section 2.6.1
 Cash Management
 Lockbox Account Lockbox Account
    38




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Section 9.4
 Cash Management Account Cash Management Account
  Section 7.2
  39




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Section 7.3.1
 Section 7.4.1
     Excess Cash Section 7.5
     40




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Payments Received Under the Cash Management Agreement
 ARTICLE 3
 CONDITIONS PRECEDENT
 Conditions Precedent to Closing
 Representations and Warranties; Compliance with Conditions
  41




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Loan Agreement and Note
 Delivery of Loan Documents; Title Insurance; Reports; Leases
 Mortgages, Assignments of Leases; other Loan Documents
 Title Insurance
 Survey
  42




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Insurance
 Environmental Reports
 Zoning
 Encumbrances
 Related Documents
 Delivery of Organizational Documents
    43




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Opinions of Borrowers Counsel
 Budgets
 Basic Carrying Costs
 Completion of Proceedings
 Payments
 Tenant Estoppels
 Transaction Costs
 Material Adverse Change
  44




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Leases and Rent Roll
 Subordination and Attornment
 Tax Lot
 Condition of Improvements
 Management Agreement; Management Agreement Side Letter
 Appraisal
 Financial Statements
 Further Documents
 Compliance With Law
  45




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Intentionally Omitted
 No Condemnation
 Mezzanine Loans
 ARTICLE 4
 REPRESENTATIONS AND WARRANTIES
 Representations of Borrowers
 Organization Schedule IV
 Proceedings
  46




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No Conflicts
 Litigation
 Agreements clause (u) Special Purpose Entity Section 1.1
 Title
  47




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Solvency
 Full and Accurate Disclosure
  48




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No Plan Assets
 Compliance
 Financial Information
  49




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Condemnation
 Federal Reserve Regulations
 Utilities and Public Access
 Not a Foreign Person
 Separate Lots
 Assessments
  50




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Enforceability
 No Prior Assignment
 Insurance
 Use of Property
 Certificate of Occupancy; Licenses Licenses
 Flood Zone Section 6.1(a)(i)
 Physical Condition
  51




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Boundaries
 Leases Schedule II Schedule II Schedule II Schedule II Schedule II
  52




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Schedule II
 Survey Section 3.1.3(c)
 Principal Place of Business; State of Organization
 Filing and Recording Taxes
 Special Purpose Entity/Separateness
 Section 4.1.30(a)
   53




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Additional Insolvency Opinion
  Management Agreement
 Illegal Activity
 No Change in Facts or Circumstances; Disclosure
 Investment Company Act
  54




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Embargoed Person; OFAC Embargoed
Person OFAC
 Cash Management Account
   55




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Filing of Returns
 REA
 Intentionally omitted
 No Ground Leases
 Survival of Representations Section 4.1
  56




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ARTICLE 5
 BORROWER COVENANTS
 Affirmative Covenants
 Existence; Compliance with Legal Requirements
  57




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Section 5.1.1 Section 5.1.1 Section 5.1.1
 Taxes and Other Charges Section 7.2 provided however Section 7.2
  58




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Section 5.1.2 Section 5.1.2
 Litigation
 Access to Property
 Notice of Default
 Cooperate in Legal Proceedings
  59




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Perform Loan Documents Section 10.13
 Award and Insurance Benefits
 Further Assurances
    Mortgage Taxes
 Financial Reporting
  60




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61




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Section 4.1.30
 Approved Annual Budget subsection (d)
  62




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Extraordinary Expense
 Investor
      Section 5.1.11
  63




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Business and Operations
 Title to the Property
 Costs of Enforcement
 Estoppel Statement
   64




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Loan Proceeds Section 2.1.4
 Performance by Borrowers
 Confirmation of Representations
 Intentionally Omitted
 Leasing Matters
   65




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Section 5.1.20
 Alterations Section 5.1.20
  66




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Threshold
Amount Section 5.1.21 Schedule
XI Schedule XI
 Operation of Properties
  67




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Changes in the Legal Requirements Regarding Taxation
 No Credits on Account of the Obligations
 Personal Property
 Appraisals provided however
  68




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Sections 5.1.8 5.1.9 9.6
 Negative Covenants
 Operation of Properties Section 9.5
  Liens
    Dissolution
  69




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Change in Business
 Debt Cancellation
 Zoning
 No Joint Assessment
 Principal Place of Business and Organization Section 4.1.28
  70




