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.



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(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



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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



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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 corporationBy:

/s/    Joseph A. ZirkmanName:

Joseph A. ZirkmanTitle:

Vice President




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JPMORGAN CHASE BANK, as Agent and as a LenderBy:

/s/    William P. WallaceName:

William P. WallaceTitle:

Vice President






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BANK OF AMERICA, N.A., as Syndication Agent and as a LenderBy:

/s/    Jay R. GoldsteinName:

Jay R. GoldsteinTitle:

Vice President






---

SUNTRUST BANK, as Documentation Agent and as a LenderBy:

/s/    Susan M. HallName:

Susan M. HallTitle:

Managing Director




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

/s/    Timothy P. McDevittName:

Timothy P. McDevittTitle:

Vice President




---

THE NORTHERN TRUST COMPANYBy:

/s/    Laurie KietaName:

Laurie KietaTitle:

Vice President




---

BSB BANK & TRUST COMPANYBy:

/s/    C. Patrick ONeilName:

C. Patrick ONeilTitle:

Vice President




---

GE CAPITAL BUSINESS ASSET FUNDINGBy:

/s/    Todd J. WeissName:

Todd J. WeissTitle:

Authorized Signatory




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| |  |  |  |                                |  |                                                                                                  |  |        |  |                       
| |  |  |  | ------------------------------ |  | ------------------------------------------------------------------------------------------------ |  | ------ |  | ----------------------
| |  |  |  | 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        



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SRF 2000, INC.By:

/s/    Ann E. MorrisName:

Ann E. MorrisTitle:

Asst. Vice President






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INDOSUEZ CAPITAL FUNDING IIA, LIMITEDBy:

Indosuez Capital, as Portfolio ManagerBy:

/s/    Charles KobayashiName:

Charles KobayashiTitle:

Principal and Portfolio ManagerINDOSUEZ CAPITAL FUNDING VI, LIMITEDBy:

Indosuez Capital, as Collateral ManagerBy:

/s/    Charles KobayashiName:

Charles KobayashiTitle:

Principal and Portfolio Manager






---

ANTARES CAPITAL CORPORATIONBy:

/s/    Tyler W. LindbladName:

Tyler W. LindbladTitle:

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, 1999By:

/s/    Leslie HundleyName:

Leslie HundleyTitle:

AVP






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HELLER FINANCIAL INC.By:

/s/    Robert M. KadlickName:

Robert M. KadlickTitle:

Duly Authorized Signatory






---

MARINER CDO 2002, LTD.By:

/s/    Tyler W. LindbladName:

Tyler W. LindbladTitle:

Director






---

NOVA CDO 2001, LTD.By:

/s/    Tyler W. LindbladName:

Tyler W. LindbladTitle:

Director




---

RIVIERA FUNDING LLCBy:

/s/    Ann E. MorrisName:

Ann E. MorrisTitle:

Asst. Vice President




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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 corporationBy:

/s/    Joseph A. ZirkmanJoseph A. Zirkman, Vice PresidentTP ACQUISITION CORP., a Texas
corporationBy:

/s/    Joseph A. ZirkmanJoseph A. Zirkman, PresidentGET REAL, INC., a Delaware
corporationBy:

/s/    William E. MyersName: William E. MyersTitle:    Vice President




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TEXAS TACO CABANA, L.P., a Texas limited
partnershipBy:

Taco Cabana Management, Inc., a Texas
corporation, General PartnerBy:

/s/    Joseph A. ZirkmanJoseph A. Zirkman, Vice President




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EXHIBIT H



SALE/LEASEBACK

TRANSACTIONS



|                    |  |                          |  |                 |  |       |  |               |  |                                            
|------------------- |  | ------------------------ |  | --------------- |  | ----- |  | ------------- |  | -------------------------------------------
|Carrols Corporation |  |                          |  |                 |  |       |  |               |  |                                            
|                    |  | Syndicator               |  |                 |  |       |  |               |  |                                            
|March, 1991         |  | CNL                      |  |                 |  |       |  |               |  |                                            
|Concept/Rest. #     |  | Location Address         |  | City            |  | State |  | GrossProceeds |  | 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     |  | NewPhiladelphia |  | 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      |  | BowlingGreen    |  | 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                     |  |                 |  |       |  |               |  |                                            



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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        |  | NewPhiladelphia |  | 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          



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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.             |  | PembrokePines  |  | FL |  |  |  | 1,284,000  |  | Fincar Property Business Trust                                            
|PT10027        |  | 11429 Pines Blvd.            |  | PembrokePines  |  | 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 |  |