---



##### 



ERISA
      Transfers
 Section 5.2.10
  71




---



##### 



Transfer Section 5.1.20
  Section 5.2.10 Section 4.1.35 Section 5.2.10(f),
(v), (vii) and (viii) mutatis, mutandis
  72




---



##### 



clause
(ii) clause (ii) Sections 4.1.1 4.1.2 4.1.3 4.1.11 4.1.18 4.1.37 4.1.35 Section 5.2.10(f)(v), (vii) (viii) mutatis mutandis
      73




---



##### 



clause (x)
 Transferee
 clause (xv Replacement Mezzanine Borrower
 Related
Entities
 Section 9.4 Transferees Sponsor Transferees Principal Replacement Mezzanine Borrowers Principal
     74




---



##### 



Sections 4.1.30 4.1.35 5.1.23 5.2.9
         75




---



##### 



sub-clause(xii)
 Section
5.2.10(f)
 REA
    ARTICLE 6
 INSURANCE; CASUALTY; CONDEMNATION; REQUIRED REPAIRS
 Insurance
  76




---



##### 



clauses (x) (y) (z)
  subsection (i)
  77




---



##### 



subsection (iii) Section 2.7.2(b) 2.7.2(d)
 subsection (i) subsection (i)
  subsection (i)
 subsection (ii)
   78




---



##### 



Sections 6.1(a)(i), (iii) Sections 6.1(a)(i),
  Section 6.1(a) Policies Policy Qualified Insurer Insurance Premiums"
   79




---



##### 



Section 6.1(a) Section 6.1(a)
 Section 6.1(a) Section 6.1(a)(v)
 Section 6.1
       80




---



##### 



Casualty Casualty Section 6.4
 Condemnation Section 6.4
  81




---



##### 



Restoration
 Section 6.4(b)(i)
 Section 6.4 Net Proceeds Section 6.4 Section 6.1 (a)(i) (iv) (vi) (ix) (x) Insurance Proceeds Condemnation Proceeds
      82




---



##### 



Section 6.1(a)(iii)
 Section 6.1(a)(iii)
       Section 6.4(b)
  83




---



##### 



Casualty Consultant
 Casualty Retainage Section 6.4(b) Section 6.4(b) provided however
  84




---



##### 



Net Proceeds Deficiency Section 6.4(b)
 Section 6.4(b)
 Section 6.4(b)(i) Section 6.4(b)(vii) Section 2.4.2
   85




---



##### 



Section 6.4 Section 6.4
 Section 6.4
 ARTICLE 7
 RESERVE FUNDS
 Required Repair Funds
 Deposits Schedule III Required Repairs Section 7.8 Required Repair Funds Required Repair Account
 Release of Required Repair Funds
  86




---



##### 



Section 7.1.2
 Section 7.1.2
 Section 7.1.2(c)
   87




---



##### 



Balance in Required Repair Account
   Borrower
Policies Section 7.2 Monthly Borrower Insurance Payment
 Tenant Policies Original Tenant Insurance Deposit
  88




---



##### 



Section 7.2 Monthly Tenant Insurance Payment
 Tenant Taxes Original Tenant
Tax Deposit Section 7.2 Monthly Tenant Tax Payment
  89




---



##### 



Section 7.2
 Tax and Insurance Escrow Funds Tax and Insurance Escrow
Monthly Deposit
 Disbursements from Tax and Insurance Escrow Funds
 Replacements and Replacement Reserve
 Replacement Reserve Funds Replacement Reserve Monthly Deposit Replacements
  90




---



##### 



Replacement Reserve Funds Replacement Reserve Account
 Disbursements from Replacement Reserve Account
  91




---



##### 



Balance in the Replacement Reserve Account
 Rollover Reserve
 Deposits to Rollover Reserve Funds Basic Rollover Reserve Monthly Deposit Section 7.4.1(b) Rollover
Reserve Funds Rollover Reserve Account
 subsection (a) Section 7.4.2
 Lease Termination Payments
  Withdrawal of Rollover Reserve Funds
  92




---



##### 



Excess Cash Reserve Funds
 Deposits to Excess Cash Reserve Funds Excess Cash Reserve Funds Excess Cash Reserve Account
  93




---



##### 



Section 7.5.1
 Release of Excess Cash Funds Event of Default
 Conns Special Reserve Funds Conns SEC Conns Special
Rollover Reserve Monthly Deposit Schedule VIII Conns Period
 Intentionally Omitted
 Reserve Funds, Generally
    94




---



##### 



Section 7.8
 Section 9.4
  Section 2.6.1
  95




---



##### 



Section 2.6.1
 ARTICLE 8
 DEFAULTS
 Event of Default
 Event of
Default
          96




---



##### 



Section 5.2 Section 4.1.30 Section 5.1.11
     97




---



##### 



Section 9.1 Section 9.1
 provided however
   clauses (vii) (viii) Section 9.4
  98




---



##### 



clauses (vii) (viii)
 Remedies Section 9.4 Section
9.4
   99




---



##### 



Severed
Loan Documents Section 9.4 provided however Section 9.1
     Section 9.4
  100




---



##### 



ARTICLE 9
 SPECIAL PROVISIONS
 Sale of Notes and Securitization Securities Securitization
     101




---



##### 



Section 9.8
   Section 9.1
 Securitization Indemnification Securities Act Exchange Act
  102




---



##### 



Covered Disclosure Information Section 9.4 Indemnified Persons Liabilities
   103




---



##### 



Section 9.2 Section 9.2
  Section 9.2
  104




---



##### 



Section 9.2 Section 9.2
 Section 9.2 Section 9.2
 Section 9.2
  Intentionally Omitted
 Exculpation provided however
  105




---



##### 



Section 9.4
          106




---



##### 



Matters Concerning Manager
  107




---



##### 



Servicer Servicer Servicing Agreement
 Section 9.6 Agent Note Register Holder Section 9.6(b)
  108




---



##### 



Intentionally omitted
 Restructuring of Loan
 New Mezzanine
Loan clause
(a))
   109




---



##### 



clauses (i) (ii) (iii)
 Section 9.1 Section 9.8
 ARTICLE 10
 MISCELLANEOUS
 Survival
 Lenders Discretion
 Governing Law
   110




---



##### 



111




---



##### 



Modification, Waiver in Writing
 Delay Not a Waiver
 Notices Notice Section 10.6
  112




---



##### 



If to Lender:
    
    The Royal Bank of Scotland plc
600 Washington Boulevard
Stamford, Connecticut 06901
Attn: Real Estate Advisory
Facsimile No. 203-873-4670andThe Royal Bank of Scotland plc
600 Washington Boulevard
Stamford, Connecticut 06901
Attn: Legal Department
Facsimile No. 203-873-4670with a copy to:
    
    DLA Piper LLP (US)
1251 Avenue of the Americas
New York, NY 10020
Attention: Jeffrey B. Steiner, Esq.
Facsimile No. 917-778-8580with a copy to:
    
    Wells Fargo Commercial Mortgage Servicing
201 S. College Street, 9th Floor
Charlotte, NC 28244-1073
Attention: Crystal Benton
Facsimile No. 704-715-0042If to Borrowers:
    
    c/o Cole Real Estate Investments
2555 East Camelback Road, Suite 400
Phoenix, Arizona 85016
Attention: Legal Department
Facsimile No. 480-449-7012with a copy to:
    
    Kutak Rock LLP
8601 N. Scottsdale Road, Suite 300
Scottsdale, Arizona 85253
Attention: Mitch Padover
Facsimile No. 480-429-5001
 Section 10.6
  113




---



##### 



Trial by Jury
 Headings
 Severability
 Preferences
 Waiver of Notice
 Remedies of Borrowers
  114




---



##### 



Expenses; Indemnity Section 9.4 Section 9.4 Sections 9.8(a) (b) Section 10.13 Section
9.8(c)
  115




---



##### 



Section 9.4 Indemnified Liabilities provided however
  Schedules Incorporated
 Offsets, Counterclaims and Defenses
 No Joint Venture or Partnership; No Third Party Beneficiaries
  116




---



##### 



Publicity
 Waiver of Marshalling of Assets
 Waiver of Counterclaim
 Conflict; Construction of Documents; Reliance
  117




---



##### 



Brokers and Financial Advisors Section 10.21
 Prior Agreements Loan Application
 Cumulative Rights
 Counterparts
 Time is of the Essence
 Consent of Holder or Agent
  118




---



##### 



Successor Laws
 Reliance on Third Parties
 Joint and Several Liability; Contribution
  Overpayment Overpaying Borrower
 ARTICLE 11
 MEZZANINE LOAN
 Mezzanine Loan Notice
  Section 5.1.11
 Mezzanine Loan Estoppels
   119




---



##### 



Section 9.4
 Intercreditor Agreement Intercreditor Agreement
   120




---



##### 



IN WITNESS WHEREOF
 COLE LO JONESBORO AR, LLC,
    
    COLE CO PECAN PARK TX, LP,COLE WG CAHOKIA IL, LLC,
    
    COLE CO AUSTIN TX, LP,COLE SW ANGOLA IN, LLC,
    
    COLE CV DUNCANVILLE TX, LP,COLE AH INDIANAPOLIS IN, LLC,
    
    COLE WG HOUSTON TX, LP,COLE WG LAWRENCE KS, LLC,
    
    COLE CO HURST TX, LP, andCOLE RA BANGOR ME, LLC,
    
    COLE LO TEXAS CITY TX, LP,COLE RA BUXTON ME II, LLC,
    
    each a Delaware limited partnershipCOLE CV INDEPENDENCE MO, LLC,
COLE BB TUPELO MS, LLC,
    
    By: COLE GP TEXAS CITY TX LO, LLC,COLE SW ASHTABULA OH, LLC,
    
    a Delaware limited liabilityCOLE SW BOARDMAN OH, LLC,
    
    company, the sole general partnerCOLE WG CLEVELAND OH LLC, 
COLE RA WARREN OH, LLC,
    
    of each of themCOLE RA WHEELERSBURG OH, LLC, 
COLE EK PHILADELPHIA PA, LLC, and 
COLE EK MURFREESBORO TN, LLC, 
each a Delaware limited liability company
    
    By:
    
    /s/ John M. Pons

Name: John M. Pons
Its: Authorized Officer
 By:
    
    /s/ John M. Pons

Name: John M. Pons
Its: Authorized Officer




---



##### 



THE ROYAL BANK OF SCOTLAND PLCBy:
    /s/ Loren BergerName:
    /s/ Loren BergerIts: VP




---



##### 



SCHEDULE I
 (List of Borrowers)




---



##### 



SCHEDULE II
  Right of First Refusal/Tenant
    
    Property Address
    
    Lease Date
    
    Right of First OfferApria Healthcare
    
    7353 Company Drive, Indianapolis IN
    
    7/7/93
    
    NONEBest Buy
    
    3040 N. Gloster St., Tupelo MS
    
    12/3/04
    
    NONEConns
    
    11101 Pecan Park Blvd., Austin TX
    
    9/15/02
    
    NONEConns
    
    2531 West Andersen Lane, Austin TX
    
    4/15/02
    
    NONEConns
    
    747 NE Loop 820, Hurst TX
    
    4/14/04
    
    NONECVS
    
    603 South Cedar Ridge Drive, Duncanville TX
    
    3/17/00
    
    NONECVS
    
    11115 East U.S. Highway 24, Independence MO
    
    12/10/99
    
    NONELowes
    
    2111 Fair Park Boulevard, Jonesboro AR
    
    11/18/92
    
    NONELowes
    
    3620 Ernett F. Lowry Expy, Texas City TX
    
    12/5/94
    
    NONERite Aid
    
    713 Broadway Street, Rangor ME
    
    6/10/97
    
    NONERite Aid
    
    226 Parker Farm Road, Buxton ME
    
    11/28/97
    
    See §39Rite Aid
    
    1696 Middle Tennessee Boulevard, Murfreesboro TN
    
    9/3/98
    
    NONERite Aid
    
    1334 Windrim Avenue, Philadelphia PA
    
    11/12/98
    
    NONERite Aid
    
    1560 Parkman Road NW, Warren OH
    
    8/10/99
    
    NONERite Aid
    
    8130 Ohio River Road, Wheelersburg, OH
    
    8/25/97
    
    NONESherwin-Williams
    
    1902 North Wayne Street, Angola IN
    
    10/12/00
    
    NONESherwin-Williams
    
    2375 West Prospect Road, Ashiabula OH
    
    1/21/04
    
    NONESherwin-Williams
    
    4040 South Avenue, Boardman OH
    
    5/29/03
    
    NONEWalgreens
    
    1201 Camp Jackson Road, Cahokia IL
    
    9/7/93
    
    See §27Walgreens
    
    15609 Lakeshore Blvd, Cleveland OH
    
    9/27/93
    
    See §25Walgreens
    
    5202 Almeda Drive, Houston TX
    
    6/25/93
    
    See §31Walgreens
    
    400 West 23rd St., Lawrence KS
    
    2/4/93
    
    See §27




---



##### 



SCHEDULE III




---



##### 



SCHEDULE IV




---



##### 



SCHEDULE V
   Whole Loan
    
    
    
    
    
    
    CMBS Loan
    
    
    
    
    
    
    Mezz Loan.
    
    
    110% of CMBSProperty
    
    Street Address
    
    City
    
    State
    
    
    
    
    
    Amount
    
    
    
    
    
    
    Amount
    
    
    
    
    
    
    Amount
    
    
    Loan AmountApria Healthcare Indianapolis
    
    7353 Company Drive
    
    Indianapolis
    
    IN
    
    
    8.232
    %
    
    
    4,250,000
    
    
    
    8.232
    %
    
    
    2,930,751
    
    
    
    8.232
    %
    
    
    1,319,249
    
    
    
    3,223,826Best Buy Tupelo
    
    3040 N Gloster St.
    
    Tupelo
    
    MS
    
    
    5.230
    %
    
    
    2,700,000
    
    
    
    5.230
    %
    
    
    1,861,889
    
    
    
    5.230
    %
    
    
    838,111
    
    
    
    2,048,077Conns Austin (W.Anderson)
    
    2531 West Anderson Lane
    
    Austin
    
    TX
    
    
    5.976
    %
    
    
    3,085,000
    
    
    
    5.976
    %
    
    
    2,127,380
    
    
    
    5.976
    %
    
    
    957,620
    
    
    
    2,340,118Conns Austin (Pecan Park)
    
    11101 Pecan Park  Blvd.
    
    Austin
    
    TX
    
    
    5.811
    %
    
    
    3,000,000
    
    
    
    5.811
    %
    
    
    2,068,765
    
    
    
    5.811
    %
    
    
    931,235
    
    
    
    2,275,642Conns Hurst
    
    747 NE Loop 820
    
    Hurst
    
    TX
    
    
    3.161
    %
    
    
    1,632,000
    
    
    
    3.161
    %
    
    
    1,125,408
    
    
    
    3.161
    %
    
    
    506,592
    
    
    
    1,237,949CVS Duncanville
    
    603 South Cedar Ridge Drive
    
    Duncanville
    
    TX
    
    
    4.310
    %
    
    
    2,225,000
    
    
    
    4.310
    %
    
    
    1,534,334
    
    
    
    4.310
    %
    
    
    690,666
    
    
    
    1,687,768CVS Independence
    
    11115 East U.S.Highway 24
    
    Independence
    
    MO
    
    
    4.320
    %
    
    
    2,230,000
    
    
    
    4.320
    %
    
    
    1,537,782
    
    
    
    4.320
    %
    
    
    692,218
    
    
    
    1,691,560Lowes Jonesboro
    
    2111 Fair Park Boulevard
    
    Jonesboro
    
    AR
    
    
    11.768
    %
    
    
    6,075,000
    
    
    
    11.768
    %
    
    
    4,189,249
    
    
    
    11.768
    %
    
    
    1,885,751
    
    
    
    4,608,174Lowes Texas City
    
    3620 Emmett F Lowry Expy
    
    Texas City
    
    TX
    
    
    13.559
    %
    
    
    7,000,000
    
    
    
    13.559
    %
    
    
    4,827,119
    
    
    
    13.559
    %
    
    
    2,172,881
    
    
    
    5,309,831Rite Aid Bangor
    
    713 Broadway Street
    
    Bangor
    
    ME
    
    
    4.659
    %
    
    
    2,405,000
    
    
    
    4.659
    %
    
    
    1,658,460
    
    
    
    4.659
    %
    
    
    746,540
    
    
    
    1,824,306Rite Aid Buxton
    
    226 Parker Farm Road
    
    Buxton
    
    ME
    
    
    2.888
    %
    
    
    1,491,000
    
    
    
    2.888
    %
    
    
    1,028,176
    
    
    
    2.888
    %
    
    
    462,824
    
    
    
    1,130,994Rite Aid Murfreesboro
    
    1696 Middle Tennessee Boulevar
    
    Murfreesboro
    
    TN
    
    
    3.090
    %
    
    
    1,595,000
    
    
    
    3.090
    %
    
    
    1,099,893
    
    
    
    3.090
    %
    
    
    495,107
    
    
    
    1,209,883Rite Aid Philadelphia
    
    1334Windrim Avenue
    
    Philadelphia
    
    PA
    
    
    4.300
    %
    
    
    2,220,000
    
    
    
    4.300
    %
    
    
    1,530,886
    
    
    
    4.300
    %
    
    
    689,114
    
    
    
    1,683,975Rite Aid Warren
    
    1560 Parkman Road NW
    
    Warren
    
    OH
    
    
    4.194
    %
    
    
    2,165,000
    
    
    
    4.194
    %
    
    
    1,492,959
    
    
    
    4.194
    %
    
    
    672,041
    
    
    
    1,642,255Rite Aid Wheelersburg
    
    8130 Ohio River Road
    
    Wheelersburg
    
    OH
    
    
    2.476
    %
    
    
    1,278,000
    
    
    
    2.476
    %
    
    
    861,294
    
    
    
    2.476
    %
    
    
    396,706
    
    
    
    969,423Sherwin-Williams Angola
    
    1902 North Wayne Street
    
    Angola
    
    IN
    
    
    1.273
    %
    
    
    657,000
    
    
    
    1.273
    %
    
    
    453,060
    
    
    
    1.273
    %
    
    
    203,940
    
    
    
    498,366Sherwin-Williams Ashtabula
    
    2375 West Prospect Road
    
    Ashtabula
    
    OH
    
    
    0.893
    %
    
    

    461,000
    
    
    
    0.893
    %
    
    
    317,900
    
    
    
    0.893
    %
    
    
    143,100
    
    
    
    349,690Sherwin-Williams Boardman
    
    4040 South Avenue
    
    Boardman
    
    OH
    
    
    1.100
    %
    
    
    568,000
    
    
    
    1.100
    %
    
    
    391,686
    
    
    
    1.100
    %
    
    
    176,314
    
    
    
    430,855Walgreens Cahokia
    
    1201 Camp Jackson Road
    
    Cahokia
    
    IL
    
    
    3.293
    %
    
    
    1,700,000
    
    
    
    3.293
    %
    
    
    1,172,300
    
    
    
    3.293
    %
    
    
    527,700
    
    
    
    1,289,530Walgreens Cleveland
    
    15609 Lakeshore Blvd
    
    Cleveland
    
    OH
    
    
    2.834
    %
    
    
    1,463,000
    
    
    
    2.834
    %
    
    
    1,008,868
    
    
    
    2.834
    %
    
    
    454,132
    
    
    
    1,109,755Walgreens Houston
    
    5202 Almeda Drive
    
    Houston
    
    TX
    
    
    3.312
    %
    
    
    1,710,000
    
    
    
    3.312
    %
    
    
    1,179,196
    
    
    
    3.312
    %
    
    
    530,804
    
    
    
    1,297,116Walgreens Lawrence
    
    400 West 23rd St.
    
    Lawrence
    
    KS
    
    
    3.322
    %
    
    
    1,715,000
    
    
    
    3.322
    %
    
    
    1,182,644
    
    
    
    3.322
    %
    
    
    532,356
    
    
    
    1,300,908Total
    
    
    
    
    
    
    
    
    100.000
    %
    
    
    51,625,000
    
    
    
    100.000
    %
    
    
    35,600,000
    
    
    
    100
    %
    
    
    16,025,000
    
    
    
    39,160,00022
    
    
    
    
    
    
    
    
    
    
    51,625,000
    
    
    
    
    
    
    
    35,600,000
    
    
    
    
    
    
    
    16,025,000




---



##### 



SCHEDULE VI




---



##### 



SCHEDULE VII




---



##### 



SCHEDULE VIII




---



##### 



SCHEDULE IX
  Property Name
    
    Project Address:
    
    Flood Zone (from PCA)Lowes Jonesboro
    
    2111 Fair Park Boulevard,
Jonesboro, AR, 72401
    
    X and AERite Aid Wheelersburg
    
    8130 Ohio River Road,
Wheelersburg, OH, 45694
    
    AEBest Buy Tupelo
    
    3040 North Gloster
Street, Tupelo, MS, 38804
    
    AEWalgreens Cahokia
    
    1201 Camp Jackson Road,
Cahokia, IL
    
    AH




---



##### 



SCHEDULE X




---



##### 



SCHEDULE XI




---



##### 








---



#####